KUALA LUMPUR (Oct 5): Financially distressed Capital A Bhd has requested to further extend the deadline for the company to submit its regularisation plan — which is due on Oct 7 — to Dec 31, 2023.
In a bourse filing, Capital A said that it had filed said request with Bursa Securities on Thursday.
This marks the third time that Capital A has requested an extension deadline from Bursa Securities. The original deadline on Jan 7, 2023 had been extended twice — first to July 7 and then Oct 7.
In January, Capital A chief executive officer Tan Sri Tony Fernandes was quoted saying that the group is optimistic of exiting Practice Note 17 (PN17) status by the end of this year.
But in June, he was then quoted saying that exiting PN17 status was almost as big a challenge as restarting the airline.
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’s shares fell one sen or 1.03% to 96.5 sen on Thursday, valuing the group at RM4.05 billion. The stock has climbed 48.46% since the beginning of this year.