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.
Capital A, the owner of AirAsia, is set to divest its 99.56% stake in BigPay, a financial technology firm, along with a 13.6% stake in Tune Protect Group, and recover RM32 million in receivables. This court-supervised process, overseen by the High Court, will be handled by Move Digital Sdn Bhd, a subsidiary of Capital A. The company asserts that the capital raised will be distributed to creditors, primarily Capital A and its related entities.
Move Digital serves as an intermediate holding company for legacy investments and does not conduct any business operations independently. It is separate from AirAsia Move Sdn Bhd, a digital travel platform wholly owned by Capital A and unaffected by this move. Capital A cites the divestment as a strategic step to eliminate funding for loss-making units like BigPay and reallocate capital to higher-return core operations, aiming to enhance financial flexibility and maximize long-term shareholder value.
Group CEO Tony Fernandes emphasized the company's commitment to cleaning up its legacy assets and focusing entirely on its high-growth businesses, stating that this move strengthens the financial position and allows for a greater emphasis on AirAsia's core competencies.
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.
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