KUALA LUMPUR: Bursa Malaysia Securities Bhd has rejected AirAsia X Bhd's application for the proposed relief & Practice Note 17 upliftment, and instead given it until January 17, 2024 to submit its regularisation plan.

In a filing with Bursa Securities, AirAsia X said it will consider all available options (including the possibility of an appeal) and announce the next course of action to be undertaken in due course.

Bursa Securities via a letter dated October 18, 2023, confirmed that it has resolved to reject the company's application for the proposed relief & PN17 Upliftment; and to grant the company an extension of time up to January 17, 2024 to submit its regularisation plan to the regulatory authorities.

AirAsia X submitted an application to uplift its PN17 status without submitting a regularisation plan on July 20,2023, on the improved financial performance of the company and its subsidiaries.

The company reported a net profit of RM5.5 million for the second quarter ended June 30, 2023, compared with a net loss of RM652.5 million for the same quarter a year ago. This was on a more than four fold jump in revenue to RM512.9 million.

AirAsia X's share price closed 0.89 per cent higher at RM2.27 a share at midday.

https://www.nst.com.my/business/corporate/2023/10/968892/bursa-securities-rejects-airasia-xs-bid-uplift-pn17-status