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| Update Ekuinas to unveil business model soon |
| Written by Yong Min Wei | |||
| Tuesday, 18 August 2009 11:27 | |||
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He said Ekuinas was now looking at ways to maximise business opportunities, exploring the most suitable companies for acquisition and considering the best mode of acquisition, before finalising its business model. Ekuinas may allocate funds to outsource certain tasks in the business model to fund managers, he added. “I have requested its (Ekuinas) CEO and chairman to hold a briefing for the media in particular and interested parties on the way forward in the next three to four weeks,” Nor Mohamed told reporters after officiating Perbadanan Usahawan Nasional Bhd’s (PUNB) Program Jaringan Usahawan PUNB 2009 yesterday. Nor Mohamed, the minister in charge of the Economic Planning Unit (EPU), confirmed that government-owned Ekuinas had been officially incorporated and its business model would include targets and key performance indicators (KPIs). The government announced the formation of Ekuinas in June. It said the private equity fund would have RM500 million in initial capital to acquire controlling stakes in unlisted companies and raise the level of bumiputera participation in commercial activities. Ekuinas will subsequently be enlarged to become a RM10 billion fund. Nor Mohamed said Ekuinas would be eyeing companies with high growth potential and were fairly large as to almost qualify for listing on the stock exchange. He noted that small bumiputera companies could be assisted by PUNB while the bigger ones could turn to Permodalan Nasional Bhd (PNB) for assistance. Asked if Ekuinas was ready to make its first acquisition, Nor Mohamed said: “Not yet... We have just got into setting up the company and conducting board meetings. We want to do it well and plan it well.” Nor Mohamed said the role of Ekuinas, among others, was to encourage bumiputeras to have effective equity participation and company management abilities. “Besides this, emphasis will be given on efforts to develop bumiputera entrepreneurship to participate in new economic opportunities as well as increase the number of bumiputera professionals,” he said. The minister added Ekuinas would also develop genuine collaborations between bumiputera and non-bumiputera in strategic growth sectors. This article appeared in The Edge Financial Daily, August 18, 2009.
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