Indonesia AirAsia in talks to defer $21.7m lease debt

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Malaysian Capital A plans separate listing for AirAsia

2022-02-16 – 02:37 UTC

The aeronautical companies which A capital letter (Previously Air Asia Group) holds will ultimately be managed independently from the parent company and listed separately on the stock exchange, Capital A chief executive Tony Fernandes said during a virtual press conference.

The owner of Malaysian Low Cost Carriers Air Asia (AK, Kuala Lumpur Int’l) and Air Asia X (D7, Kuala Lumpur Int’l) is itself already listed on the Bursa Malaysia stock exchange, but is in the process of forming an independent board of directors for its aviation wing while considering a separate listing when the passenger aviation market recovers, said pointed out Fernandes in the February 11 briefing.

“I think it depends on the board at the right time when they think they have to list and raise capital independently, but certainly on the board of Capital A, it really is a plan,” said he said, quoted by Reuters.

Capital A has appointed IT and telecommunications veteran Jamaludin Ibrahim as non-executive chairman of AirAsia Aviation Group Ltd. A full independent board of directors for the aviation group will soon be announced, Jamaludin…

AirAsia Group faces market turmoil

2022-01-17 – 00:41 UTC

Air Asia Group announced that stock exchange operator Bursa Malaysia had rejected its request for an extension of a period of relief which prevented it from being classified as a Practice Note 17 (PN17) company, a status that concerns companies in financial difficulty.

Companies rated PN17 must submit to the stock exchange a proposal for restructuring and reviving the company in order to maintain its listing status. In a statement to the stock exchange on January 13, the Air Asia (AK, Kuala Lumpur Int’l) parent confirmed that according to Bursa regulations, with the expiry of the relief period, he is now “required to reassess his condition”.

The PN17 financial distress criteria had been triggered in July 2020 after independent auditors from Ernst & Young highlighted in the group’s annual results that net loss and liabilities at the end of 2019 significantly exceeded assets, signaling material uncertainties that cast doubt on its ability to continue its activity.

In light of the pandemic, Bursa Malaysia has given the group 18 months to take action to deal with…

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