Widuri Intisar fund to invest in mining, agriculture and construction sectors

KUALA LUMPUR, June 1 (Bernama) -- Widuri Capital Management Sdn Bhd, via wholly owned subsidiary Widuri Intisar Sdn Bhd, has launched a private equity fund, Widuri Intisar Fund, with a target fund size of RM100 million and a three-year tenure. 

Widuri Intisar executive chairman Prof Ahmad Zakie Ahmad Shariff said the fund aims to provide local companies in the mining, agriculture and construction sectors with access to alternative source of funds from the local equity market.

“Its investment criteria include readiness of the projects to be executed, steady cashflow and high returns from the undertaken projects,” he told at the Widuri Intisar Fund launching ceremony today.

Ahmad Zakie said the fund would be invested in equity or debt-related securities of the identified sectors in order to achieve dividend earnings and capital growth over the investment period. 

“Prospective investors can subscribe to redeemable preference shares of RM1 each to be issued by the fund, and we forecast specified target returns of 12 per cent per annum for the investors,” he said, adding that the instrument for investment would be in the form of equity, debt or a hybrid of equity and debt.

He said the fund’s two maiden investments were a tin mining project in Pengkalan Hulu, Perak, and a Musang King durian plantation in Pahang, spanning a total of 202.34 hectares.

“The capital required for the tin mining project will be utilised to build the infrastructure and mining facility, which is targeted to commence in June 2022, and the first production of raw tin is scheduled for September 2022,” he said. 

Meanwhile, he noted that capital for the durian plantation would be allocated for the development and plantation of the Musang King durian. 

On the construction sector, Ahmad Zakie said the investment would focus more on property and real estate-related areas as the demand is seen to be picking up. 

“I am confident that the whole process would move smoothly with the recent (economic) growth of the country. This is a good time to start the fund -- amidst the inflation -- to help retain or grow wealth,” he said.

Widuri Capital Management, incorporated in December 2016, is a private equity management company. 

-- BERNAMA