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AAGB said it would 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.

KUALA LUMPUR: AirAsia Group Bhd (AAGB) says it has triggered the prescribed criteria of the Practice Note 17 (PN17) of the Main Market Listing Requirements of Bursa Malaysia but it won't be classified as such under the PN17 relief measures.

In a statement to Bursa Malaysia on Wednesday, it said that its external auditors, Messrs Ernst & Young PLT, had issued an unqualified audit opinion with emphasis of matter on material uncertainty relating to going concern.

This was in reference to AAGB's audited financial statements for the financial year ended Dec 31,2019 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 March 31,2020 is 37% of its share capital (excluding treasury shares).

“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, ” it said.

AAGB said it would 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.

To recap, Bursa had via its letter dated April 16,2020 granted affected listed issuers relief from complying with the obligations due to PN17 relief measures from April 17 to June 30,2021.

Trading in AAG was suspended in the morning session and will start at 2.30pm on Wednesday.

https://www.thestar.com.my/business/business-news/2020/07/08/airasia-group-says-triggered-pn17-but-wont-be-classified-as-such

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