Capital A Proposes Capital Optimisation Exercise, Eyes Divestment of BigPay and Tune Protect Stake

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

In a filing with Bursa Malaysia today, Capital A announced that the exercise will be executed through its intermediate holding company, Move Digital Sdn Bhd (MDSB), under a court-supervised framework. MDSB has filed the necessary applications at the High Court of Malaya in Kuala Lumpur under Sections 366, 368, and 369 of the Companies Act 2016.

The restructuring strategy centers on three primary pillars: the market-driven divestment of MDSB’s equity in digital finance unit BigPay, the orderly distribution of its Tune Protect holdings, and the systematic recovery of an estimated RM32.2 million in receivables. Proceeds generated from these assets will be distributed to creditors, which primarily consist of Capital A and its related companies.

Capital A clarified that MDSB functions strictly as an intermediate holding entity for legacy investments and maintains no independent business operations. The group reassured stakeholders that AirAsia Move Sdn Bhd—the group’s digital travel platform—is directly owned by Capital A, remains completely unaffected by the court framework, and continues to operate without disruption.

The group stated that the decision is driven strictly by disciplined capital allocation rather than liquidity pressures, allowing Capital A to immediately eliminate funding for loss-making units and deconsolidate BigPay’s historical operating losses, thereby strengthening its balance sheet and elevating earnings quality.

Capital A Group Chief Executive Officer Tan Sri Tony Fernandes emphasized that the exercise underscores the group’s focus on long-term shareholder value, governance, and financial discipline.

“We are cleaning up our legacy assets and focusing 100 per cent of our energy and capital on our high-growth businesses,” Fernandes said. “This move makes our financial position stronger and allows us to double down on what we do best.”

–NMT