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    AIRASIA   MYL5099OO006

AIRASIA GROUP BERHAD

(AIRASIA)
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Malaysia's AirAsia works to regularize finances to shed PN17 tag

01/14/2022 | 05:50am EST
FILE PHOTO: Airasia planes are seen parked at Kuala Lumpur International Airport 2, amid the coronavirus disease (COVID-19) outbreak in Sepang

(Reuters) - Malaysian budget airline AirAsia Group Bhd said on Friday it was working on a plan to "regularize its financial condition" after being classified as a PN17 firm by Malaysia's stock exchange.

The airline was branded a 'Practice Note 17', or PN17, company by Bursa Malaysia Securities, a tag given to financially distressed firms. PN17 companies may be de-listed by the exchange if they fail to regularize their finances within a set time frame.

AirAsia, which is deep in losses following a plunge in demand due to the pandemic, has had to scramble around to raise funds.

In November, it won shareholder approval for a rights issue to raise 1 billion ringgit ($239.4 million). It also raised 336.5 million ringgit through a share placement in December.

The Malaysian exchange on Thursday dismissed the airline's appeal to extend the relief period from being classified as a PN17 company beyond January 7, sending its shares down nearly 17% on Friday.

($1 = 4.1770 ringgit)

(Reporting by Harshita Swaminathan; Editing by Krishna Chandra Eluri)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
AIRASIA GROUP BERHAD -4.07% 0.59 End-of-day quote.-25.32%
BURSA MALAYSIA BERHAD -1.74% 6.21 End-of-day quote.-5.19%
ON SEMICONDUCTOR CORPORATION -6.38% 59.01 Delayed Quote.-13.12%
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Analyst Recommendations on AIRASIA GROUP BERHAD
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Financials
Sales 2021 1 325 M 316 M 316 M
Net income 2021 -2 593 M -619 M -619 M
Net Debt 2021 14 474 M 3 457 M 3 457 M
P/E ratio 2021 -0,87x
Yield 2021 -
Capitalization 2 451 M 585 M 586 M
EV / Sales 2021 12,8x
EV / Sales 2022 2,36x
Nbr of Employees 21 059
Free-Float 55,2%
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Mean consensus UNDERPERFORM
Number of Analysts 17
Last Close Price 0,59 MYR
Average target price 0,88 MYR
Spread / Average Target 48,6%
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Managers and Directors
Anthony Francis Fernandes Group CEO & Non-Independent Executive Director
Pattra Boosarawongse Chief Financial Officer
Kamarudin bin Meranun Non-Independent Non-Executive Chairman
Kin Choy Lau Group Head-Information & Communication Technology
Nadzri Hashim Head-Engineering
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