Capital A Bhd has clarified that a notice of seizure issued by the Sheriff of the Supreme Court of Singapore involving shares held by its subsidiary, Move Digital Sdn Bhd, is not expected to have any immediate financial or operational impact on the group.
In a response to Bursa Malaysia’s query, Capital A said the seizure notice relates to the enforcement of a court order arising from an ongoing arbitration dispute involving BigPay shareholders, but stressed that the financial obligation has already been accounted for in its books.
The notice, issued on June 9, covers Move Digital’s direct holdings of a 99.56% stake in Big Pay Pte Ltd and an 11.45% stake in Teleport Everywhere Pte Ltd (TES).
Capital A clarified that while it ultimately owns 99.56% of BigPay through Move Digital and a combined 76.86% stake in TES, neither company qualifies as a major subsidiary under Bursa Malaysia’s listing requirements as they contributed less than 70% of the group’s profit before tax or total assets based on its audited financial statements for the financial year ended Dec 31, 2025.
As of end-2025, Capital A’s total investment in BigPay stood at RM287.3 million, while its investment in TES amounted to RM11.5 million.
The group also disclosed that both entities carried negative net book values as at Dec 31, 2025, with BigPay recording a negative net asset position of RM502 million, while TES posted a negative net book value of approximately US$21 million (RM85.1 million).
The seizure action stems from a partial arbitration award requiring Move Digital to acquire shares held by claimants Christopher Davison and Navin Rajagopalan in BigPay for US$14.74 million, together with accrued interest and enforcement-related costs.
However, Capital A said the US$14.74 million buyout amount had already been recognised in its financial statements since the financial year ended Dec 31, 2024.
“Pending the outcome of the objection to the notice, the seizure is not anticipated to have any financial impact on the group,” the company said.
Move Digital intends to challenge the seizure and is required to file a Notice of Objection with the Sheriff of the Supreme Court of Singapore by June 23, 2026.
Upon filing the objection, the Sheriff will be restrained from taking further action on the seized shares until the Singapore court determines the matter.
Capital A added that the legal proceedings are not expected to disrupt the group’s ongoing business operations and that no additional losses are anticipated arising from the notice.
The dispute is linked to a long-running shareholder arbitration involving BigPay and has been disclosed in Capital A’s annual reports and previous Bursa Malaysia announcements.
