Bursa allows 3-month extension for AirAsia X to submit restructuring plan

Low-cost airline AirAsia X Bhd (AAX) has been granted a three-month extension until July 28 to submit a restructuring plan to Bursa Securities.

This is the second time the company has been given an extension. It was previously given until April 28 to submit a restructuring plan.

The matter was announced by AmInvestment Bank Bhd, which represents AAX, through a notification to Bursa Malaysia yesterday.

"On behalf of the AAX board of directors, AmInvestment Bank Bhd announces that Bursa Securities through a letter dated May 9, 2023 has allowed an extension of time for three months until July 28 for the company to submit a reorganisation plan to the regulatory authorities," it said.

AAX was categorised as Practice Note 17 or PN17 on Oct 27, 2021. Capital A Bhd, previously known as AirAsia Bhd, joined the list on Jan 14, 2022. 

AAX announced on Feb 21 that the company had recorded a net profit of RM153.48 million for the sixth quarter of the financial period ending Dec 31, 2022, up from RM25.9 million for the previous quarter.

Revenue for the quarter under review also increased to RM339.3 million compared to RM100.1 million recorded in the previous quarter.