AAX makes second bid for extension to submit PN17 regularisation plan

AAX makes second bid for extension to submit PN17 regularisation plan

Bursa Securities had previously approved the carrier’s application for a six-month extension up to April 28, 2023.

AirAsia X Bhd and Capital A Bhd are working on their respective regularisation plans which entail the potential disposal of Capital A’s aviation assets to AAX. (AFP pic)
PETALING JAYA:
AirAsia X Bhd (AAX) has submitted an application to Bursa Securities for a further three-month extension from April 29, 2023 until July 28, 2023 for the carrier to submit its Practice Note 17 (PN17) regularisation plan.

The company had previously submitted an application for a six-month extension up to April 28, 2023 for it to submit its regularisation plan and the stock exchange approved this application, AAX said in a filing with Bursa Malaysia today.

Capital A and AAX are currently working on their respective regularisation plans which entail the potential disposal of Capital A’s aviation assets to AAX.

The deadline falls on April 28 for AAX to submit its plan to Bursa Securities, followed by July 7 for Capital A.

Capital A fell into PN17 status on Jan 14, 2022, while AAX did so on Oct 27, 2021, after huge pandemic-related losses which resulted in negative shareholders equity for both companies.

AirAsia X Bhd (AAX) recently posted a net profit of RM153.48 million for its sixth quarter (Q6) ended Dec 31, 2022 on the back of strong revenue of RM339.29 million.

The mid-range affiliate airline of AirAsia Aviation Group also carried 337,638 passengers during the quarter, boosted by the year-end peak travel season.

There are no comparative figures as AAX’s financial period was changed from Dec 31, 2020 to June 30, 2021.

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