Ekuinas disposes of MediExpress and PMCare stakes

Ekuinas disposes of MediExpress and PMCare stakes

Ekuinas disposes of MediExpress and PMCare stakes
Courtesy/News Source: themalaysianreserve.com

Ekuiti Nasional Bhd (Ekuinas) has divested its respective 60% equity interest in third-party claims administrator service providers, Medi-Express Group and PMCare Sdn Bhd, to Japan-based Sumitomo Corp.

The minority/Malaysian shareholders who have partially exited will continue to hold a meaningful stake and remain as management in the respective entities.

“Over the investment period, Ekuinas has successfully delivered on its value creation plans for both MediExpress and PMCare.

“Through this divestment, Ekuinas will generate a minimum internal rate of return of 38.8%,” Ekuinas CEO Syed Yasir Arafat Syed Abd Kadir said in a statement yesterday.

The stakes in the two companies were acquired by Ekuinas in January 2016 for RM79.8 million in total.

The divestment brings Ekuinas’ total realisation proceeds to more than RM2 billion.

The government-owned private equity fund management firm recently acquired a 40% stake in web hosting and cloud service provider Exabytes Capital Group Sdn Bhd for RM44 million, in a move to broaden its footprint in the services industry.

The deal marks the second investment in technology services made by Ekuinas after its RM54 million investment for a 60% stake in mobile transaction gateway services provider Tranglo Sdn Bhd in March 2015. — TMR