KUALA LUMPUR (Nov 5): Shares of Malaysian Airline Systems Bhd were actively traded on Wednesday on a report that said Malaysia Airlines (MAS) flight MH370 will be officially declared lost in order for compensation to be allotted to the families of passengers.
At 10.33am, MAS topped the actives list with 100 million shares done. The stock rose 1.96% or half a sen to 26 sen.
The Malaysian Insider (TMI) reported that The New Zealand Herald as saying that the Malaysian and Australian governments were working together with the national carrier to determine compensation details, adding that the formal announcement of the loss would likely take place at the end of the year.
It said MAS airline director Hugh Dunleavy told the daily that the carrier would be able to finalise compensation payments for the relatives of MH370 passengers once an official loss was recorded.
“We will ensure we do compensate them for the loss of their loved ones through our insurers,” he was quoted as saying, said TMI
MAS will also be holding an Extraordinary General Meeting tomorrow on its proposed capital reduction and repayment exercise.