The modern purpose-built Tenby International School Miri campus at Senadin
KUALA LUMPUR: Ekuiti Nasional Berhad (Ekuinas) has sold its 100% stake in Tenby Education Group (Tenby) to International Schools Partnership (ISP) for an undisclosed amount.
The government-linked private equity fund management company said on Wedenesday the sale marked Ekuinas’ eighth divestment and enabled it to realise proceeds of more than RM1bil, including the partial divestment of Icon Offshore Bhd
.
Ekuinas CEO Syed Yasir Arafat Syed Abd Kadir said through this divestment, Ekuinas would substantially cover its original cost of investment and generate a positive internal rate of return (IRR) of 45.7% and money multiples of 2.5 times the capital invested, including dividends received.
Basically, the higher a project's IRR, the more desirable it is to undertake the project.
Tenby was set up in Ipoh in 1960 and offers private national and international curricular across six campuses in Ipoh, Penang, Miri, Setia Alam, Johor Bahru and Semenyih.
As for ISP, it manages and provides education to 16,000 students in Pre-K-13 schools across Europe, North America, Central America and the Middle East.
Ekuinas said Tenby presents an opportunity for ISP to expand into the Asean market. It complements the existing strengths of Tenby. With Tenby, ISP's portfolio of schools will increase to 25.
Ekuinas chairman Raja Tan Sri Arshad Raja Tun Uda said the divestment was in line with its Ekuinas’ prudent investment strategy to ensure a positive IRR.
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