The company said the plan would be completed upon the High Court’s sealed order being lodged with the Registrar of Companies, expected next week.

Capital A’s group chief financial officer, Teh Mun Hui, said the order was the final court step in the company’s PN17 journey.

“We set out to fix the fundamentals, and we followed through on every step … completing the aviation business disposal, distributing AirAsia X Bhd (AAX) shares to our shareholders, and securing the approvals needed to clean up the balance sheet.

“We are now working towards the upliftment of PN17 status,” she said in a statement.

The High Court approval follows recent end-phase milestones, including the completion of the aviation business disposal, namely AirAsia Bhd and AirAsia Aviation Group Ltd to AAX on Jan 16, and the listing and distribution of AAX shares to entitled Capital A shareholders on Jan 19.

Capital A said its remaining non-aviation businesses had been consistently profitable over the past four quarters, from the fourth quarter of 2024 to the third quarter of 2025.

“Upon completion of the regularisation plan, Capital A’s shareholders’ funds will turn positive. With the above, Capital A would have addressed all the PN17 criteria, while the uplift remains subject to regulatory approval,” it said.

After the regularisation, Capital A will operate as a group focussed on five businesses – Asia Digital Engineering (maintenance, repair and operations), Teleport (logistics), AirAsia MOVE (travel platform), AirAsia Next (brand and IP), and Santan (food and beverage).