Capital A moves to exit from 99% owned BigPay, Tune Protect
In a stock exchange filing, the company said the proceeds of a court-supervised capital structure optimisation exercise would be distributed to creditors, mainly Capital A and its related companies.
AirAsia owner Capital A Bhd is set to divest its 99.56% stake in financial technology arm BigPay Pte Ltd, as well as its 13.6% stake in Tune Protect Group Bhd and recover RM32 million in receivables through a court-supervised process. This move is part of Capital A's plan to optimize its capital structure, according to a filing with Bursa Malaysia.
The company anticipates that proceeds from this exercise will be distributed to creditors, primarily Capital A or Capital A-related companies. Capital A's Move Digital Sdn Bhd, an intermediate holding company for legacy investments, will oversee the divestment and does not operate any business of its own. This strategy aims to eliminate funding for loss-making units like BigPay and reallocate capital towards higher-return core operations, ultimately enhancing Capital A's financial flexibility, elevating earnings quality, and strengthening its balance sheet.
Group CEO Tony Fernandes emphasized the company's focus on cleaning up legacy assets and doubling down on high-growth businesses to maximize long-term shareholder value.
Written by urgent.news from Free Malaysia Today's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
