PETALING JAYA: Capital A Bhd
has announced its proposed regularisation plan which includes a capital reduction of up to RM6bil to offset the accumulated losses of the group.
“The exact quantum of share capital to be reduced is dependent on the accumulated losses of the group; and the resultant issued share capital of the company, after the completion of the proposed corporate exercises,” it said in a filing with Bursa Malaysia.
The aviation group expects to submit the final plan soon, which will facilitate its exit from Practice Note 17 status.
Capital A CEO Tan Sri Tony Fernandes said the group would focus on growing its four strong companies within Capital A comprising CAPAS (aviation services), Teleport, MOVE digital and branding company.
“The companies will not only support AirAsia but help shape the future of the Asian aviation and travel industry,” he added.Meanwhile, Fernandes said the group had decided to scrap the US$1.15bil special purpose acquisition company deal to list AirAsia’s aviation brand manager on Nasdaq.
He said the decision was made after Aetherium Acquisition Corp received a delisting determination from the Nasdaq in June 2024.
The termination of the business combination agreement between Aetherium and Capital A International was a strategic decision given the group’s focus on the regularisation plan.
