KWAP not tak­ing part in Airbnb’s IPO, fundrais­ing

The Sun (Malaysia) - - SUNBIZ -

PE­TAL­ING JAYA: Pub­lic sec­tor pen­sion fund Kumpu­lan Wang Per­saraan (Diper­badankan) or KWAP is not par­tic­i­pat­ing in SanFran­cisco-based Airbnb’s po­ten­tial ini­tial pub­lic of­fer­ing (IPO) or fundrais­ing ex­er­cise.

How­ever, KWAP CEO Datuk Wan Ka­maruza­man Wan Ah­mad said the fund is eye­ing more in­vest­ment op­por­tu­ni­ties fol­low­ing its US$30 mil­lion (RM124 mil­lion) in­jec­tion into ride-shar­ing app Uber Tech­nolo­gies re­cently.

He noted that the fund has been eval­u­at­ing var­i­ous in­vest­ment pro­pos­als, in­clud­ing homes­tay ag­gre­ga­tor Airbnb.

“Hon­estly, we did look at Airbnb, un­for­tu­nately their fund­ing re­quire­ment is so tight and we’re not able to meet their time­line ex­pec­ta­tion, so at this mo­ment we’re not con­sid­er­ing,” he told re­porters on the side­lines of the Khaz­anah Me­ga­trends Fo­rum 2016.

Ka­maruza­man said KWAP does not dis­count any pos­si­bil­ity pro­vided that it meets the fund’s in­vest­ment cri­te­ria. “One of the cri­te­ria is it must be cash flow pos­i­tive with a clear exit strat­egy. We’re not ven­ture cap­i­tal, we’ve to fit in our pro­file of what we can do.” – by Lee Weng Khuen

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