KUALA LUMPUR (June 9): The Singapore High Court has issued an order to seize Capital A Bhd’s (KL:CAPITALA) Move Digital Sdn Bhd’s 99.56% stake in BigPay Pte Ltd and 11.45% stake in Teleport Everywhere Pte Ltd, its logistics arm and main revenue contributor.
In a filing to Bursa Malaysia on Tuesday, Capital A said the Sheriff of the Supreme Court of Singapore had issued a notice of seizure to enforce a partial arbitration award requiring its wholly-owned subsidiary, Move Digital, to buy out BigPay co-founders Christopher Davison and Navin Rajagopalan’s minority interests in BigPay for US$14.736 million (RM59.85 million).
The enforcement action also relates to the recovery of unpaid interest accrued on certain cost orders in Singapore enforcement proceedings.
Under the notice, the sheriff will seize Move Digital’s assets, comprising 204,809,509 shares, a 99.56% stake in BigPay, and 481,730 shares, or an 11.45% stake in Teleport.
In 2021, Christopher and Navin began arbitration under the Singapore International Arbitration Centre rules against AirAsia Digital (now Move Digital), AirAsia Bhd, and BigPay after AirAsia Digital terminated the 2017 shareholders’ and investment agreements governing its investment in BigPay.
The two minority shareholders of BigPay alleged breach of the investment and shareholder agreements, wrongful termination and minority oppression under Singapore law. They sought a court order requiring AirAsia Digital to buy out their shares for about US$140 million to US$183 million (approximately RM624 million to RM816 million).
In December 2024, the arbitration tribunal issued a partial award ordering AirAsia Digital to buy out their shares in BigPay for US$14.736 million, much lower than claimed.
The Singapore High Court’s enforcement action, including the asset seizure, relates to the enforcement of this buyout award by the arbitration tribunal.
Move Digital said it plans to file a written objection to the enforcement action, adding that it believes it has legitimate grounds to challenge the seizure.
On May 18, 2026, Capital A announced that it had advanced a total of RM24.13 million to BigPay through Move Digital in the ordinary course of business and to facilitate the running of operations and financial affairs of BigPay.
Teleport was Capital A’s biggest revenue contributor in the first quarter ended March 31, 2026, contributing about 40%, or RM308.65 million, to the group’s revenue of RM766.59 million for the quarter.
Capital A shares rose one sen, or 2.5%, to settle at 41.5 sen on Tuesday, giving it a market capitalisation of RM1.86 billion.