Capital A

What Capital A does

Capital A Berhad is a publicly listed Malaysian holding company (Bursa Malaysia: CAPITALA) that has repositioned itself as a diversified non-aviation technology and travel group following the January 2026 disposal of its airline businesses (AirAsia Berhad and AirAsia Aviation Group Limited) to AirAsia X Berhad and its formal exit from PN17 financially distressed status in May 2026. The group operates five core subsidiaries serving enterprise and consumer customers across Southeast Asia: AirAsia MOVE (an online travel agency connecting 700+ airlines, 1M+ hotels and attractions), Teleport (an asset-light cross-border eCommerce logistics platform ranked #1 in Southeast Asia by cargo volume), Asia Digital Engineering or ADE (an EASA- and FAA-certified aircraft MRO provider operating across 20 ASEAN airports), Santan (an F&B business supplying in-flight catering, corporate catering, and B2B ready-to-eat meals to retail chains), and AirAsia Next (brand and IP management including the 30-million-member AirAsia rewards loyalty program). The group also operates ikhlas.com, an Islamic digital travel and lifestyle platform offering Umrah packages and Shariah-compliant services, and holds a minority stake in fintech BigPay.

Capital A's technology stack combines OTA booking infrastructure, eCommerce logistics orchestration across 50+ partner airlines, digital MRO platforms (AEROTRADE for parts procurement, ELEVADE for aircraft health management), and emerging blockchain applications including ringgit and Tenge stablecoin pilots. The group reports Q1 2026 revenue of RM766.6 million from continuing operations (its first clean post-aviation quarterly report), with Q4 2025 non-aviation revenue of RM1.06 billion (+16% YoY) and AirAsia MOVE 2025 revenue exceeding MYR 641 million ($165 million) at sustained profitability.

The business model is a hybrid of marketplace commissions (MOVE OTA take rates), transaction fees (Teleport cross-border shipping), professional services (ADE MRO contracts with airlines), and licensing/loyalty monetization (AirAsia Next brand and AirAsia rewards), serving both long-tail consumers (via self-serve digital platforms and a 51 million-customer KYC database) and enterprise clients (via direct B2B sales to airline operators, logistics customers, and corporate caterers). Post-restructuring, the group is pursuing a twin-listing strategy in Hong Kong and the United States, with Teleport positioned for an imminent IPO at a $500 million pre-money valuation and AirAsia Next reportedly in backdoor Nasdaq listing discussions at approximately $1.5 billion.

Name

Capital A

Legal name

Capital A Berhad

Website

https://capitala.com

Company type

Public

Founded year

2001

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Capital A Berhad is a publicly listed Malaysian holding company operating five non-aviation businesses—AirAsia MOVE (OTA), Teleport (logistics), ADE (MRO), Santan (F&B), and AirAsia Next (brand/IP)—serving consumers, airlines, and eCommerce clients across Southeast Asia and beyond following its January 2026 aviation disposal and May 2026 PN17 exit.

Ownership category

akta.pro rank

Product category

Diversified Travel, Logistics and Digital Services Holding

NAICS

Support Activities for Air Transportation (4881), Support Activities for Transportation (488), Other Support Activities for Air Transportation (48819)

SIC

Air Courier Services (4513), Airports, Flying Fields & Airport Terminal Services (4581)

akta.pro primary industry

Corporate/SME Air Content Distribution & TMC Enablement (THABAJAM)

akta.pro secondary industries

Air Program Technology Enablement & Integration (OBT/TMC/GDS) (THACAHAK), Buyer’s Consolidation & Origin Cargo Management (OCM) (TLACALAC)

Keywords

• Online travel agency
• Cross-border logistics
• Aircraft MRO services
• Inflight catering
• Brand licensing

Headquarters

HQ city

Selangor

HQ country

Malaysia

HQ region

Asia

Offices3 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure, Supply Chain

Revenue model

1. Online Travel Agency (OTA) - AirAsia MOVE: Commission revenue from flight bookings (700+ airlines), hotel reservations, and ancillary services. B2B contributed 55% of revenue with 23% higher ancillary attach rate than peer OTAs.
2. Logistics - Teleport: Cross-border eCommerce logistics services, air cargo, and last-mile delivery across 80+ countries
3. MRO Services - Asia Digital Engineering (ADE): Maintenance, repair, and overhaul services for airline operators including AirAsia Group and international carriers like Air France
4. F&B - Santan: Inflight catering, corporate catering, B2B supply of ready-to-eat meals to retail chains, convenience stores, coffee chains, restaurants, hotels, and trains; freeze-dried meals and coffee capsules retail
5. Islamic Travel Platform - ikhlas.com: Umrah and travel packages, Islamic compliant services (zakat, qurban, aqiqah, sadaqah, fidyah)
6. Brand & IP - AirAsia Next: AirAsia rewards loyalty program monetization, brand licensing, and partnership integration

Pricing tiers

Go-to-market motion3 records

Distribution channels7 records

Marketing channels8 records

Core offering

Capital A Berhad is a publicly listed Malaysian holding company operating a portfolio of five core non-aviation businesses: Asia Digital Engineering (ADE) for aircraft MRO, Teleport for cross-border eCommerce logistics, AirAsia MOVE for online travel agency and booking, AirAsia Next for brand licensing and loyalty, and Santan for inflight catering and F&B. Following the January 2026 disposal of its aviation businesses to AirAsia X, Capital A now focuses on integrated travel, logistics, engineering, food, and digital services across ASEAN and globally.

