PETALING JAYA: Capital A Bhd
’s proposed restructuring of Move Digital Sdn Bhd (MDSB) could pave the way for an eventual exit from loss-making financial technology business BigPay, while giving the group up to three years to monetise its legacy investments.
Move Digital, which owns a 99.56% stake in BigPay Pte Ltd and a 13.6% stake in Tune Protect Group Bhd, is proposing a court- supervised scheme to monetise its assets, with the proceeds to be used to settle its creditors.
In a report, MBSB Research said it viewed the proposed restructuring of MDSB positively.
“The potential disposal of BigPay is the key positive, given the continued funding support required by the business, while the three-year timeframe allows for an orderly monetisation of MDSB’s assets,” the research firm said.
However, it has left Capital A’s earnings estimates unchanged pending further clarity on the timing and terms of the proposed disposals and maintained its sum-of-the-parts derived target price at RM0.53.
Under the plan, MDSB would seek to monetise its assets, potentially through the disposal of BigPay, the monetisation of its stake in Tune Protect and the collection of about RM32mil in receivables, with the proceeds used to settle its creditors.
The proceeds would be used to settle MDSB’s creditors, against net liabilities of RM292mil as at end financial year 2025 (FY25). It noted that BigPay’s profitability is no longer separately disclosed following its inclusion in AirAsia Next’s reporting from the fourth quarter of FY25.
