Capital A Proposes Capital Structure Optimisation Exercise
Proactive framework to streamline corporate holdings and resolve historical liabilities.
KUALA LUMPUR, 18 September 2026 – Capital A Berhad ("Capital A" or "the Group") today announced a strategic Capital Structure Optimisation Exercise (“CSOE”) involving its subsidiary, Move Digital Sdn Bhd ("MDSB"). Under this court-supervised framework, MDSB has filed the relevant applications at the High Court of Malaya at Kuala Lumpur (Commercial Division) pursuant to Sections 366, 368 and 369 of the Companies Act 2016.
MDSB is an intermediate holding company for legacy investments —principally holding a 99.56% interest in BigPay Pte. Ltd. (“BigPay”) and a 13.6% interest in Tune Protect Group Berhad (“Tune Protect”). It does not carry on any operating business of its own. For purposes of clarity, it is entirely separate and distinct from AirAsia Move Sdn Bhd (“AirAsia Move”), the Group’s digital travel platform. AirAsia Move is directly owned by Capital A, and remains completely unaffected by this exercise, and continues to operate seamlessly without disruption.
This structural optimisation represents an orderly and proactive measure to streamline the Group’s corporate holdings and resolve historical liabilities. Driven strictly by disciplined capital allocation rather than liquidity constraints, the Group is taking decisive steps to eliminate funding for loss-making units like BigPay, reallocating capital toward higher-return core operations to maximise long-term shareholder value.
Through the CSOE, MDSB will execute a plan around three primary pillars - the potential market-driven divestment of MDSB’s equity interest in BigPay, the orderly and planned distribution of MDSB's 13.6% equity stake in Tune Protect, and the systematic recovery of receivables estimated at approximately RM32.2 million. Proceeds from these assets will be distributed to creditors, who are primarily Capital A, or Capital A related companies.
Executing this structural exercise delivers significant financial and operational benefits to Capital A. Most notably, it enables the positive deconsolidation of BigPay’s historical operating losses—which recorded significant EBITDA and net losses in FY25—from Capital A’s financial statements. Removing these legacy loss drags immediately strengthens Capital A's balance sheet, elevates earnings quality, and enhances overall financial flexibility.
Tan Sri Tony Fernandes, Group CEO of Capital A, said: “This is about accountability, governance and taking control of our future. We are cleaning up our legacy assets and focusing 100% of our energy and capital on our high-growth businesses. This move makes our financial position stronger and allows us to double down on what we do best.”
For further information, please contact:
Investor Relations: Communications:
Joanna Ibrahim Maryanna Kim
Email: joannaibrahim@airasia.com Email: maryannakim@airasia.com
For further information on Capital A, please visit the Company’s website: www.capitala.com
Statements included herein that are not historical facts are forward-looking statements. Such forward-looking statements involve a number of risks and uncertainties and are subject to change at any time. In the event such risks or uncertainties materialise, Capital A’s results could be materially affected. The risks and uncertainties include, but are not limited to, risks associated with the inherent uncertainty of airline travel, seasonality issues, volatile jet fuel prices, world terrorism, perceived safe destination for travel, Government regulation changes and approval, including but not limited to the expected landing rights into new destinations.
