AAGB may have to recognise large previously unrecognised loss of about RM500mil in financial year 2022, exacerbating its already negative book value per share, according to Maybank Investment Bank Research. is positive but it may come at a cost to AirAsia Group Bhd .
The research house’s view is that a rights issue was inevitable and is maintaining its estimates for now pending the listing of TAA. If TAA is listed on the Stock Exchange Of Thailand , the convertible loan or bond is convertible into TAA shares at 20.39 baht per share. Asia Aviation PCL, which owns 55% of TAA, plans to distribute TAA shares in specie to its shareholders and liquidate itself.In addition, AAGB will inject RM67mil in equity to maintain its 45%-shareholding in TAA, Maybank said.It ceases recognising share of losses when they exceed investment amount.
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