MAS sells overseas assets

MAS sells overseas assets

KUALA LUMPUR (AFP): Malaysian Airline System Bhd. is believed to be selling residential and commercial properties abroad as part of a cost rationalization program, industry sources say.

The sources said the airline was auctioning properties -- including holiday homes in London and Australia -- and had also recalled station managers in less lucrative markets back to Malaysia.

"The company is planning to auction off some of its residential properties, including those in London and Australia and even holiday homes, in the next couple of months," one of the sources told AFX-Asia.

Malaysia Airlines has already recalled some its station managers in Australia and will retain personnel only in key markets to take charge of wider geographical areas, the sources said.