【MAS 3786交流专区】马航

HandOfMidas

Malaysia Airlines shares to be halted on Friday -sources
KUALA LUMPUR Thu Aug 7, 2014 10:28am EDT
http://www.reuters.com/article/2014/08/07/malaysia-airlines-suspension-idUSL4N0QD5OV20140807

KUALA LUMPUR (Aug 7) - Malaysia Airlines (MAS) plans to suspend its shares from trading on Friday, two sources familiar with the situation said, likely paving the way for state investor Khazanah Nasional to take the airline private as a first step in a major restructuring.

Trading in the company, whose official name is Malaysian Airline System, will be halted due to "a pending corporate announcement," according to the sources, who declined to elaborate. The sources declined to be identified as the matter was private.

The same sources told Reuters in early July that Khazanah, which owns 69 percent of MAS, plans to take the airline private as a slump in business since the disappearance of Flight MH370 on March 8.

Loss-making Malaysia Airlines' problems deepened on July 17 when its Flight MH17 was shot down over Ukraine, killing all 298 people on board. That incident accelerated the government's plans to restructure the airline, the sources said.

A de-listing would pave the way for Khazanah, which is chaired by Prime Minister Najib Razak, to revive the ailing carrier, possibly by selling off its profitable engineering, airport services or budget airline units, trimming its payroll and installing a new management team.

MAS officials could not immediately be reached for comment on the share suspension. A Khazanah spokesperson said the fund could not comment on "speculation."

The restructuring and potential sale of MAS is politically fraught due to opposition to job losses from its labour union, which has hampered previous revival plans, and its status as Malaysia's national flag-carrier.

At MAS's current price of 24 sen per share, majority shareholder Khazanah would need to pay around 1.23 billion ringgit ($383 million) for the 30.6 percent of shares it does not already own, according to Reuters calculations.

Sources said Khazanah is expected to pay a premium over Thursday's closing price.

Already squeezed by intense local and longer-haul competition from rivals such as AirAsia, MAS turned in its worst quarterly performance in two years in the January-March period and is currently burning through its operating cash.

The company is expected to announce its April-June earnings on Aug. 20. Analysts said it could be the airline's weakest quarterly performance yet partly due to flight cancellations after the disappearance of MH370.

MAS shares ended unchanged at 24 sen per share on Thursday, 4 percent lower than where they were before the disappearance of MH370. The broader index rose 1.9 percent during the same period.

Hold

馬航股票暫停交易
2014-08-08 10:04
http://biz.sinchew.com.my/node/99780#ixzz39lSALRpR
  
（吉隆坡8日訊）交易所今日宣佈，馬航（MAS,3786,主板貿服組）股票當天暫停交易，隨後該公司將做出重要宣佈。

根據路透社早前引述兩個來源的報道指出，國庫控股曾在6月表示馬航會在6至12個月內進行重組。

由於一年發生兩起航空事故，估計馬航有可能在8月杪就進行重組。

報道指，馬航已連續3年輸給本地航空或長期的競爭對手，而馬航在今年首季創下近兩年來最差的表現。（星洲網）

超笨无比

Khazanah打算以27cent私有化MAS................(已确定)

每股27仙资本回退 马航除牌重组
头条 全国  2014-08-09 08:16
http://www.nanyang.com/node/640672?tid=643

（吉隆坡8日讯）马航（MAS，3786，主板贸服股）难逃下市命运，大股东国库控股（KHAZANAH）今日向公司股东发出正式请求，以每股27仙资本回退，或总值13亿8196万5840令吉，让马航除牌进行全面改革计划。

配合这项宣布，马航今日上午停牌至下午5时，并将在下周一（11日）早上9点恢复交易。该股昨日闭市价为24仙。

国库控股持股69.37%

国库控股文告指出，每股27仙的资本回退，相当于昨日交易量加权均价溢价12.5%，或3个月交易量加权均价溢价29.2%。

在完成资本回退后，国库控股将成为马航的单一大股东，截至昨日，国库控股持股69.37%，相当于115亿9238万9200股；其他马航股东，总共持有51亿1839万2000股。

