PETALING JAYA: Capital A Bhd
has proposed a court-supervised capital structure optimisation exercise involving its subsidiary Move Digital Sdn Bhd (MDSB) to streamline its corporate holdings and resolve historical liabilities.
MDSB has filed applications with the High Court of Malaya under Sections 366, 368 and 369 of the Companies Act 2016.
The non-operating intermediate holding company owns 99.56% of BigPay Pte Ltd and 13.6% of Tune Protect Group Bhd.
Capital A said the exercise was driven by capital-allocation discipline rather than liquidity constraints, as the group intends to stop funding loss-making businesses such as BigPay and redirect capital towards higher-return core operations.
The plan entails the potential market-driven disposal of MDSB’s BigPay stake, an orderly distribution of its Tune Protect interest and the recovery of about RM32.2mil in receivables.
Proceeds would be distributed to creditors, mainly Capital A and its related companies, it said.
Capital A said deconsolidating BigPay’s historical operating losses would strengthen its balance sheet, improve earnings quality and increase financial flexibility.
Group chief executive officer Tan Sri Tony Fernandes said in a statement: “We are cleaning up our legacy assets and focusing 100% of our energy and capital on our high-growth businesses.”
Capital A also clarified MDSB was separate from its directly owned digital travel platform, AirAsia Move Sdn Bhd, which remains unaffected and continues operating normally.
