Capital A Bhd has launched a court-supervised capital structure optimisation exercise involving subsidiary Move Digital Sdn Bhd (MDSB), as the group seeks to streamline legacy investments, potentially divest its stake in BigPay and redistribute assets to creditors.
MDSB is an intermediate holding vehicle for Capital A’s legacy investments and does not conduct any operating business of its own.
Its principal assets comprise a 99.56% stake in BigPay Pte Ltd and a 13.6% interest in Tune Protect Group Bhd.
Capital A stressed that MDSB is separate from AirAsia Move Sdn Bhd, its digital travel platform, which is directly owned by Capital A and is not affected by the restructuring.
Under the proposed exercise, MDSB will pursue three main measures — a potential market-driven divestment of its interest in BigPay, an orderly distribution of its 13.6% Tune Protect stake and the recovery of approximately RM32.2 million in receivables.
Proceeds from these assets are expected to be distributed to MDSB’s creditors, which Capital A said are primarily the group itself or related companies.
Capital A described the restructuring as a move to resolve historical liabilities and improve capital allocation, while reducing further funding commitments to loss-making businesses such as BigPay.
The group said the exercise would also allow it to deconsolidate BigPay’s historical operating losses from Capital A’s financial statements, following significant EBITDA and net losses recorded by BigPay in FY25.
According to Capital A, removing those losses from consolidation would improve the group’s earnings profile and financial flexibility, subject to completion of the restructuring.
Group chief executive officer Tan Sri Tony Fernandes said the exercise was aimed at strengthening governance and concentrating capital on the group’s higher-growth businesses.
“This is about accountability, governance and taking control of our future. We are cleaning up our legacy assets and focusing 100% of our energy and capital on our high-growth businesses,” he said.
Fernandes added that the group expects the restructuring to strengthen its financial position and allow it to allocate more resources to its core operations.