土著信托基金（Skim Amanah Saham Bumiputera）为马航第二大股东，持股2亿7805万4835股，相当于1.66%。

资本回退作业涉及的费用，将由国库控股负责。



需一年拟完整改革计划

国库控股在今年6月已宣布，将与特别股东以及财政部机构，针对马航业务进行全面审核。

上述献亿包括下市在内的业务重组计划，仍需要有关单位的批准，完整改革计划需时6至12个月拟定。

国库控股指出，马航下市是重组计划的第一步，重组计划的拟定，目前进入最后阶段，同时，也正待有关当局、监管单位、特别股东以及财政部机构批准，细节将在本月底公布。

“重组计划势在必行，并需要各方配合，以让国家航空公司可以在各方面如公司营运、商业模式、财务、人力资本以及监管环境中，取得全面的改革。”
开特大寻求股东通过

马航发表声明指出，公司董事部已接获国库控股的下市献议，并针对此事进行评估，在这段期间，马航将照常运作。

马航将召开股东特大寻求股东通过这项建议。

根据文告，国库控股在全面掌控马航后，可拥有更大的弹性进行改革计划，并且可为马航注入资金，维持该公司未来数年的营运，同时解决债台高筑的问题。

在完成资本回退后，马航将削减缴足股本，从167亿1078万1200股，或相当于16亿7107万8120令吉，减至115亿9238万9200股，或11亿5923万8920令吉。

到时，股票溢价户头也将从8亿7012万6640令吉，减少1亿7357万6000令吉至8亿6558万9360令吉。

新闻背景
两起空难雪上加霜

马航曾是区域顶尖的航空公司，但后期因管理不善、政治干预以及强势职工会的阻碍下，使得该公司营运每况愈下，获利表现更屡次令人失望。

该公司在过去不断强调将进行改革，以期转亏为盈，但在发生了两起空难后，马航的情况已经雪上加霜。

今年3月8日，马航由吉隆坡飞往中国北京的MH370客机，在中途失去雷达讯号，最后判定载着238名乘客与机组人员的客机，坠落印度洋，各国展开大型搜索行动，但至今仍未能找到一丝线索。

客机失联事故发生后，马航暂停所有促销活动长达两个月，不少乘客对马航失去信心，纷纷取消行程，该公司营业额大受冲击。

在上个月18日，由荷兰飞返吉隆坡的马航MH17客机，在乌克兰东部被击落坠毁，机上约298名乘客及机组人员全部遇难。

去年亏42亿股价新低

两起空难事故让马航欲振乏力，在今年首季，马航净亏4亿4300万令吉，自2011年起至去年，马航累计亏损约42亿令吉。

财务表现疲软，加上短短四个月内接连两次发生空难事故，也导致马航的股价直线下滑，在过去12个月内重挫22.58%。

于1987年8月28日上市马交所的马航，当时股价为2令吉，该股在辉煌时期一度扬升至3.63令吉（1989年12月29日），随后股价走势节节败退。

在MH370客机失联事故冲击下，股价更一度跌至15.5仙历史低点

Type	Announcement
Subject	OTHERS
Description	MALAYSIAN AIRLINE SYSTEM BERHAD (“MAS” OR “COMPANY”) - PROPOSED SELECTIVE CAPITAL REDUCTION AND REPAYMENT EXERCISE UNDER SECTIONS 60 AND 64 OF THE COMPANIES ACT, 1965 (“ACT”) (“PROPOSED SCR”)
The Company wishes to announce that the Board of Directors of MAS (“Board”) has received a letter dated 8 August 2014 from its major shareholder, Khazanah Nasional Berhad, requesting for the Company to undertake a selective capital reduction and repayment exercise pursuant to Sections 60 and 64 of the Act. A copy of the aforesaid letter is attached herewith. The Board, save for the interested directors, will deliberate on the Proposed SCR and will decide on the next course of action. Pursuant thereto, further development of the above matter will be announced on Bursa Malaysia Securities Berhad in due course. This announcement is dated 8 August 2014.

Attachments http://www.bursamalaysia.com/market/listed-companies/company-announcements/1705113

lw13

看来要宣布下场了

HandOfMidas

0.27 确定了。有几百块喝茶钱~

長江七號

0.27 ~ 這樣從mh370 開始入場的都有康頭 ~

果然要逢低入場

lw13

長江七號 发表于 8-8-2014 11:23 AM
0.27 ~ 這樣從mh370 開始入場的都有康頭 ~

果然要逢低入場

可惜我没买到啊`~~~

sschua1314

國庫控股宣佈以每股27仙向小股東獻購未持有馬航股權，總值逾13.8億令吉，計劃完成后馬航將從馬股下市。

yongwh1986

除牌后那些director更可以无忧虑的拿director fees 了。
不用怕那些小股东哭爸哭母了

owenlee

要下市？没酱容易，1）要股东大会通过，2）不能通过董事会就要拉高价钱，3)要私有化需要通过大部分股东授权同意，不是谁拿最多票数谁最大，4）目前只是提议！

APULA

我以前高价买进的哦。。。。。哭没眼泪！

APULA

我以前高价买进的哦。。。。。哭没眼泪！

khokhokho

owenlee 发表于 8-8-2014 12:15 PM
要下市？没酱容易，1）要股东大会通过，2）不能通过董事会就要拉高价钱，3)要私有化需要通过大部分股东授权 ...

