08/07/2014 10:59 EDT | Updated 10/07/2014 05:59 EDT

Malaysia plans to remove Malaysia Airlines from stock exchange, making it fully state owned

KUALA LUMPUR, Malaysia - Malaysia's state investment company says it wants to remove struggling Malaysia Airlines from the stock exchange, making it fully state-owned before a far-reaching overhaul of its business.

Khazanah Nasional, which owns a majority stake in the carrier, says Friday it plans to buy out minority shareholders at a premium to the airline's recent share price.

Malaysia Airlines has been hit by two major disasters this year, which added to its longstanding financial woes.

Khazanah says a "complete overhaul" of the airline would be carried out.

In March, Flight 370 from Kuala Lumpur to Beijing disappeared with 239 people on board after flying far of course. The plane has still not been found. In July, 298 people were killed when Flight 17 was shot down over Ukraine