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, expected to be completed the latest by end-July 2025, says chief executive Tan Sri Tony Fernandes.
“Building an airline was very tough, getting out of PN17 is tougher... 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.
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 and AirAsia Bhd to AirAsia X Bhd.
“Our plan requires three more things to be completed. First, the Thai Stock Exchange 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 the third is the RM1bil 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.
