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BUSINESS • 18/09/2026 07:32 PM

Capital A Plans BigPay Divestment, Tune Protect Stake Distribution Under Capital Structure Optimisation

KUALA LUMPUR, Sept 18 (Bernama) -- Capital A Bhd has proposed a capital structure optimisation exercise involving the potential market-driven divestment of its 99.56 per cent-owned BigPay Pte Ltd and the orderly and planned distribution of its 13.6 per cent equity stake in Tune Protect Group Bhd.

In a filing with Bursa Malaysia today, Capital A said the exercise would be undertaken through its subsidiary, Move Digital Sdn Bhd (MDSB), under a court-supervised framework.

It said MDSB has filed the relevant applications at the High Court of Malaya at Kuala Lumpur (Commercial Division) pursuant to Sections 366, 368 and 369 of the Companies Act 2016.

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Capital A said the exercise would be centred on three primary pillars — the potential market-driven divestment of MDSB’s equity interest in BigPay, the orderly distribution of its Tune Protect stake and the systematic recovery of receivables estimated at RM32.2 million.

“Proceeds from these assets will be distributed to creditors, who are primarily Capital A, or Capital A related companies,” it added.

It said MDSB is an intermediate holding company for legacy investments and does not operate any business of its own.

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Capital A clarified that MDSB is separate and distinct from AirAsia Move Sdn Bhd, the group’s digital travel platform, which is directly owned by Capital A and remains completely unaffected by this exercise, and continues to operate seamlessly without disruption.

“Driven strictly by disciplined capital allocation rather than liquidity constraints, the group is taking decisive steps to eliminate funding for loss-making units like BigPay, reallocating capital toward higher-return core operations to maximise long-term shareholder value.

“Executing this structural exercise also enables the positive deconsolidation of BigPay’s historical operating losses — which recorded significant earnings before interest, taxes, depreciation and amortisation and net losses in the financial year ended Dec 31, 2025,” it added.

It said removing these legacy loss drags immediately strengthens Capital A's balance sheet, elevates earnings quality and enhances overall financial flexibility.

Group chief executive officer Tan Sri Tony Fernandes said the exercise reflected the group’s focus on accountability, governance and taking control of its future.

“We are cleaning up our legacy assets and focusing 100 per cent of our energy and capital on our high-growth businesses.

“This move makes our financial position stronger and allows us to double down on what we do best,” he said.

-- BERNAMA

 

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