KUALA LUMPUR (May 23): Shares of Malaysian Airline System Bhd (MAS) were acticvely traded on Wednesday after the national carrier narrowed its net loss for the first quarter ended March 31, 2012 to RM171.79 million from net loss RM242.34 million a year earlier.
At 9.10am, MAS was up three sen to RM1.05 with 1.47 million shares traded.
The national carrier said on Tuesday that revenue for the quarter fell to RM3.11 billion from RM3.19 billion in 2011.
Loss per shares was 5.14 sen compared to 7.25 sen previously, whiel net assets per share was 28 sen.
MAS has also proposed to launch a Sukuk programme of up to RM2.5 billion to shore up its capital base and as one of three main pillars to address its working capital requirement.
In a statement Tuesday, MAS said the proposed Sukuk instrument would be a hybrid equity capital structure whereby the “bulk of the issue size, if not all, would be recognised as equity capital in MAS’s balance sheet”.
MAS said the Sukuk would have an effective tenure of 10 years, as MAS would have a call option to redeem the Sukuk in full from year 10 onwards.