Capital A optimistic about exiting PN17 status

Capital A Bhd is optimistic about its growth potential this year following a strong rebound in travel demand post-Covid and expects to be out of the PN17 status by the end of the year, says CEO Tan Sri Tony Fernandes. He said the investment holding group that is involved in aviation, logistics, lifestyle, and financial services ventures, planned to submit its finalised regularisation plan to Bursa Malaysia next month. “We can be out of PN17 definitely this year, I hope much earlier (than that). All of the consultants are now going through all the work. “We hope to submit to Bursa between February and April. So once we get the approval, then we will go through,” he told reporters on the sidelines of the AirAsia Super App rider and driver appreciation event yesterday, Bernama reported. To recap, Capital A fell into the PN17 list of Bursa Malaysia – a categorisation for distressed entities, in January 2022. The group previously announced that there was no plan for a merger between its two airlines entities, AirAsia Bhd and AirAsia X Bhd, but a separate publicly-quoted aviation group would be formed under the proposed PN17 exit strategy. Commenting on travel demand especially from China following the reopening of its border, Fernandes said the group anticipated a very strong recovery for the market in view of the overwhelming demand it received from the Chinese tourists.<br/>