KUALA LUMPUR (July 8): AirAsia Group Bhd (AAGB) said today it has triggered the prescribed criteria under Bursa Malaysia’s Practice Note 17 (PN17) classification after the budget airline’s external auditors Messrs Ernst & Young PLT issued an unqualified audit opinion with emphasis of matter on material uncertainty relating to AAGB as a going concern.  

Ernst & Young also said AAGB shareholders’ equity on a consolidated basis is 50% or less of its share capital, according to the budget airline's bourse filing today.

"For the avoidance of doubt, AAGB will not be classified as a PN17 listed issuer and will not be required to comply with the obligations pursuant to Paragraph 8.04 and PN17 of the Main LR (Main Market Listing Requirements) for a period of 12 months from the date of this announcement. AAGB will re-assess its condition and announce whether it continues to trigger any of the criteria in PN17 of the Main LR upon the expiry of the 12 months from the date of this announcement,” AAGB said.