Malaysia Airports must pay a higher dividend of at least 50 percent of its post-tax profit as part of its financial restructuring plan, the government said on Thursday.

The government also wants Malaysia Airports, the country's sole airport operator, to return any excess cash to shareholders, Transport Minister Ong Tee Keat told reporters.

Under the restructuring, Malaysia Airports will pay the government MYR1.05 billion Malaysian ringgit (USD$291.5 million), of which MYR508 million will be in cash and the remaining will be set off against capital expenditure projects such as upgrading work at Kuala Lumpur International Airport (KLIA).

Malaysia Airports manages and operates 39 airports in Malaysia, including Kuala Lumpur's international airport and a budget airline terminal.

Malaysia's state investment agency Khazanah Nasional is the controlling shareholder of the company with a 72.74 percent stake.