KUALA LUMPUR, Malaysia - Troubled Malaysia Airlines is set for a "complete overhaul" amid plans of state investment firm Khazanah Nasional to bring the embattled national carrier back to financial strength after the loss of two planes and death of 537 people, it was revealed Friday.

The government has agreed to support the plan with Prime Minister Najib Razak's office setting an August end deadline for the finalization of the deal.

Khazanah said it wanted to buy the shares the investment firm did not already own in the airlines in a $430 million plan as a step one in a restructuring effort of the carrier.

The investment firm already controls nearly 70 percent of the airline that has been deeply troubled by two major air tragedies - the July crash of flight MH17 in Ukraine and disappearance of flight MH370 in March.

The two incidents have triggered concerns about the future of the airline that hasn't made any profit in the last three years.

This is despite government efforts to prop up the airline through infusion of huge cash about $1.56 billion over the last decade to keep the carrier flying.

As Khazanah announced the plan, trading in shares of Malaysia Airlines was suspended on Friday.

The government has accepted the state fund's decision, Malaysian Prime Minister Najib Razak said.

"This is the first step needed to return our national carrier to profitability. It is a step I wholeheartedly support," a statement from the office of the prime minister said.

The government and Khazanah are in the "final stages of completing a comprehensive and holistic restructuring plan" for the airline, the statement added.

"With due process and following the relevant approvals, we expect that a detailed plan will be announced before the end of August.

"Nothing less will be required in order to revive our national airline to be profitable as a commercial entity and to serve its function as a critical national development entity."

The Wall Street Journal said that any turnaround plan of the airline would need backing from the carrier's influential employees unions, which had earlier scuttled a share-swap deal with budget carrier AirAsia amid concerns over job cuts.

"We have no objection to taking the airline private, but we want to see a good business plan before we support it," said Mohammed Jabbarullah Abd Kadir, executive secretary at Malaysian Airline System Employees Union.

It is the airline's biggest union and represents half of its employees.