HMMM? Interesting!
$Aetherium Acquisition (GMFI.US)$ KUALA LUMPUR (Nov 1): Capital A Bhd is seeking to float its AirAsia brand royalty business and aircraft leasing unit in the US by injecting these operations into a Nasdaq-listed special purpose acquisition company (SPAC), aiming for an indicative valuation of US$1 billion (RM4.77 billion), as part of its plans regularise its financials.
The plan came after sister company AirAsia X Bhd’s application for relief from having to submit and implement a regularisation plan for its Practice Note 17 (PN17) status was rejected by Bursa Securities.
While the specifics of the restructuring were never disclosed, it was understood that the restructuring would have involved a share swap and a valuation of goodwill of Capital A's airlines.
In an interesting twist, Capital A said on Wednesday that it would instead unlock the value of the AirAsia brand by floating the brand management business on the Nasdaq, and expects a one-off gain from the listing exercise to improve its negative shareholders' equity, which stood over RM10 billion as at June 30.
Notably, on the same day, Capital A was granted an extension until Dec 31, 2023 to submit its regularisation plan to the regulatory authorities.
In a separate filing, Capital A said it had entered into a letter of intent with the SPAC, Aetherium Acquisition Corp (GMFI), for a proposed merger between the latter and an upcoming Cayman Islands entity known as Capital A International (CAPI) to be set up by the low-cost carrier operator.![]()
The plan came after sister company AirAsia X Bhd’s application for relief from having to submit and implement a regularisation plan for its Practice Note 17 (PN17) status was rejected by Bursa Securities.
While the specifics of the restructuring were never disclosed, it was understood that the restructuring would have involved a share swap and a valuation of goodwill of Capital A's airlines.
In an interesting twist, Capital A said on Wednesday that it would instead unlock the value of the AirAsia brand by floating the brand management business on the Nasdaq, and expects a one-off gain from the listing exercise to improve its negative shareholders' equity, which stood over RM10 billion as at June 30.
Notably, on the same day, Capital A was granted an extension until Dec 31, 2023 to submit its regularisation plan to the regulatory authorities.
In a separate filing, Capital A said it had entered into a letter of intent with the SPAC, Aetherium Acquisition Corp (GMFI), for a proposed merger between the latter and an upcoming Cayman Islands entity known as Capital A International (CAPI) to be set up by the low-cost carrier operator.
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