KUALA LUMPUR: Capital A Bhd
has said that no losses are expected to result from the notice of seizure of its stakes in subsidiaries Big Pay and Teleport held via Move Digital Sdn Bhd by the Singapore Supreme Court.
The group said in a Tuesday stock exchange filing that the Sheriff of the Supreme Court of Singapore had issued a notice of seizure to enforce a partial arbitration award requiring Move Digital to buy the Big Pay shares held by Christopher Davison and Navin Rajagopalan for a combined US$14.7mil (RM59.77mil).
Move Digital will file a notice of objection with the Supreme Court of Singapore within 14 days of the notice of seizure, which falls on June 23, 2025.
Responding to a query from Bursa Malaysia on Thursday, the group said the notice of seizure is not anticipated to have any financial impact on the group as the US$14.7mil buyout sum under the partial award has already been accounted for in Capital A's audited financial statement since end-Dec 31, 2024.
"Upon filing by Move Digital of a Notice of Objection with the Sheriff of the Supreme Court of Singapore by June 23, 2026, the Sheriff will be restrained from acting on those seized shares until the Court's determination of the objection," it said.
It added that the notice of seizure is not expected to interfere with the group’s ongoing operations.
Capital A noted that Teleport and Big Pay are not major subsidiaries of Capital A because the companies individually contributed less than 70% of the pre-tax profit or total assets employed of Capital A on a consolidated basis based on the audited 2025 financial statement.
As at Dec 31, 2025, the total cost of investment in Teleport amounted to RM11.5mil by Capital A and Move Digital, and RM287.3mil by Move Digital.
On the same date, the net book value was negative-US$21mil for Teleport and negative-RM502mil for Big Pay.
