AirAsia X seeks exemption from PN17 status

AirAsia X Berhad (AAX) is seeking a relief from Bursa Malaysia Securities Berhad (Bursa Securities) to exempt the airline from the requirement to submit a Proposed Regularisation Plan. The airline is also seeking the upliftment of AAX from being classified as a Practice Note 17 (PN17) Affected Listed Issuer (PN17 Upliftment). AAX claims to have undertaken a broad range of measures and corporate exercises to improve its financial position like set of restructuring exercises which incorporated a debt restructuring scheme, share capital reduction of 99.9% of the issued share capital of AAX, share consolidation and a revision of its business