SEPANG, March 10 — Capital A Bhd is eyeing an exit from Practice Note 17 (PN17) status by May after receiving approval from shareholders and the High Court on its regularisation plan.
On March 7, Bursa Malaysia Securities Bhd approved Capital A’s regularisation plan, paving the crucial step towards the company’s exit from PN17 status.
Chief executive officer Tan Sri Tony Fernandes said the company will call for an extraordinary general meeting (EGM) for shareholders and redeemable convertible unsecured Islamic debt securities holders, which is to be held in April.
“We will issue the circular to the shareholders of the plan that we put into Bursa for approval. Then, we will call an EGM for shareholders to approve the plan, which I hope will take place in mid-April.
“Once that is approved by the shareholders, then we will go to the High Court to approve our capital reduction plan,” he said during a press conference at the Capital A — Next Chapter event today.
The High Court’s approval for the capital reduction plan is required as legal confirmation for the company’s next restructuring step.
The approval will also confirm Capital A’s capital reduction exercise, which is a key step in its plan to distribute AirAsia Aviation Group Limited shares to its shareholders.
Fernandes said Capital A will focus on non-aviation business while holding 18 per cent interest in aviation.
He said once Capital A exits PN17 status, it will unlock new growth opportunities and provide the company with greater access to capital markets.
This milestone will set the stage for potential individual listings of its six key portfolio companies, namely Asia Digital Engineering, Teleport, AirAsia MOVE, Santan, BigPay, and Abc International as part of its long-term strategy to enhance shareholder value and drive sustainable expansion.
— Bernama