Product overview

Capital A operates as a diversified non-aviation technology and travel group structured around five core businesses: Asia Digital Engineering (MRO), Teleport (logistics), AirAsia MOVE (OTA), AirAsia Next (brand/IP), and Santan (F&B). Following the January 2026 disposal of its aviation businesses to AirAsia X, Capital A pivoted to grow its non-aviation portfolio, while its Islamic digital platform ikhlas.com and the AirAsia rewards loyalty program operate as sub-brands. ADE also offers digital platforms AEROTRADE (aircraft parts procurement) and ELEVADE (aircraft health management) as technology-driven sub-products.

Differentiator

Problem solved

Functional benefit

Brands

• Asia Digital Engineering (ADE): Maintenance, Repair and Overhaul (MRO) subsidiary providing aircraft maintenance services to AirAsia and international carriers, with EASA and FAA certifications, operating across 20 ASEAN airports.
• Teleport
• AirAsia MOVE
• AirAsia Next
• Santan
• ikhlas.com

Products and services

• Asia Digital Engineering (ADE) Maintenance, Repair and Overhaul (MRO) subsidiary of Capital A providing aircraft line maintenance, base maintenance, component support, and engineering services. Serves AirAsia Group and international carriers including Air France, with EASA and FAA certifications and operations spanning 20 airports across ASEAN.
• Teleport Integrated e-commerce logistics platform and air freight network of Capital A, operating as an asset-light model covering 80+ countries and 290+ cities via 50+ partner airlines. Ranked #1 in Southeast Asia, #9 in Asia, and #13 globally by cargo volume, with a USD 500 million pre-IPO valuation.
• AirAsia MOVE Online Travel Agency (OTA) and digital booking platform of Capital A, serving as the official booking platform for AirAsia flights and a multi-product travel platform offering flights, hotels, attractions, and travel experiences. Generated over MYR 641 million (USD 165 million) in revenue in 2025 with PAT exceeding MYR 54 million.
• AirAsia Next

Quantifiable outcome

• AirAsia MOVE revenue exceeding MYR 641 million ($165 million) in 2025 with PAT over MYR 54 million
• +4 more outcomes

Named customers5 records

Segments5 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration6 records

AI capability2 records

Feature5 records

Partnerships

Twelve partnerships are on record, tiered strategic, minor and core.

• Tourism Authority of Thailand (TAT)strategicGTM or Marketing Partner · 23 June 2026AirAsia MOVE signed collaboration agreement with TAT to support Amazing 5 Economy framework, especially Platform Economy pillar, leveraging digital platforms to deliver seamless travel experiences and drive Thailand tourism growth.
• Intebix and Solana FoundationstrategicTechnology or Integration · 22 May 2026AirAsia MOVE, Intebix, and Solana Foundation signed LOI to explore integrating Evo (KTZE), a Tenge-denominated stablecoin on Solana, into AirAsia MOVE platform in Kazakhstan for expanded digital payment options.
• MASkargostrategicStrategic or Co-development Partner · 20 April 2026Teleport and MASkargo (cargo arm of Malaysia Aviation Group) announced strategic collaboration to advance regional air cargo connectivity and support growth of Southeast Asia's air cargo landscape.
• The Hashgraph GroupstrategicTechnology or Integration · 15 April 2026Teleport partnership with Hedera (The Hashgraph Group) to develop AI-driven Digital Customs Documentation System built on Hedera's distributed ledger technology for enhanced speed, security, and transparency in cross-border trade.
• GetYourGuidestrategicChannel Partner/ Reseller/ Distributor · 10 March 2026Strategic partnership integrating GetYourGuide's global attractions catalog into AirAsia MOVE platform. Users can now search and book travel experiences, attractions, and tour packages seamlessly within the MOVE app.
• Touch 'n GominorGTM or Marketing Partner · 12 February 2026ikhlas.com partnership with Touch 'n Go for digital fidyah payment access, expanding reach and convenience for Muslims to fulfill obligations through popular digital platform.
• TheNoorminorGTM or Marketing Partner · 30 January 2026ikhlas.com partnership with TheNoor (Islamic digital lifestyle platform) for digital fidyah payment access, enabling Muslims to fulfil fidyah obligations through widely-used digital platforms.
• ZUstrategicGTM or Marketing Partner · 29 January 2026AirAsia rewards partnership with ZU loyalty program enabling ZU Points from daily shopping to be converted to AirAsia points. Integration allows access to 700+ airlines, 1M+ accommodation options, and travel products via MOVE app.
• VersastrategicGTM or Marketing Partner · 27 January 2026AirAsia rewards strategic partnership with Versa, Malaysian digital wealth management platform. AirAsia members signing up as new Versa users with minimum RM100 deposit receive RM15 welcome reward plus 400 AirAsia points.
• Standard Chartered Bank MalaysiacoreStrategic or Co-development Partner · 12 December 2025Capital A and Standard Chartered signed LOI to explore and test a ringgit-denominated stablecoin through Malaysia's Digital Asset Innovation Hub. Standard Chartered serves as issuer while Capital A develops wholesale use cases including real-time settlements and treasury management.
• Kingdom of BahraincoreStrategic or Co-development Partner · 3 November 2025Letter of Intent with Bahrain's Ministry of Transportation and Telecommunications to establish Bahrain as AirAsia's Middle East hub. Plans include operating 25+ daily flights by 2030, 20M+ passengers annually, MRO facility hiring 1,000+ Bahraini nationals in first year.
• Air France Industries KLM Engineering & Maintenance (AFI KLM E&M)coreStrategic or Co-development Partner · 10 September 2025Long-term component agreement to maintain AirAsia Group's A321neo fleet of 377 aircraft operating across Malaysia and Thailand. Builds on existing support for A320neo and A330 fleet. AFI KLM E&M provides component support while ADE manages the program.

