BANGKOK, 19 May, 2022 – Thai AirAsia X (XJ), the low fare long haul carrier, has begun preparations to initiate a rehabilitation process after its submission on 17 May,2022 was accepted by the Thai Central Bankruptcy Court on 18 May, 2022. The objective is to revamp the company’s administration process and restructure its debts, delivering greater efficiency and a solid platform for robust future growth after weathering the COVID-19 pandemic. The process will have no impact on passengers as operations will continue as usual and Thai AirAsia X prepares to reintroduce flights to South Korea and Japan from June 2022 onwards.
A 49% associate of AAX, TAAX is under bankruptcy protection or in other word AAX is still under PN17 on the below clause:
(f) a default in payment by a listed issuer, its major subsidiary or major associated company, as the case may be, as announced by a listed issuer pursuant to paragraph 9.19A of the Listing Requirements and the listed issuer is unable to provide a solvency declaration to the Exchange
Maybank IB Research said efforts to uplift its PN17 classification are ongoing and more importantly, have not received any negative feedback.
It said that AAX qualifies to have its PN17 classification lifted as its shareholders’ equity is already more than RM40mil and it has generated three consecutive quarters of profits. AAX hopes to receive a reply by month end on the matter.
The research house added that TAAX has executed its debt restructuring and is awaiting court sanctions. Post-court sanctions (likely in 4Q23), AAX will account for its share of TAAX’s profits.
If AAX recognised 49% of TAAX’s 1Q23 core net profit, its 1Q23 core net profit would have surged by 74%.
On its planned acquisition of Capital A Bhd’s four short-haul airlines, AAX stated that has not been finalised though it is in a strong negotiating position.
American ultra-low-cost airline Allegiant Reports Its Highest Quarterly Operating Revenue Ever
Allegiant Air posted a stunning profit of $88.5 million for Q2, thanks to robust leisure demand and network expansions.
Operating profits increased by 411.1%, and revenues substantially increased to $683.8 million, the highest in the airline's history.
The airline remains focused on labor contracts and solidifying operations, with new routes added and the arrival of its first Boeing 737 MAX expected later this year.
Though it looks and sounds like the application for upliftment is under consideration by SC, it is not the actual fact. The recent approval for time extension of submission of RP can be conferred as a confirmation of the stand of SC and the intention of SC not to approve the application for upliftment.
Dont say maybank is misleading,u might get sue by maybank.I checked through bursa ,there is no approval for time extension yet as u said.Both applications still pending,correct me if im wrong
Both AAX and Cap A are inter-related companies and are inseparable in the view of SC. Upliftment of both or none . There is no such thing as one is uplifted while the other one is not. Together or none.... it is as simple as that.
What more misleading than yourself @joyvest. Since when SC granted AAX extension till 28/10/2023? Self imagination?
AAX already done their RP. Debt restructuring, capital reduction, shaving billions off. 3 consecutive QR profits and positive NTA. The upliftment decision would likely come right after this QR result. A positive QR would strengthen the NTA. While a loss (which airlines is making losses now) to send the shares plunging and PN17 in risk. That simple.
No such thing as lift 1 and don't lift 1? Do you eat and poop at the same time? It's seems related too. But it doesn't..
Was the previous deadline not on 28/7/2023? Did AAX not apply for another time extension before 28/7/2023?
Do you think AAX could continue to trade without obtaining another approval for time extension for submission on and before28/10/23. Are you dreaming or what ?
What a joke. They have replied to SC. And it's down to SC to make decision. So why SC would stop AAX from trading while they are making decision? If SC reject, then SC would set a date for AAX to submit or face delisting. You don't suddenly stop a share from trading.
QR is not the keypoint. RP is the key point , Upliftment is done after submission of RP , not QR. No matter how good the OR is, without RP, no upliftment .Your mention of the upliftment decision would likely come right after this QR result is incorrect. Your description of " you eat and poop at the same time " is out of context as far as the related transactions in the companies is concerned . ---------------------------------------- GoldenBull66
What more misleading than yourself @joyvest. Since when SC granted AAX extension till 28/10/2023? Self imagination?
AAX already done their RP. Debt restructuring, capital reduction, shaving billions off. 3 consecutive QR profits and positive NTA. The upliftment decision would likely come right after this QR result. A positive QR would strengthen the NTA. While a loss (which airlines is making losses now) to send the shares plunging and PN17 in risk. That simple.
No such thing as lift 1 and don't lift 1? Do you eat and poop at the same time? It's seems related too. But it doesn't..
Deadline is deadline. If you can not submit before the deadline, then you apply for another deadline subject to approval . AAX has been granted with another deadline for submission on and before 28/10/23.
SC is very strict in monitoring all the listed companies. It is not up to the companies to dictate the terms as they wish
There are many counters who do not submit the QR in time after being granted with the deadline, eventually they are suspended by SC. you cannot trade your shares in the stock market.
