By REUTERS
Shares of Malaysian Airline System fell as much as 4.11% in early trade on Tuesday, following comments by prime minister Najib Abdul Razak that the loss-making airline will not be privatised.
MAS shares fell to 35 sen, reversing gains from the previous day when the stock rose as much as 21.21% after local media reported that former prime minister Mahathir Mohamad supported the privatisation of the national carrier.
Mahathir’s comments came after Idris Jala, a minister in the prime minister’s department and the airline’s former chief, said the government should sell its stake in MAS, but only at the “right price”.
Sovereign fund Khazanah Nasional, where Najib is chairman, owns the biggest stake in MAS with a 69.4% block worth RM4.25 billion at current prices.
MAS, the most actively traded stock on the local bourse for the second day in a row, was down 2.74 percent at 35.5 sen while the index was down 0.82%.
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