Malaysia's state investment company said Friday it wants a "complete overhaul" of struggling carrier Malaysia Airlines.
Khazanah Nasional, which owns a majority stake in the carrier, said it wants Malaysia Airlines removed from the stock exchange and that it plans to buy out minority shareholders at a premium to the airline's recent share price.
Such a move would make Malaysia Airlines fully state-owned.
Shares in the firm were suspended from trading ahead of the announcement. Over the past year the stock has fallen close to 23%.
Malaysia Airlines has been hit by two major disasters this year, which added to its longstanding financial woes.
In March, Flight 370 from Kuala Lumpur to Beijing disappeared with 239 people on board after flying far off course. The plane has still not been found.
In July, 298 people were killed when Flight 17 was shot down over Ukraine.
A government-led review of the airline's operations began after Flight 370 disappeared.
Contributing: Associated Press