Capital A dead line was 7july2023,they apply extension on 30jun2023 for extension 3 months to 7 october.Bursa granted them on 27 july,that is 20days past the 7july deadline.You must make every announcement public.
SC can stop any counter from trading in the stock market by suspension if you dont abide by the rules and regulations which are set to safeguard investors like you and me. Dont you want to be safeguarded ??
Response by SC was within 21 days. Maybe SC is required to reply within 21 days by the SC rules. I am not too sure about that. --------------------------------- investorbat
Capital A dead line was 7july2023,they apply extension on 30jun2023 for extension 3 months to 7 october.Bursa granted them on 27 july,that is 20days past the 7july deadline.You must make every announcement public
1stly, go read why AAX trigger the PN17. And does they still trigger PN17..then you probably get the answer. If debt restructuring and capital reduction is not call RP, then what is that? The word both.. doesn't apply to SC. Announcement made separately to both entity. You don't see SC making announcement on Capital A on AAX. You probably got confused since you were born. Both must lift together and die together..😂😂😂😂. Titanic?
*QR is QR and RP is RP . No RP , no upliftment . it is as simple as that. *So far only QR has been submitted in time but not RP *Not RP, No upliftment *RP of AAX is expected by SC to detail how Cap A is salvaged otherwise, it is back to square one.
Pending the decision from Bursa Securities on the application for the Proposed Relief & PN17 Upliftment, the Company had also vide the same application, applied to Bursa Securities for a further extension of time of three (3) months from 29 July 2023 to 28 October 2023 for the Company to submit a regularisation plan to the regulatory authorities in the event it does not receive Bursa Securities’ approval for the Proposed Relief & PN17 Upliftment.
As of 2 August 2023, Bursa Securities’ decision on the application for the Proposed Relief & PN17 Upliftment is pending. The Company shall make the necessary announcement(s) with regard to any material development thereof accordingly.
*The RP is still being reconstructed , is it not? * To put in another way , RP is not ready yet. * How on earth do you expect the SC to uplift where the RP is not even reached to the hand of SC ?
I don't really mind how people comment whether this stock is going up or down. I love it in fact as we learn more about the share. As long as they sharing facts. But the nonsense that you're spamming here shows you just having mental issue.
Read it with utmost care. Two applications. 1st application for relief and upliftment 2nd application for time extension Did AAX announce that both applications are pending? not right ? Meaning 2nd application has been approved
Why you omitted the following in your post on purpose ? you got an agenda ?
---------------------------------------------- Pursuant to paragraph 4.1(c) of PN17 of the Main LR, the Board of Directors of the Company wishes to announce that the Company and the appointed advisers are in the midst of formulating a regularisation plan to address its financial condition.
Please explain to all of us the below announcement. My English no good. I'm not sure what agenda is there. To me, RP is already done. AAX no longer trigger . And FYI, SC no announced the approval for AAX extension or PN17 upliftment. If yes, please show us. SC hasn't replied to AAX on both applications. That simple.
Pursuant to paragraph 4.1(c) of PN17 of the Main LR, the Board of Directors of the Company wishes to announce that the Company and the appointed advisers are in the midst of formulating a regularisation plan to address its financial condition.
Post a Comment
People who like this
New Topic
You should check in on some of those fields below.
Title
Category
Comment
Confirmation
Click Confirm to delete this Forum Thread and all the associated comments.
Introducing MY's First IPO Fund for Sophisticated Investors!
MQ Chat
New Update. Discover investment communities that resonate with your ideas
MQ Trader
M & A Value Partners IPO Equity Fund has been launched - Targeted 13% Return p.a
Latest Videos
0:17
New IPO: The onshore and offshore support services provider for the O&G industry, Steel Hawk Bhd aims to list on the Ace Market!
MQ Trader 7133 views | 6 d ago
0:17
New IPO: The largest mini-market player and a leading groceries retailer in Malaysia, 99 Speed Mart Retail Holdings Bhd aims to list on the Main Market!
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
Sslee
5,856 posts
Posted by Sslee > 2023-08-08 18:55 | Report Abuse
BANGKOK, 19 May, 2022 – Thai AirAsia X (XJ), the low fare long haul carrier, has begun preparations to initiate a rehabilitation process after its submission on 17 May,2022 was accepted by the Thai Central Bankruptcy Court on 18 May, 2022. The objective is to revamp the company’s administration process and restructure its debts, delivering greater efficiency and a solid platform for robust future growth after weathering the COVID-19 pandemic. The process will have no impact on passengers as operations will continue as usual and Thai AirAsia X prepares to reintroduce flights to South Korea and Japan from June 2022 onwards.
A 49% associate of AAX, TAAX is under bankruptcy protection or in other word AAX is still under PN17 on the below clause:
(f) a default in payment by a listed issuer, its major subsidiary or major associated company, as the case may be, as announced by a listed issuer pursuant to paragraph 9.19A of the Listing Requirements and the listed issuer is unable to provide a solvency declaration to the Exchange