Ekuinas divests equity interest in TPA service providers to Sumitomo

In a statement yesterday, Ekuinas CEO Syed Yasir Arafat Syed Abd Kadir(filepic) said FVG

KUALA LUMPUR: Ekuiti Nasional Bhd (Ekuinas) has divested its entire 60% equity interest in third party claims administrator (TPA) service providers, MediExpress Group and PMCare Sdn Bhd, to Sumitomo Corp.

The divestment would generate a minimum internal rate of return of 38.8%, Ekuinas said in a statement without disclosing how much the Japanese trading giant paid for the stake.It said the minority/Malaysian shareholders had partially exited but would continue to hold a meaningful stake and remain as management in the respective entities.