Malaysia Airlines to sell headquarters to raise funds

Loss-making national carrier Malaysia Airlines will sell its landmark headquarters in central Kuala Lumpur for 130 million ringgit (US$36 million) to raise cash. The 35-storey building located in the heart of the capital will be sold to its parent company, state-owned fund management firm Permodalan Nasional Berhad.

Malaysia Airlines launched a four billion ringgit (US$1.1 billion) turnaround plan in March after it posted a 1.3 billion ringgit annual loss for 2005. As part of the revamp, Malaysia Airlines has surrendered all but 19 major domestic routes to budget carrier AirAsia, and will slash its 23,000-strong staff by about 20 percent through a voluntary retrenchment scheme.

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