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New Straits Times
16 hours ago
- Business
- New Straits Times
Capital A in the final stages of PN17 exit plan
KUALA LUMPUR: Capital A Bhd is in the final stage of its regularisation plan to exit the Practice Note 17 (PN17) status, with only 15 to 20 per cent of the process remaining, expected to be completed the latest by end of July 2025, said its chief executive officer Tan Sri Tony Fernandes. "Building an airline was very tough, getting out of PN17 is tougher. We are on the last 15 to 20 per cent, 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 end of July," he told Bernama today. 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 finalised the proposed disposal of its entire 100 per cent 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. First, the Thai Stock Exchange (SET) has to agree (on the proposed disposal) -- we have a backup plan if we cannot get it agreed, but I am confident we can get it agreed. "Second, we need five consent letters from our creditors and we already have four, and third is the RM1 billion of equity, which we have," he said. Fernandes added that 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 has given approval and is very serious about pursuing the proposals. 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," he noted.
ABC News
21-05-2025
- Business
- ABC News
ABC hosts global media leaders in Sydney and signs MOU with KBS
ABC (Australian Broadcasting Corporation) International welcomed media leaders for the Asia Pacific Broadcasting Union's (ABU) 119th Administrative Council meeting, held on 8 and 9 May in Sydney. The ABU is the world's largest broadcasting union, and its members cover more than half of the world's population in nearly 70 countries. The ABC is a founding member of the ABU and was elected to the organisation's peak decision-making body, the 18-member Administrative Council, in 2022. Alongside ABU Secretary General Ahmed Nadeem, ABC International leadership hosted leaders from Korean Broadcasting System (KBS), Nippon Hoso Kyokai, Japan (NHK), MTV Channel (Pvt) Limited, Sri Lanka, Vanuatu Broadcasting and Television Corporation (VBTC), Prasar Bharati, India (PB), Radio Republik Indonesia (RRI), Radio Television Malaysia (RTM), Radio Television Hong Kong (RTHK), Teledifusao de Macau, S.A. (TDM), Television Broadcasts Limited, Hong Kong, China (TVB), Radio and Television of the People's Republic of China (RTPRC), Turkish Radio and Television Corporation (TRT) and The Voice of Vietnam (VOV) for high-level discussions about the ABU's finances, administration and policies. ABC International Head Claire M. Gorman said: 'It is a great honour and responsibility to be part of the Administrative Council and to host this year's meeting. We thank the ABU and its members for this opportunity to meet and discuss how we can strengthen regional co-operation and work collaboratively as media and broadcasters in our countries and internationally.' ABC Managing Director Hugh Marks also met with delegates during the two-day conference and signed a Memorandum of Understanding (MoU) with the Korean Broadcasting System (KBS), endorsing the commitment of the two public broadcasters to collaborate and partner across future endeavours. ABC Managing Director Hugh Marks said: 'South Korea is a cultural powerhouse and its public broadcaster KBS is a leading provider of high-quality content across its varied platforms. It is important for the ABC to work closely with our regional partners, in particular public service media organisations, and to look for ongoing opportunities to exchange content and information to improve our respective services and audience offerings. 'The ABC also congratulates KBS for the Korean parliament's recent legislating of an integrated licence fee which will ensure KBS' ongoing financial stability and the provision of its essential services.'
