Ekuinas Tranche II grows 18.9pc

KUALA LUMPUR: Ekuiti Nasional Bhd’s (Ekuinas) gross portfolio return for the Ekuinas Direct (Tranche II) Fund grew 18.9 per cent to RM582.9 million in the year ended Dec 31 last year from RM490.1 million in 2018.

Ekuinas said the fund had generated annualised gross internal rate of return (IRR) and net IRR of 13.5 and 9.6 per cent, respectively.

Meanwhile, the Ekuinas Direct (Tranche III) Fund recorded a gross portfolio loss of RM170.5 million compared with a gross portfolio return of RM53.5 million previously, translating to a negative annualised gross IRR of 10.8 per cent.

Ekuinas said the performance o f T r a n c h e I I I wa s mo s t l y dragged down by reduced valuations of several portfolio companies.

It had committed a total of RM205.9 million investment, including RM20 million in Orkim Sdn Bhd, RM183 million in Icon Offshore Bhd and RM2.9 million in Exabytes Capital Group Sdn

Bhd last year. During the year, Ekuinas exited two companies — APIIT Lanka Pvt Ltd and Primabaguz Sdn Bhd — in line with its move to crystallise its investments under the Tranche II.

The divestments generated a gross IRR of 17.7 and 22.1 per cent, and money multiple of 2.2 and 3.8 times the capital invested, respectively.

The realisation proceeds of Ekuinas’ divestments last year stood at RM384.6 million, bringing the total realisation, including income from dividends and interests, to RM3.1 billion.

To date, Ekuinas has undertaken cumulative investments in 41 companies for RM4.1 billion.

It generated a positive impact on the broader economy, which facilitated a total economic deployment of RM4.8 billion together with private sector partners.

Chairman Raja Tan Sri Arshad Raja Tun Uda said Ekuinas aimed to remain the partner for growth for Malaysia’s next generation of leading companies.