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Ekuinas outfit can strengthen education portfolio

Syndicated News
Written by Syndicated News

KUALA LUMPUR, March 17 2016 : Ekuiti Nasional Bhd (Ekuinas) is backing its wholly-owned portfolio company, Ilmu Education Group Sdn Bhd (ILMU), to acquire the remaining stake in APIIT Education Group, UNITAR International University and Tenby Schools for RM363.2 million.

The government-linked private equity fund management company said the backing is part of its strategy to further strengthen the education portfolio.

Chief Executive Officer Syed Yasir Arafat Syed Abd Kadir said the investments in APIIT, UNITAR and Tenby Schools is consistent with Ekuinas’ strategy to position ILMU as one of the largest private education providers in Malaysia.

“This latest move will facilitate our efforts to enhance operational improvements throughout ILMU with a view to expedite group-wide integration since Ekuinas officially launched the Group last September.

“Part of the strategy involves intensifying student acquisition and marketing initiatives, implementing process improvement initiatives, and installing new and improved management systems, which are currently at various stages of implementation,” he added, in a statement Thursday.

Chairman Raja Tan Sri Arshad Raja Tun Uda said education is one of Ekuinas’ core sectors for investment and constituted nearly 27 per cent of its investment portfolio to date.

“Ekuinas is aggressively executing its value creation plans for the education portfolio under ILMU. This next step is a natural progression towards achieving our vision for ILMU,” he added.

Ekuinas’ announcement comes after ILMU entered into a conditional agreement with Sapura Resources Bhd to acquire the remaining 49 per cent stake in APIIT, comprising Asia Pacific Schools, Asia Pacific University of Technology and the Innovation and Asia Pacific Institute of Information Technology.

It also includes a 37.6 per cent stake in APIIT Sri Lanka for a total investment of RM315 million.

At the same time, Ekuinas has acquired the remaining 10 per cent stake in Unitar Capital Sdn Bhd, the owner and operator of UNITAR International University (UNITAR) for RM13 million from the minority shareholder, Shoraka Square Ltd (Shoraka).

Additionally, Ekuinas has fully acquired the remaining 30 per cent stake in Tenby Schools (Tenby) for RM35.2 million from its founder and director, Datuk Lim Si Boon. – Bernama

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