Capital A in final stages of PN17 exit plan, says Fernandes
Capital A fell into Bursa Malaysia's PN17 category of financially distressed entities in January 2022. (EPA Images pic)
KUALA LUMPUR : Capital A Bhd is in the final stages of its regularisation plan to exit the Practice Note 17 (PN17) status, with only 15% to 20% of the process remaining, says its chief executive officer Tony Fernandes.
He said the process is expected to be completed by the end of July.
'Building an airline was very tough, getting out of PN17 is tougher. We are on the last 15% to 20%, I can see the finish line.
'I think it is an exciting time for Capital A. We just have to cross that PN17 barrier, which I think we are almost there. It is out of my control, but I think our latest target is the end of July,' he told Bernama.
Capital A fell into Bursa Malaysia's PN17 category of financially distressed entities in January 2022.
Fernandes said the group is working through a few final tasks before concluding its PN17 exit plan – among them is to finalise the proposed disposal of its entire 100% stake in AirAsia Aviation Group Ltd (AAAGL) and AirAsia Bhd (AAB) to AirAsia X Bhd (AAX).
AAAGL operates passenger airline services through subsidiaries in Thailand, Indonesia, the Philippines and Cambodia.
'Our plan requires three more things to be completed. Firstly, the Thai Stock Exchange (SET) has to agree (on the proposed disposal) – we have a backup plan if we cannot get it to agree, but I am confident we can.
'Secondly, we need five consent letters from our creditors and we already have four, and the third is the RM1 billion of equity, which we have,' he said.
Fernandes said once the proposed disposal of AirAsia's aviation business is completed, the group will seek court confirmation for its capital reduction plan.
Meanwhile, commenting on Capital A's plan for potential listing on the Hong Kong Stock Exchange (HKEX), Fernandes said its board of directors had given its approval and is very serious about pursuing the proposal.
He also reaffirmed the group's intention to list its brand management arm, ABC International, on the Nasdaq in the United States.
'Once we get out of PN17, two things I can say, one is the Hong Kong listing and two, we will go back to listing the ABC International, which was formerly known as Capital A International in America.'
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