Malaysia's sovereign wealth fund, Khazanah, says Malaysian Airline System Berhad (MAS) was placed into receivership on May 25 with Dato’ Mohammad Faiz Azmi appointed the firm's Administrator.

The move is part of Khazanah's 12-point strategy to revitalize ailing Malaysia Airlines (MH, Kuala Lumpur Int'l) through its successor holding firm, Malaysia Airlines Berhad (MAB), which will henceforth take on select MAS assets and liabilities. As previously reported, only 70% of MAS' 20,000 existing employees will be rehired into MAB with the remainder to be given access to the company's Corporate Reskilling Centre.

"MAS continues to operate throughout the period up to and including August 31, 2015, after which MAB will operate the business of the airline from September 1, 2015 onwards," Khazanah said in a statement.

Khazanah hopes to see MAB turn profitable by 2017 with a potential relisting on the Kuala Lumpur bourse planned for between late 2017 and late 2019.

According to a reort by Reuters a new name and livery are likely to be unveiled for Malaysia Airlines as early as next week.