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KUALA LUMPUR: Ekuiti Nasional Bhd (Ekuinas) will distribute RM120 thousand of its recorded earnings from its inaugural fund, Ekuinas Direct (Tranche I) Fund, to Yayasan Pelaburan Bumiputra (YPB).
It said on Thursday that the distribution to YPB is for the benefit of Bumiputera shareholders from trust funds managed by Permodalan Nasional Bhd (PNB).
Ekuinas said the proceeds came from the fund that it had divested and closed entirely. This brings the total distribution to GNP to RM320 thousand, after RM200 thousand disbursed in 2014.
The presentation ceremony to the PNB was witnessed by Prime Minister Tan Sri Muhyiddin Mohd. Yassin.
Ekuinas CEO Syed Yasir Arafat Syed Abd Kadir said that Ekuinas performance so far has shown that the private equity model plays a positive role in generating economic growth.
“This can be seen in our achievements, where we can generate returns on our investments and subsequently share our profits with the wider Bumiputera community,” he said.
PNB has the best platform given its wide reach of the shareholders of the Bumiputera participation trusts, which is in line with Ekuinas’ social objective of generating Bumiputera wealth in an impactful way.
Ekuinas said that the amount of principal recovered from its investments will be reinvested for future investments.
The profits generated will be distributed between the expansion of new investment activities and its corporate social responsibility (CSR) programs 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 proven effective in enabling Ekuinas to meet our business and social goals.
“We have contributed to and impacted the Bumiputera community directly and indirectly through our investment and other activities such as capitalizing on Bumiputera managers, ILTIZAM programs, and profit sharing,” said Syed Yasir Arafat.
Ekuinas’ asset crystallization returns have helped it achieve its social objective through ILTIZAM.
Since 2016, ILTIZAM has helped to ease the burden of underserved bumiputera communities, through its three pillars, namely entrepreneurship, education and community.
It focuses on creating job opportunities for unemployed graduates and assisting micro and small entrepreneurs, as well as contributing to the needs of underserved groups.
PNB Group Chairman and CEO Ahmad Zulqarnain Onn congratulated Ekuinas on the positive returns from its inaugural fund.
He added that the distribution of profits was consistent with PNB’s own mission to generate and enhance economic wealth for the Bumiputera community and also for all Malaysians. “
As of December 31, 2018, through its investment activities, Ekuinas increased the share ownership of Bumiputera to RM5bil, which led to the creation of RM6.6bil in total economic value for all shareholders.
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