KUALA LUMPUR: Malaysian Airline System Bhd's (MAS) rights issue of 1.67 billion rights shares at RM1.60 each was oversubscribed by 7.67%.

The national carrier said on Monday, March 8 total valid acceptances and excess applications received were 1.799 billion rights shares amounting to RM2.878 billion  at the close of acceptances last Wednesday.

The rights shares were issued on a one-for-one basis under MAS's plans mainly to fund acquisition of wide-body aircraft, working capital (including pre-delivery payments for new aircraft ordered), and repayment of bank borrowings.

MAS swung to the black in its fourth quarter ended Dec 31, 2009 registering a core net profit of RM28 million - excluding unrealised derivative gains of RM582 million. Its 4Q profit reduced full year net loss down to RM673 million - outperforming AmResearch's and consensus estimated FY09 net losses of RM950 million and RM800 million respectively.

MAS share price closed two sen higher at RM2.19 on Monday.