Capital A, formerly known as AirAsia X Bhd, has successfully exited Practice Note 17 (PN17) status following a six-year restructuring exercise that saw it transform itself into a more diversified business ecosystem.
Capital A, formerly known as AirAsia X Bhd, has completed its six-year restructuring exercise by exiting the Practice Note 17 (PN17) status with the approval of the Bursa Malaysia.
The company, which was classified as a PN17 company in January 2022 due to its low shareholders' equity, has successfully completed its regularisation plan, which included the disposal of its aviation business to(AAX) and a High Court-approved capital reduction of RM5.5 billion. The restructuring allowed Capital A to transform itself into a more diversified business ecosystem, with its remaining non-aviation businesses recording five consecutive profitable quarters.
The upliftment of PN17 status is a significant milestone for the company, led by its CEO, Tony Fernandes, who described it as a challenging but rewarding journey
Airasia X Practice Note 17 Restructuring Exercise Capital Reduction Transformation Jobs Protection
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Sabah Mineral Management Sdn Bhd Transition to Revenue-Generating EntitySabah Mineral Management Sdn Bhd (SMM), a wholly owned entity of the State Government of Sabah, has transitioned into a revenue-generating entity while strengthening the State’s stewardship over its mineral resources. SMM has facilitated the State Government of Sabah in the issuance of several prospecting licenses under strict and comprehensive due diligence.
Read more »
Capital A exits PN17This common hormonal condition in women has been renamed to better reflect its effects.
Read more »
A name change for PCOSKUALA LUMPUR: Capital A Bhd will exit Practice Note 17 (PN17) status on May 20, marking the completion of a six-year restructuring exercise that included the disposal of its aviation business and a major capital reduction aimed at restoring its financial position.
Read more »
Capital A receives Bursa approval to exit PN17 statusGroup CFO Teh Mun Hui says all AirAsia airlines will operate under a single consolidated platform following the upliftment.
Read more »