KUALA LUMPUR (July 10): The chief executive officer of Capital A Bhd, Tan Sri Tony Fernandes, has sold all of his shares in QPR Holdings Ltd — the parent company of Queens Park Rangers Football Club (QPR) — to focus on rebuilding the group’s airline business and expanding AirAsia’s and Capital A’s digital businesses.

In a statement Monday (July 10), Capital A said Fernandes no longer holds any shares in QPR Holdings, and that the CEO intends to shift his focus to finalising the regularisation plan to uplift Capital A from its Practice Note 17 (PN17) status.

According to news reports, Fernandes bought a 66% stake in QPR Holdings from Bernie Ecclestone and Flavio Briatore for £35 million (RM208.8 million) in August 2011.

“My time with QPR has been filled with unforgettable highs and lows. On the pitch, there have been special victories, with the highest being the promotion to the Premier League at Wembley Stadium. Off the pitch, QPR’s reputation as a true community-oriented football club is something I will always be proud of.

“While stepping away from QPR was a difficult decision, it has been made with the clear determination that my time and expertise are needed elsewhere. Now that AirAsia is coming back in full throttle and growing again, I owe it to Allstars and our shareholders to give 100% of my focus to rebuilding the airline business and expanding our digital companies to provide a tremendous value for the people of Asean, where there is strong demand for low cost, high value products and services,” Fernandes said in the statement.

Meanwhile, he said he is encouraged that Capital A’s effort to exit its PN17 status is moving in the right direction. “Strengthening the balance sheet and building strong growth models in all our businesses, from airlines, logistics, travel and fintech digital business, [to] aviation services, is also gathering pace,” he added.

The group plans to carry out aggressive expansion plans in Asean and beyond for its airlines and all other affiliate portfolio companies in its ecosystem. “We have truly come a long way over recent times, putting in place the right platform for a successful and profitable future, which isn’t solely reliant on selling just airfares anymore,” he said.

Capital A, which fell into PN17 status on Jan 14, 2022 and had until July 7 this year to submit its regularisation plan, asked for a three-month extension on June 30 to submit the plan.

Its associate company AirAsia X Bhd (AAX), which is also preparing a plan to regularise its PN17 status, is supposed to submit its plan by July 28, after having had its deadline extended twice — first for six months to April 28, and then by three months to July 28.

Capital A shares closed one sen or 1.20% higher at 84 sen on Monday, valuing the group at RM3.50 billion, while AAX closed one sen or 0.57% lower at RM1.73, giving the company a market capitalisation of RM773.44 million.