Due to its strong performance over the years, Ekuiti Nasional Berhad (Ekuinas) will be distributing RM120 million of its gains to Yayasan Pelaburan Bumiputra (YPB) for the benefit of its Bumiputera unit holders of trust funds managed by Permodalan Nasional Berhad (PNB).
The presentation ceremony to PNB was witnessed by Yang Amat Berhormat Tan Sri Dato’ Haji Muhyiddin Haji Mohd. Yassin, the Prime Minister of Malaysia.
The distribution of RM120 million is derived from the gains recorded from Ekuinas’ 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.
In a statement, Syed Yasir Arafat Syed Abd Kadir, Chief Executive Officer of Ekuinas, said, Ekuinas’ performance thus far has proven the private equity model plays a positive role in
generating the 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,” Syed Yasir 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 developed a framework for distribution where the principal amount recovered from its investments will be re-invested 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.
“Over the past 10 years, our unique PE model has proved to be effective in enabling Ekuinas to deliver performance on our commercial and social objectives. We have contributed and impacted the Bumiputera community directly and indirectly through our investment and other activities such as sweat equity to Bumiputera managers, ILTIZAM programmes as well as the distribution of gains.
We hope to continue giving back to the community as we have today and deliver on our mandate to create longterm, sustainable value for the broader Bumiputera community,” added Syed Yasir Arafat.
The returns from the crystallisations of Ekuinas’ assets have also contributed to delivering on its social objective through ILTIZAM.
Since 2016, ILTIZAM has assisted in alleviating the burden of the underserved Bumiputera communities, 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.
Ahmad Zulqarnain Onn, President & Group Chief Executive of PNB said, “We congratulate Ekuinas on the positive returns from their maiden fund and are pleased with the distribution of gains to benefit the Bumiputera community, consistent with PNB’s own mission of generating and enhancing economic wealth for the Bumiputera community and also all Malaysians.”