AirAsia X Bhd’s (AAX) stocks slid below 40 sen after the lapse of the time extension granted by Bursa Securities to the airline to complete the implementation of its proposed fund rising announced in May last year.
The corporate exercise entails raising up to RM116 million via a one-for-one rights offering and a special issue to raise RM50 million.
At 10.05 am, the shares slipped half-a-sen to 39.5 sen.
In a filing with Bursa Malaysia yesterday (Oct 26), AAX said its remaining corporate exercises will not be implemented following the lapse of the time extension, adding that it is in the midst of formulating a comprehensive proposed regularisation plan regarding its Practice Note 17 (PN17) condition, Bernama cited.
The airline company triggered the criteria for the PN17 classification a year ago.
It said that on Oct 12, 2022, it had submitted an application to Bursa Securities via AmInvestment Bank Bhd for a time extension of six months up to April 28, 2023 to submit its regularisation plan to the Securities Commission or Bursa Malaysia.
