Bursa Malaysia Securities Berhad ("Bursa")'s PN17 Relief Measures Resulting In AAGB Triggering Suspended Criteria But Not Classified As A PN17 Listed Issuer
AIRASIA GROUP BERHAD ("AAGB" or "THE COMPANY")
- BURSA MALAYSIA SECURITIES BERHAD ("BURSA")'S PN17 RELIEF MEASURES RESULTING IN AAGB TRIGGERING SUSPENDED CRITERIA BUT NOT CLASSIFIED AS A PN17 LISTED ISSUER
The Board of Directors of AAGB wishes to announce that the Company has triggered the prescribed criteria pursuant to Paragraph 8.04 and Paragraph 2.1(e) of Practice Note 17 (“PN17”) of the Main Market Listing Requirements of Bursa (“Main LR”), where AAGB's external auditors, Messrs Ernst & Young PLT, have issued an unqualified audit opinion with emphasis of matter on material uncertainty relating to going concern ("MUGC") in respect of AAGB's audited financial statements for the financial year ended 31 December 2019 and AAGB's shareholders’ equity on a consolidated basis is 50% or less of its share capital (excluding treasury shares). AAGB's shareholders’ equity on a consolidated basis as at 31 March 2020 is 37% of its share capital (excluding treasury shares).
Bursa had via its letter dated 16 April 2020 granted affected listed issuers relief from complying with the obligations under Paragraph 8.04 and PN17 of the Main LR (“PN17 Relief Measures”) from 17 April 2020 to 30 June 2021 (“Relief Period”). The PN17 Relief Measures will be available to the listed issuer if it triggers any one of the following criteria under PN17 of the Main LR (“Suspended Criteria”):-
Under the PN17 Relief Measures:-
For the avoidance of doubt, AAGB will not be classified as a PN17 listed issuer and will not be required to comply with the obligations pursuant to Paragraph 8.04 and PN17 of the Main LR for a period of 12 months from the date of this announcement. AAGB will re-assess its condition and announce whether it continues to trigger any of the criteria in PN17 of the Main LR upon the expiry of the 12 months from the date of this announcement.
This announcement is dated 8 July 2020.
|Company Name||AIRASIA GROUP BERHAD|
|Date Announced||08 Jul 2020|
|Category||General Announcement for PLC|