|Subject||PRACTICE NOTE 17 / GUIDANCE NOTE 3
AIRASIA X BERHAD (AAX OR THE COMPANY) MONTHLY ANNOUNCEMENT PURSUANT TO PRACTICE NOTE 17 OF THE MAIN MARKET LISTING REQUIREMENTS OF BURSA MALAYSIA SECURITIES BERHAD
(For consistency, the abbreviations used throughout this announcement shall have the same meanings as defined in the announcements dated 29 October 2021, 1 November 2021, 1 December 2021, 16 December 2021 and 3 January 2022, where applicable, unless stated otherwise or defined herein)
Reference is made to the Company’s announcements dated 29 October 2021, 1 November 2021, 1 December 2021, 16 December 2021 and 3 January 2022.
The Company is in the midst of regularising its financial position via the Proposed Debt Restructuring, Proposed Corporate Restructuring and Proposed Fundraising and thereafter, the Company will implement a revised business plan to turnaround its financial performance. After the completion of these proposals, the Company will submit a regularisation plan pursuant to PN17 of the Listing Requirements to regularise its condition. The regularisation plan is not expected to result in a significant change in the business direction or policy of the Company.
The High Court of Malaya had on 24 January 2022 granted an order confirming the special resolution for the Proposed Share Capital Reduction pursuant to Section 116 of the Companies Act, 2016, which was subsequently lodged with the Registrar of Companies on 26 January 2022. Pursuant thereto, the Proposed Share Capital Reduction shall therefore take effect and be deemed completed on 26 January 2022. Following that, on 26 January 2022, the Company had announced the notice of books closure date for the Proposed Share Consolidation. The Company will make the necessary announcement in relation to any material development accordingly.
The Company has approximately 9 months to submit the regularisation plan to the relevant authorities for approval.
This announcement is dated 3 February 2022.