Ekuinas Ventures Into Education Sector, acquired 90% stake in Cosmopoint Group
GOVERNMENT-linked private equity management fund Ekuiti Nasional Bhd (Ekuinas) has now acquired a 90% stake in Cosmopoint Sdn Bhd (Cosmopoint Group) with a total investment of RM246mil.
Ekuinas Chairman Raja Tan Sri Arshad Raja Tun Uda said the move is part of the company’s aim to expand its education portfolio.
“This is in line with Ekuinas’ aspiration to transform high potential Malaysian companies into future market leaders, as well as to help enhance equitable bumiputra participation within the sizeable and rapidly expanding Malaysian private education sector.”
Founded in 1991 by Datuk Idrus Mohd Satha, Cosmopoint Group currently operates and owns the Kuala Lumpur Metropolitan University College and the Cosmopoint International College of Technology.
The Bumiputera-owned private education group’s audited revenue and earnings for the financial year of 2010 was RM107mil and RM33mil respectively.
Ekuinas chief executive officer Datuk Abdul Rahman Ahmad said that KLMUC and CICT had a strong reputation in providing affordable tertiary education.
“This uniquely positions Ekuinas to tap into further opportunities within the private education industry and establish it as one of the largest education groups in the country,” he said.
Source: The Star Online