Ekuinas to share RM120m of its gains via PNB for benefit of Bumiputera

by BERNAMA / pic by BERNAMA

PRIME Minister Tan Sri Muhyiddin Yassin witnessed the presentation of RM120 million of Ekuiti Nasional Bhd’s (Ekuinas) gains to Yayasan Pelaburan Bumiputera (YPB) for the benefit of its Bumiputera unitholders of trust funds managed by Permodalan Nasional Bhd (PNB) here today.

Ekuinas was represented by its chairman Raja Tan Sri Arshad Raja Tun Uda and PNB by its group chairman Tan Sri Dr Zeti Akhtar Aziz.

Government-linked private equity fund management company Ekuinas, in a statement, said the distribution was derived from the gains recorded from the company’s maiden fund, Ekuinas Direct (Tranche I) Fund, as it has fully divested and closed.

“This brings the total distribution to PNB to RM320 million, following the RM200 million that was disbursed in 2014,” it said.

Ekuinas chief executive officer Syed Yasir Arafat Syed Abd Kadir said PNB was identified as the suitable institution for distribution as it has the best platform given its wide reach of Bumiputera unit trust holders, which is in line with Ekuinas’ social objective of generating Bumiputera wealth in an impactful manner.

“Ekuinas’ performance thus far has proven the private equity model plays a positive role in generating economic growth. This can be seen from our achievements where we are able to generate returns from our investments and subsequently sharing our gains with the wider Bumiputera community,” he said in the statement.

He added that Ekuinas developed a framework for distribution where the principal amount recovered from its investments will be reinvested for future investments.

The gains generated will be allocated between expanding further investment activities and its corporate social responsibility (CSR) programmes under Iltizam, and the surplus will then be allocated for distribution to the Bumiputera community.

Syed Yasir Arafat said since 2016, Iltizam has assisted in alleviating the burden of the underserved Bumiputera community, through its three pillars, namely entrepreneurship, education and community.

“Efforts under this ambit include providing job opportunities to unemployed graduates and assisting micro and small entrepreneurs, as well as contributing necessities to the underserved groups,” he said.

Meanwhile, PNB president and group chief executive Ahmad Zulqarnain Onn was pleased with the distribution, as it will benefit the Bumiputera community, consistent with PNB’s own mission of generating and enhancing economic wealth for Bumiputera.

Ekuinas was established in 2009 to provide access to private equity funding for high potential Malaysian companies and entrepreneurs, while increasing sustainable Bumiputera wealth and participation.