Scale indicators19 records

Recent moves9 records

Expansion highlights8 records

Broad incumbents

• ST Engineering: Singapore Technologies Engineering operates one of Asia's largest commercial aerospace MRO networks (airframe, engine, component). Directly comparable to ADE on heavy maintenance, line maintenance and digital MRO capabilities across the A320/A321 platform and on competing for international carrier contracts in ASEAN.
• Trip.com Group: Asia-Pacific online travel platform combining OTA, hotel, flight and tour distribution across the same markets Capital A targets with AirAsia MOVE. Comparable as a travel technology aggregator with cross-border flight content (700+ airlines in MOVE's case) and broad ancillary monetization.
• DHL eCommerce / DHL Express: Global cross-border eCommerce logistics and express delivery operator competing directly with Teleport in China-SE Asia and intra-Asia corridors. Comparable as a large-scale, multi-airline partner network serving enterprise eCommerce shippers in the same 80+ countries that Teleport covers.
• Booking Holdings: Global OTA parent of Booking.com, Agoda (a major SE Asia OTA competitor to AirAsia MOVE), Priceline and KAYAK. Comparable as a digital travel distribution platform targeting the same consumer and corporate travel use cases that AirAsia MOVE serves with its 700+ airline and 1M+ hotel inventory.
• Expedia Group: Global OTA parent of Expedia, Hotels.com and Vrbo competing for flight + hotel distribution share with AirAsia MOVE, particularly in the SME/corporate traveler segment and on cross-border flight content aggregation. Comparable as a multi-product OTA platform with loyalty and ancillary monetization.

Direct peers

• J&T Express: SE Asia-anchored cross-border eCommerce logistics platform scaling in similar corridors as Teleport with high parcel volume rankings in the region. Comparable as a regionally dominant eCommerce logistics operator pursuing IPO ambitions analogous to Teleport's plans.
• Traveloka: Indonesia/SE Asia-headquartered OTA offering flights, hotels, attractions and lifestyle services — directly overlapping with AirAsia MOVE across the same ASEAN consumer base. Traveloka is the most comparable SE Asia pure-play OTA competitor.
• Agoda (Booking Holdings): SE Asia-heavy OTA (part of Booking Holdings) with deep ASEAN hotel and flight distribution footprint. Closest direct competitor to AirAsia MOVE in Malaysia, Thailand, Indonesia, Philippines and Vietnam for budget-conscious and intra-ASEAN leisure travel.
• SIA Engineering Company: Singapore-headquartered third-party commercial aircraft MRO provider competing for the same non-home-carrier component support and heavy maintenance work ADE is targeting post-AirAsia disposal. Comparable as an Asia-based, multi-certified MRO with airline base maintenance, line maintenance and component support offerings.

Regional players

• Cathay Pacific Services (CLS) / Hong Kong Aero Engine Services: Hong Kong-headquartered MRO joint ventures serving A320 family and widebody fleets across Asia. Comparable third-party commercial MRO competitor to ADE for line/base maintenance contracts outside Malaysia, particularly for airlines seeking EASA/FAA-certified maintenance outside Singapore.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat7 records

Key risks6 records

Key highlights7 records

Customer concentration

• Instagraminstagram.com/airasiamove
• LinkedInlinkedin.com/company/capitala-airasia

Compliance6 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries7 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Capital A