KUALA LUMPUR, 30 June 2009: A new investment institution, Ekuiti Nasional Bhd (Ekuinas), will be set up soon with an initial capital of RM500 million.
The fund will focus on investing in high-growth potential sectors and bumiputera companies, said Prime Minister Datuk Seri Najib Razak.
“The government will provide the funds and appoint experts to manage it.
“It will focus on investing in companies with potential. We will focus on bumiputera companies which have the potential to be successful. So, it is more specific,” Najib, who is also Finance Minister, said at Invest Malaysia 2009 here today.
The private equity fund would subsequently be enlarged to become a RM10 billion fund, he said.
At the same time, Najib said, Ekuinas would invest jointly with private-sector funds in order to promote genuine partnership and adopt a fully commercial approach.
Najib said this initiative was part of the overall new economic model that was still being drafted by the government.
Asked if the fund was similar to Permodalan Nasional Bhd (PNB), he said PNB focussed on investment in unit trusts but Ekuinas was a private equity fund. — Bernama