AirAsia X remains focused on seeking waiver to exit PN17 status
SEPANG, 2 November 2023 - AirAsia X (AAX) announced today it has submitted an appeal to Bursa Securities Malaysia Berhad (Bursa Malaysia) in respect to its recent decision, with a renewed focus and determination on exiting the Practice Note 17 (PN17) status.
The foremost short-term goal for the airline is to emerge from the PN17 status as smoothly and swiftly as possible to boost the post-pandemic upward trajectory for future sustainable and profitable growth. The recent decision by Bursa Malaysia has served as a catalyst for AAX to double down on its efforts to obtain the relevant approvals and move forward with the strategic business plan for a long-term viable future.
The airline is confident that the steps being undertaken, coupled with recent operational successes, will help achieve this important financial stability status to steer the airline toward a brighter future for the benefit of shareholders, Allstars, and valued guests.
AirAsia X CEO, Benyamin Ismail said: “Since AirAsia X started its journey as a medium-haul airline 16 years ago today, it has carried over 44 million travellers, long considered a pioneer in providing opportunities for everyone to experience flights to new destinations at the best value fares. As we celebrate close to two decades of soaring through the skies, we are confident about the resubmission of the upliftment application, which is a pivotal step that will not only secure our future but also open new horizons.
“Alongside significant improvements across all key metrics as outlined in our recent financial and operational performance announcements, we are working closely with Bursa Malaysia to close this pandemic induced chapter as soon as possible. With the uplifting of the PN17 status we will continue to chart our positive growth trajectory including securing additional financial support to spread our wings further than ever before and continue to do our part for the travel industry within this region. As we celebrate our birthday month, we are hopeful of securing the required approvals as soon as possible so the Company can focus on securing additional capital through ventures with potential investors moving forward.”
The current PN17 status does not impact AAX's services and the airline remains committed to consistent delivery of exceptional service and value to its customers as the approval process progresses. The company outlook remains positive with ongoing efforts showing pleasing momentum.