如果是RM 0.270分錢已經很給面子，二家銀行給馬航的價值才 RM 0.130
RM 0.270分私有化，小股東完全吃虧，上一次的附加股的話，小股東可以說是血本無歸
只要大股東加上其它股東基金，手上有90%股的話，不用開股東大會了
現在唯一能阻止馬航下市只有馬航的員工會了
所以馬航的部份資產也超過私有化的價錢
除非給予小股東選舉，就是私有化也不必強求小股東賣票，等到馬航再上市時，分分鐘市價會超價的回饋，如astro也是先私有化後再上市，賺利 100%。

馬航虧錢主要原因:
合約工程
員工過多
員工薪水

owenlee

khokhokho 发表于 8-8-2014 01:49 PM
如果是RM 0.270分錢已經很給面子，二家銀行給馬航的價值才 RM 0.130
RM 0.270分私有化，小股東 ...

你觉得khazanah会买到90%的股票吗一大堆散户不会妥协的，难道kahzanah可以搞掂员工会？设目以待！

khokhokho

owenlee 发表于 8-8-2014 02:39 PM
你觉得khazanah会买到90%的股票吗一大堆散户不会妥协的，难道kahzanah可以搞掂员工会？设目以 ...

其它基金，加起來也夠了
問題是馬航員工的公司是關鍵
薪水減少，時間加長，休息時間，馬航的員工最愛就是加時薪水了

超笨无比

私有化很少在股东大会不通过的...........99%机会通过

亏钱的一方只能怪没眼光

owenlee

超笨无比 发表于 8-8-2014 02:59 PM
私有化很少在股东大会不通过的...........99%机会通过

亏钱的一方只能怪没眼光

最近有一单就不通过了hlcap,

owenlee

khokhokho 发表于 8-8-2014 02:43 PM
其它基金，加起來也夠了
問題是馬航員工的公司是關鍵
薪水減少，時間加長，休息時間， ...

如果我是员工酱cut发，出门不给你吃鞋饼就奇怪

超笨无比

owenlee 发表于 8-8-2014 03:03 PM
最近有一单就不通过了hlcap,

HLcap情况较特殊, YNFProrp在搞鬼.........结果股价高于收购价

小股东还不如在public market卖

HandOfMidas

Type	Announcement
Subject	OTHERS
Description	MALAYSIAN AIRLINE SYSTEM BERHAD (“MAS” OR “COMPANY”) PROPOSED SELECTIVE CAPITAL REDUCTION AND REPAYMENT EXERCISE UNDER SECTIONS 60 AND 64 OF THE COMPANIES ACT, 1965 (“ACT”) (“PROPOSED SCR”)
We refer to the Company’s earlier announcement dated 8 August 2014 in relation to the receipt of a letter from its major shareholder, Khazanah Nasional Berhad, requesting for the Company to undertake a selective capital reduction and repayment exercise pursuant to Sections 60 and 64 of the Act (“SCR Offer Letter”). On behalf of the Board of Directors of MAS (“Board”), CIMB Investment Bank Berhad wishes to announce that the Board, save for Tan Sri Md Nor Md Yusof and Mohd Shahazwan bin Mohd Harris (details of which are set out in Section 6 of this Announcement), has deliberated on the contents of the SCR Offer Letter and has resolved to table the Proposed SCR to the shareholders of MAS for their consideration. Please refer to the attachment for further details on the Proposed SCR. This announcement is dated 8 August 2014. http://www.bursamalaysia.com/market/listed-companies/company-announcements/1705757

Attachments Attachment-Announcement dated 8 August 2014.pdf

LISTING'S CIRCULAR NO. L/Q : 71222 OF 2014

Kindly be advised that trading in the above Company's securities will resume with effect from 9.00 a.m., Monday, 11 August 2014.

Your attention is drawn to the Company's announcement dated 8 August 2014.