Capital A Berhad, the owner of AirAsia’s budget airline, announced on Monday that it would begin publishing internal business targets along with quarterly results in order to give investors a clearer picture of the company’s financial outlook.
Capital A was hit hard by the pandemic of travel restrictions. The stock exchange in Malaysia classified it as ‘PN17,’ or financially distressed. It is trying to get out of PN17 status.
It is also selling its AirAsia business to AirAsia X sdn bhd. This was announced a full year ago as part of a consolidation of long and short haul operations under a single AirAsia branding.
Capital A companies are looking to “build investor trust through consistent and reliable disclosures, while ensuring all stakeholders have the information necessary for a fair valuation of the company”, the statement said. The investment holding company has announced that publication will begin Wednesday.
“Most of the uncertainties we faced in the past are now behind us. The timing is right for this move,” said Group Chief Executive Tony Fernandes in a release.
Capital A announced that it had made “significant” progress on the AirAsia X BHD sale. All necessary consents will be expected by the end February.
In January, the deadline for disposal was extended by two months until March 24. AirAsia began in 2001 as a two-aircraft operation and has since grown into one of Asia’s largest budget airlines.
Capital A and AirAsia X have both been given PN17, which means they can be delisted if they do not stabilise their financial situation within a specified time frame. AirAsia X removed from classification in November 2023.
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