Capital A gets nod for RM6bil capital reduction plan
Capital A said it will seek the country's High Court's confirmation for the capital reduction plan.
KUALA LUMPUR: Capital A Bhd , which owns airline AirAsia, says its shareholders and debtholders have approved a capital reduction plan of up to RM6bil, as the company aims to shrug off its 'financially distressed' tag.
Capital A was severely impacted by pandemic-era travel curbs and its equity declined to below 50% of subscribed capital, due to which it was designated as a Practice Note 17 (PN17) financially distressed entity by Malaysia's stock exchange in 2022.
Last month, the company announced the capital reduction plan to bolster its balance sheet and offset losses, which amounted to RM475.1mil last year.
Capital A said it will seek the country's High Court's confirmation for the capital reduction plan and that it is on track to exit the PN17 status by the middle of this year. Its proposed regularisation plan includes divesting its aviation business to long-haul affiliate AirAsia X , which shareholders have approved. — Reuters Trading ideas: Lotte, PetGas, Sunway, Public bank, Green Packet, Kerjaya, GenM, MGRC, TechStore, PEOPLElogy, HHRG, MNC, Pentamaster, Pavilion REIT, BFood
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