AAX’s shares plunge 20% after PN17 upliftment bid rejected

Bursa Malaysia grants budget airline time extension until Jan 17, 2024 to submit regularisation plan.

PETALING JAYA: Shares of mid-range budget airline AirAsia X Bhd took a nosedive after today’s midday trading break, plunging to an intraday low of RM1.88, after Bursa Malaysia denied its proposed relief and Practice Note 17 upliftment request.

On July 20, AAX submitted a request to Bursa to be completely uplifted from the Practice Note 17 category, on the back of its improved financial situation. “In this regard, the company will consider all available options and announce the next course of action to be undertaken in due course,” said AAX in the filing.

The airline had previously received two deadline extensions – the first lasting six months until April 28, and the second until July 28 this year.

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