ECONOMYNEXT – Ekuiti Nasional Bhd (Ekuinas), a fund linked to the government of Malaysia has sold its stake in APIIT Lanka, a Colombo-based tertiary education provider, to Sri Lanka’s BG Investments, valuing the entity at 1.9 billion rupees, a report said.
Sri Lanka’s Asia Securities were advisors to the Ekuinas.
"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," Malaysia’s The Star newspaper quoted Ekuinas chief executive Syed Yasir Arafat Syed Abd Kadir as saying.
"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."
Equinas said it had earned 2.2 times the capital invested.
APIIT Lanka was set up in 2000 by as a collaboration between Malaysia’s Asia Pacific University of Technology and Innovation (APIIT) Sri Lanka’s ExpoLanka Holdings Plc. (Colombo/July19/2019)