Bursa Malaysia’s Practice Note 17 relief measures in AirAsia not classified as PN17 listed issuer

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AirAsia planes are seen parked at Kuala Lumpur International Airport 2, during the movement control order due to the outbreak of the coronavirus disease (Covid-19), in Sepang, Malaysia April 14, 2020. — Reuters pic
AirAsia planes are seen parked at Kuala Lumpur International Airport 2, during the movement control order due to the outbreak of the coronavirus disease (Covid-19), in Sepang, Malaysia April 14, 2020. — Reuters pic

KUALA LUMPUR, Jan 13— AirAsia Group Bhd has announced that Bursa Malaysia’s Practice Note 17 (PN17) relief measures resulting in the group’s triggering suspended criteria but not classified as a PN17 listed issuer.

It said the group continued to trigger the prescribed criteria of the Main Market listing requirements and an application was submitted to Bursa for the relief period to be extended beyond January 7, 2022 and an appeal following the decision by Bursa Malaysia for the application.

“Due consideration of all facts and circumstances including all written representations and documents submitted before Bursa Malaysia, the local stock exchange has decided to dismiss the appeal,” it said in a filing with Bursa Malaysia today.

Prior to this, it said the group was required to re-assess its condition at the expiry of the relief period pursuant to Bursa’s circular on Additional Relief Measures dated April 16, 2020 and February 17, 2021.

Additional relief measures were announced on April 16, 2020, whereby Bursa Malaysia said companies that triggered any of the suspended criteria between April 17, 2020 and June 30, 2021, would not be classified as a PN17 or GN3 company for 12 months.

This aims to provide a greater flexibility to the affected listed companies to focus on sustaining their businesses and operations and regularise their financial condition thereon.

Further announcement will be made in due course regarding this matter, the company said. — Bernama