EKUITI Nasional Bhd (Ekuinas) has launched Dana Asas, a new fund with a RM100 million capital outlay, to accelerate the growth of Bumiputera medium-scale companies with high-growth potential.

In a statement yesterday, the government-linked private equity fund management company said Dana Asas aligns with Ekuinas’ mandate to increase Bumiputera equity and participation.

Ekuinas chairman Raja Tan Sri Arshad Raja Tun Uda said the new fund focuses on backing capable and high-potential mid-market companies, taking minority stakes and providing growth capital to take their businesses to the next level.

“This is timely, in supporting the advancement of high-potential Bumiputera businesses post-pandemic,” he said.

Ekuinas will help companies leverage opportunities, expand, scale-up and compete as next-generation leading companies.

The fund is open to all sectors except construction, real estate, gambling and liquor.

Ekuinas CEO Syed Yasir Arafat Syed Abd Kadir said the investment amount for the new fund is RM10 million up to RM30 million per investment.

(From left) Raja Arshad, Rafizi, Kaisar Farmasi CEO and director Nor Hazalina Ibrahim and Syed Yasir Arafat launched Dana Asas on March 21, 2023

“As what we do with all our investments, we map sustainable growth and aggressive value creation plans. We will also focus on strengthening business fundamentals and capacity development, enabling them to compete effectively in the sectors and industries they operate in,” he said.

“As these are typically smaller companies, we are looking at holding the investments for between five to seven years. It will be a vigorous transformation for our investees,” Syed Yasir Arafat added.

Eagle Cliffe (M) Sdn Bhd, which owns Kaisar Farmasi, has been named the first investee company under Dana Asas.

Eagle Cliffe, which began operations in 2013, today has a chain of 19 Kaisar Farmasi outlets in the Klang Valley with a roadmap to expand to 100 outlets across Malaysia over the course of Ekuinas’ investment period.

“This new investment brings Ekuinas’ portfolio of companies to 11, spanning the oil and gas (O&G), education, food and beverage (F&B), pharmaceutical and healthcare, technology, manufacturing, and retail sectors,” Ekuinas said. — TMR