By Shannon Teoh, The Malaysian Insider
The share swap between Malaysia Airlines (MAS) and AirAsia is being probed by Bursa Malaysia and the Securities Commission (SC) for insider trading.
The finance ministry said today that investigations were still ongoing despite the two airlines agreeing to the deal nearly three months ago.
“It will take time because it involves so many accounts and a huge value. So we need to separate those that are genuine and those with inside information,” Deputy Finance Minister Datuk Awang Adek Hussin told Parliament today.
Shares in budget airlines AirAsia had traded for as low as RM3.14 on June 23 and was finally traded at RM3.92 before being suspended on August 8 before the swap was announced.
It later dipped below RM2.80 on October 26.
National carrier MAS was suspended at RM1.60 but climbed to RM1.90 following the deal.
Awang Adek also said there was no need for either company to file any announcement with Bursa if there was no material development prior to the deal as the matter was considered private and confidential.
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