KUALA LUMPUR: Ekuiti Nasional Bhd (Ekuinas) is moving into the RM7.2 billion private education sector with its acquisition of a 51% stake in an integrated education provider APIIT/UCTI Education Group for RM102 million.
Ekuinas said on Thursday, Nov 4 it was acquiring the stake in Asia Pacific Institute of Information TECHNOLOGY [] (APIIT)/ Asia Pacific University College of Technology and Innovation (UCTI) Education Group from SAPURA RESOURCES BHD [].
Ekuinas inked a share sale agreement with Sapura Resources on Thursday, Nov 5 to acquire the 51% for RM102 million, which hinges on the approval of Sapura Resources shareholders at an EGM to be held later and the completion of final due diligence.
'This proposed investment provides the ideal entry for Ekuinas to move into the fast-expanding private education sector currently estimated at RM7.2 billion,' it said.
This is Ekuinas' fourth investment this year. Its three other investee companies are Alliance Cosmetics Group, TANJUNG OFFSHORE BHD [] and KONSORTIUM LOGISTIK BHD [].
Ekuinas chairman Raja Tan Sri Arshad'' Raja Tun Uda said: 'We are pleased with our proposed investment in APIIT/UCTI Education Group, which represents our first investment within the Malaysian education sector, one of the core sectors we identified for investment.
'The APIIT/UCTI Education Group provides an ideal investment platform for Ekuinas given its highly experienced management team with a strong track record of delivering growth and its established market position as a quality education provider.'
The statement said the APIIT/UCTI Education Group is profitable, with combined revenue growing at more than 40% per annum over the last three years, to hit RM83 million for the year ended Jan 31, 2010.
Student enrolment at APIIT/UCTI has been growing from 3,244 in FY2008 to more than 6,700 currently, boosted by the increase in foreign student numbers.'' Meanwhile, the Smart School is gaining popularity among residents within its catchment area with student numbers virtually doubled to nearly 1,000 students in 2010.
Ekuinas CEO Datuk Abdul Rahman Ahmad said the proposed investment in APIIT/UCTI Education Group provides an opportunity for Ekuinas to enhance equitable Bumiputera participation within the Malaysian private education sector. We will be working closely with its strong Management Team to aggressively grow the Group to become of one of the largest local and regional education groups, in line with Ekuinas' mandate to back Bumiputera companies with high potential for growth.'
Sapura Resources managing director Shahriman Shamsuddin said: 'Together with Ekuinas, we look forward to grow APIIT/ UCTI's market position as the provider of world class tertiary education and position our Smart School as a leading centre for pre-tertiary education whilst embracing a holistic approach. With Ekuinas as a partner, we hope to achieve these aspirations together.'
Ekuinas said on Thursday, Nov 4 it was acquiring the stake in Asia Pacific Institute of Information TECHNOLOGY [] (APIIT)/ Asia Pacific University College of Technology and Innovation (UCTI) Education Group from SAPURA RESOURCES BHD [].
Ekuinas inked a share sale agreement with Sapura Resources on Thursday, Nov 5 to acquire the 51% for RM102 million, which hinges on the approval of Sapura Resources shareholders at an EGM to be held later and the completion of final due diligence.
'This proposed investment provides the ideal entry for Ekuinas to move into the fast-expanding private education sector currently estimated at RM7.2 billion,' it said.
This is Ekuinas' fourth investment this year. Its three other investee companies are Alliance Cosmetics Group, TANJUNG OFFSHORE BHD [] and KONSORTIUM LOGISTIK BHD [].
Ekuinas chairman Raja Tan Sri Arshad'' Raja Tun Uda said: 'We are pleased with our proposed investment in APIIT/UCTI Education Group, which represents our first investment within the Malaysian education sector, one of the core sectors we identified for investment.
'The APIIT/UCTI Education Group provides an ideal investment platform for Ekuinas given its highly experienced management team with a strong track record of delivering growth and its established market position as a quality education provider.'
The statement said the APIIT/UCTI Education Group is profitable, with combined revenue growing at more than 40% per annum over the last three years, to hit RM83 million for the year ended Jan 31, 2010.
Student enrolment at APIIT/UCTI has been growing from 3,244 in FY2008 to more than 6,700 currently, boosted by the increase in foreign student numbers.'' Meanwhile, the Smart School is gaining popularity among residents within its catchment area with student numbers virtually doubled to nearly 1,000 students in 2010.
Ekuinas CEO Datuk Abdul Rahman Ahmad said the proposed investment in APIIT/UCTI Education Group provides an opportunity for Ekuinas to enhance equitable Bumiputera participation within the Malaysian private education sector. We will be working closely with its strong Management Team to aggressively grow the Group to become of one of the largest local and regional education groups, in line with Ekuinas' mandate to back Bumiputera companies with high potential for growth.'
Sapura Resources managing director Shahriman Shamsuddin said: 'Together with Ekuinas, we look forward to grow APIIT/ UCTI's market position as the provider of world class tertiary education and position our Smart School as a leading centre for pre-tertiary education whilst embracing a holistic approach. With Ekuinas as a partner, we hope to achieve these aspirations together.'
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