Capital A’s regularisation gets Bursa’s nod

Capital A’s regularisation gets Bursa’s nod

The company says the approval, granted today, provides a clear path to complete its restructuring and restore its financial standing.

Capital A
AirAsia’s parent firm Capital A fell into the PN17 category in January 2022. It submitted its proposed regularisation plan on Dec 23 last year. (EPA Images pic)
PETALING JAYA:
Bursa Malaysia has approved the proposed regularisation plan of AirAsia owner Capital A Bhd, a key step in exiting its PN17 status, the company said today.

AirAsia said the approval, granted today, provides a clear path for Capital A to complete its restructuring and restore its financial standing.

The plan includes capital reduction to set off accumulated losses and the reorganisation of its business units, AirAsia said in a statement.

Capital A CEO Tony Fernandes said the plan includes a RM6 billion capital reduction. However, it will not affect flight frequency or reduce employee benefits.

“After an extensive restructuring process, we now stand at the threshold of exiting PN17 status” which he said was expected to take place in the first quarter.

Capital A fell into the PN17 category in January 2022. It submitted its proposed regularisation plan to Bursa Malaysia on Dec 23. The plan requires the approval of shareholders and the High Court, besides Bursa Malaysia.

Stay current - Follow FMT on WhatsApp, Google news and Telegram

Subscribe to our newsletter and get news delivered to your mailbox.