Bursa adds another PN17 company to list including AirAsia

Construction firm Zelan Bhd has been classified as a PN17 company, joining a list of entities that includes budget carrier AirAsia Group and its sister airline AirAsia X as released by Bursa Malaysia today.

The market regulator in a statement said it would monitor the progress of Zelan in its compliance with listing requirements.

It also said as of today that a total of 28 out of the 949 companies listed on Bursa Malaysia had been classified as PN17 and one as GN3, a reference to "distressed companies" listed on the bourse's ACE Market.

The announcement comes as AirAsia Group, renamed as Capital A Bhd, awaits a decision by Bursa Malaysia on its bid to seek an extension for submission of a regularisation plan to address its PN17 status.

The plan is seen as a determining factor in the viability of AirAsia's flight operations. AirAsia’s air service licence was due for renewal in March.

AirAsia X was classified as PN17 in November 2021, while Capital A was classified in that category two months later in 2022.

AirAsia X was given until April 28, 2023 to submit a realignment plan to Bursa Malaysia Securities while Capital A was given until July 7, 2023.