AAX appeals to exit PN17 status

 

Bursa Securities rejected AAX’s application for the proposed relief and PN17 upliftment in October but granted the airline an extension until January to submit its regularisation plan. (Bernama pic)

KUALA LUMPUR: AirAsia X Bhd (AAX) has submitted an appeal to Bursa Malaysia Securities Bhd (Bursa Securities) against the latter’s recent rejection of the airline’s application for proposed relief and to be completely uplifted from the Practice Note 17 (PN17) category.

The medium to long-haul low-cost carrier said it has a renewed focus and determination on exiting the PN17 status.

“The foremost short-term goal for the airline is to emerge from the PN17 status as smoothly and swiftly as possible to boost the post-pandemic upward trajectory for future sustainable and profitable growth,” it said in a statement today.

On Oct 19, 2023, Bursa Securities rejected AAX’s application for the proposed relief and PN17 upliftment but granted the airline an extension until Jan 17, 2024, to submit its regularisation plan.

According to AAX, the recent decision by Bursa Securities had served as a catalyst for the airline to double down on its efforts to obtain the relevant approvals and move forward with the strategic business plan for a long-term viable future.

It said the current PN17 status did not impact its services and the airline remained committed to consistent delivery of exceptional service and value to its customers as the approval process progressed.

“The company outlook remains positive with ongoing efforts showing pleasing momentum,” it added.

Chief executive officer Benyamin Ismail said the airline remained confident about the resubmission of the upliftment application and it was hopeful of securing the required approvals as soon as possible so that it could focus on securing additional capital through ventures with potential investors. - FMT