HONG KONG (CNNMoney) Malaysia's state investment fund announced Friday that it plans to take Malaysia Airlines off the stock market in a bid to restructure the troubled airline. Malaysian state investor Khazanah Nasional, which owns nearly 70% of the airline, said it had submitted a proposal to the airline's board of directors to delist the company. Under the plan, minority shareholders will be bought out. Shares were suspended. Khazanah said delisting is the first step in a restructuring process to overhaul Malaysia's national air carrier. The fund said that more details will be announced by the end of the month. "The proposed restructuring will critically require all parties to work closely together to undertake what will be a complete overhaul," the fund said in a statement. After taking the business private, management could sell assets such as Firefly, its budget unit.