Capital A in the final stages of PN17 exit plan
"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.
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