KUALA LUMPUR (July 27): Bursa Securities has granted financially distressed Capital A Bhd an extra three months, until Oct 7, to file its regularisation plan to the regulatory authorities.

This follows an extension request by the low-cost carrier on June 30.

In June, Capital A chief executive officer Tan Sri Tony Fernandes was quoted as saying that exiting Practice Note 17 (PN17) status was almost as big a challenge as restarting the airlines.

Capital A slipped into PN17 status in January 2022 after its external auditor Messrs Ernst & Young PLT raised material concerns about the airline’s ability to continue as a going concern in its audited financial statements for the financial year ended Dec 31, 2019 and its shareholders’ equity fell below 50% of its share capital.

Capital A has engaged RHB Investment Bank Bhd, BDO Consulting Sdn Bhd, Deloitte Corporate Advisory Services Sdn Bhd, Ernst & Young PLT, Adnan Sundra & Low and Providence Strategic Partners to advise on its regularisation plan.

Capital A shares closed up 7.5 sen or 8.93% at 91.5 sen on Thursday (July 27), giving it a market capitalisation of RM3.79 billion.
 

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