Malaysia Airlines and low-cost carrier AirAsia Bhd's major shareholders Khazanah Nasional Bhd and Tune Air Sdn Bhd will today announce a landmark share swap deal worth just over RM 2 Billion which will turn the long-time bitter rivals into collaborating partners.

According to sources, under the share swap deal, Khazanah will acquire a 10% stake in AirAsia from Tune Air, a private vehicle controlled by Tan Sri Tony Fernandes and Datuk Kamarudin Meranun. As at July 6, 2011, Tune Air owned a 26% stake in AirAsia. Sources also said Khazanah was in talks to acquire a 10% stake in long haul low cost carrier AirAsia X but this would be announced at a later date.

As part of the agreement, a source said MAS would issue new shares to Tune Air which would end up with a 20% stake in the national carrier. Khazanah, which has a controlling stake of 69% in MAS, will continue to remain the single largest shareholder in the national airline after the exercise.

The source added that MAS, which was in dire need for fresh capital, would also make a rights issue very soon. The valuation of the swap will be based on the recent share price of both companies as the exercise involves non-controlling stakes. Trading in both counters are suspended until today for two days pending a material announcement. MAS and AirAsia were last traded at RM1.60 and RM3.95 respectively.