KUALA LUMPUR: Capital A Bhd has completed its PN17 regularisation plan, following the High Court's approval of a capital reduction amounting to RM5.51 billion.

The milestone marks the final phase of the company's recovery plan, which included the disposal of its aviation business, AirAsia Bhd and AirAsia Aviation Group Ltd, to AirAsia X Bhd on Jan 16.

This was followed by the listing and distribution of AAX shares to entitled Capital A shareholders on Jan 19 and the High Court's approval of the capital reduction on Jan 21.

Chief executive officer Tan Sri Tony Fernandes described the achievement as "a powerful moment after the dark days of Covid".

"The momentum is real for Capital A. Teleport, our logistics arm, just raised US$50 million pre-initial public offering capital at US$500 million valuation to scale globally.

"Furthermore, our non-aviation businesses under Capital A have posted four consecutive profitable quarters from the fourth quarter of 2024 until the third quarter of 2023, and with our shareholders' funds turning positive as we complete this regularisation plan, we have addressed all PN17 criteria," he said in a statement.