Ekuinas sells APIIT Lanka for RM41mil

KUALA LUMPUR: Ekuiti Nasional Bhd (Ekuinas) has disposed of its entire equity interest, together with its minority partners in APIIT Lanka Pvt Ltd (APIIT Lanka), based on an enterprise value of approximately RM41mil to BG Investments Pte Ltd.

“We are pleased to report that the divestment generated a gross internal rate return (IRR) of 17.5% and a money multiple of 2.2 times the capital invested. This will bring Ekuinas’ total realisation proceeds to more than RM2.7bil,” Syed Yasir Arafat Syed Abd Kadir said in statement Tuesday. 

BG Investments is a Sri Lankan-based investor with exposure in industries such as financial services, marine, education, and healthcare. They have identified education as a high potential sector in Sri Lanka and wish to expand their footprint in this sector through the acquisition.

“Ekuinas’ decision to divest APIIT Lanka is in line with its investment strategy to crystallise its assets when the time is right, as well as finding the right partner for the assets. 

“With BG Investments, we are confident that with their local knowledge, expertise, and resources, we see them as the right owners who will be able to take APIIT Lanka through their next growth phase,” Syed Yasir Arafat said.

Established in 2000, APIIT Lanka was an international collaboration between Asia Pacific University of Technology and Innovation (APIIT) in Malaysia and ExpoLanka Holdings PLC, with links to a wide range of reputable universities in the UK and Australia. 

APIIT Lanka’s objective is to provide higher education of international standards to produce globally competitive graduates who will meet the demands of the modern society. Since its establishment, APIIT Lanka has produced close to 2,000 graduates.

“APIIT Lanka has been growing steadily which contributed to one of our key achievements which was the opening of a new satellite campus in Kandy. This gave APIIT Lanka the platform to scale the business by growing the number of programmes offered and tapping into a new market,” Syed Yasir Arafat said.