News
Malaysia’s stock exchange rejects AirAsia X's application for relief from submitting restructuring strategy
October 20th 2023
The Bursa Malaysia stock exchange has denied Malaysia-listed AirAsia X's (AAX) application for relief from submitting a restructuring strategy and also refused the LCC’s request to have its Practical Note 17 (PN17) status rescinded. Read More » “The company will consider all available options, including the possibility of an appeal, and announce the next course of action in due course,” AAX said in a regulatory filing. On October 29 two years ago, the Bursa Malaysia issued AAX with a PN17 notice prompted by the LCC’s financial fragility at the time. To continue to trade on the local stock exchange, such a notice requires a company to submit and receive approval of a financial regularisation plan within a specified time frame. The stock exchange has granted AAX an extension of time, to January 17 next year, to submit its regularisation plan. The company has received two extensions to the deadline for submission of a survival strategy. Its latest filing date had been scheduled for October 28.
