Malaysia Airlines working with Khazanah for financial support, parent co says

FILE PHOTO: Malaysia Airlines planes are pictured at Kuala Lumpur International Airport in Sepang, Malaysia, July 22, 2019. Picture taken July 22, 2019. REUTERS/Lim Huey Teng

KUALA LUMPUR (Reuters) – Malaysia Airlines (MAB) is working closely with sole shareholder Khazanah Nasional for financial support needed due to the coronavirus crisis, it said on Thursday.

“We have taken hard measures to aggressively defend our cash position including capacity and resource management, deferring non-critical spend, and implementing cost cutting initiatives across the business,” Malaysia Aviation Group, the holding company for the national carrier, told Reuters via email.

The group said the worsening situation had forced it to offer unpaid leave, and induced salary cuts among high-income earners in order to sustain the company’s cash flow.

Reporting by Liz Lee; editing by David Evans

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