Capital A Berhad, the parent company of AirAsia, submitted its Proposed Regularisation Plan to Bursa Malaysia Securities Berhad on December 23, marking a significant step toward exiting Practice Note 17 (PN17) status. This milestone underscores Capital A’s efforts to strengthen its financial position and drive long-term growth.
Chief Executive Tony Fernandes described the submission as a transformative moment for the company, highlighting the plan’s inclusion of a capital reduction of up to RM6 billion to eliminate losses from the Covid-19 pandemic and better reflect the value of the company’s assets. Fernandes noted that exiting PN17 is a rare achievement that often takes years, making this milestone even more remarkable given the pandemic’s challenges. He expressed confidence in the company’s ability to execute its strategy and build a stronger, more resilient future.
The plan requires several approvals, including from Bursa Malaysia, an Extraordinary General Meeting for shareholder endorsement, and confirmation from the High Court of Malaya. Once these steps are completed, Capital A will officially exit PN17 status, following the successful path of AirAsia X nearly a year ago.
Capital A remains committed to regulatory compliance, mitigating risks, and navigating market competition as it executes the regularisation plan. The management team is optimistic about delivering sustainable growth and long-term value, marking a pivotal phase in the company’s recovery and development.
