Ekuinas Launches New Rm100 Million Dana Asas

Ekuiti Nasional Berhad (Ekuinas), the government-
linked private equity (PE) fund management company, has launched a new fund called
DANA ASAS with a capital commitment of RM100 million to accelerate the growth of
Bumiputera medium scale companies with high growth potential. The fund was officiated by
YB Rafizi Ramli, Minister of Economy Malaysia, this afternoon.

YB Rafizi Ramli said, “The launch of DANA ASAS by Ekuinas, with a RM100 million capital
commitment, is a timely impetus in our administration’s efforts to transition to an innovation-
led growth model that would depend on our ability to identify high-growth companies to lead
the way. The mid-market Bumiputera companies that Ekuinas will select have proven
commercial viability and operational excellence to scale. The strategic injection of capital,
expertise, and network to these companies will accelerate their success. As more
entrepreneurs leave their mark on a national, regional, and global scale, more creative and
brave Malaysians will try their hand at creating something that is commercially viable and
socially valuable.” 

YM Raja Tan Sri Dato’ Seri Arshad Raja Tun Uda, Chairman of Ekuinas, said, “Since its
inception, Ekuinas has adhered to its mandate of promoting equitable Bumiputera economic
participation through the Private Equity (PE) business model. Our past and current funds are
focused on mid to large-sized companies. The launch of DANA ASAS underlines our
commitment to support Bumiputera entrepreneurs as this fund focuses on backing capable
and high-potential mid-market companies, taking minority stakes and providing growth

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capital to take their businesses to the next level. This is timely, in supporting the
advancement of high-potential Bumiputera businesses post pandemic.”

Syed Yasir Arafat Syed Abd Kadir, Chief Executive Officer of Ekuinas elaborated on the
details of the fund, sharing that, “The investment amount is RM10 million up to RM30 million
per investment. As what we do with all our investments, we map sustainable growth and
aggressive value creation plans. We will also focus on strengthening business fundamentals
and capacity development, enabling them to compete effectively in the sectors and
industries they operate in.”

DANA ASAS aligns with Ekuinas’ mandate to increase Bumiputera equity and participation.
Ekuinas will help companies leverage on opportunities, expand, scale-up and compete as
next generation leading companies. The fund is open to all sectors except construction, real
estate, gambling and liquor.

“As these are typically smaller companies, we are looking at holding the investments for
between 5 to 7 years. It will be a vigorous transformation for our investees,” Syed Yasir
Arafat added.

Eagle Cliffe (M) Sdn Bhd, which owns Kaisar Farmasi, has been named as its first investee
company under DANA ASAS. Eagle Cliffe, which began operations in 2013, today has a
chain of 19 Kaisar Farmasi outlets in the Klang Valley with a roadmap to expand to 100
outlets across Malaysia over the course of Ekuinas’ investment period. This new investment
brings Ekuinas’ portfolio of companies to 11, spanning the oil & gas, education, F&B,
pharmaceutical and healthcare, technology, manufacturing and retail sectors.