Business

Ekuinas sells entire equity interest in ACG

Syndicated News
Written by Syndicated News

KUALA LUMPUR — August 18, 2016: Ekuiti Nasional (Ekuinas) has announced the divestment of its entire equity interest of 20 per cent in Alliance Cosmetics Group (ACG) to Navis Capital Partners for RM61.8 million.

The divestment would continue to nurture ACG to further strengthen its performance in the near future.

“Despite challenging market conditions throughout Ekuinas’ ownership, ACG has successfully expanded into Indonesia and Philippines.

“Its in-house brand, Silkygirl, also continues to be one of the leading mass market colour cosmetics and fragrance players in Malaysia, Singapore and Brunei, while its team endeavoured to develop new product lines,” Ekuinas  chairman Raja Tan Sri Arshad Raja Tun Udahe said in a statement today.

The divestment generated gross proceeds of RM61.8 million with a minimum internal rate of return of 9.0 per cent and money multiple of 1.55 times of capital invested, including dividends received.

The sale also marks Ekuinas’ sixth divestment which brings the company’s total realisation proceeds to more than RM1 billion, including the partial divestment of Icon Offshore after nearly seven years in operations.

Ekuinas is now focused on crystallising assets under the maiden fund, Ekuinas Direct (Tranche I) Fund, as the company is looking to close it by end of 2017. — Bernama

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