KUALA LUMPUR, May 25 (Bernama) -- Ekuiti Nasional Bhd (Ekuinas) is in the midst of crystallising its investment in sports equipment and apparel chain store operator Al-Ikhsan Sports Sdn Bhd (Al-Ikhsan).
Speaking to reporters after the announcement of Ekuinas’ 2022 financial results, chief executive officer Syed Yasir Arafat Syed Abd Kadir said Ekuinas is open to whether exiting the investment via an initial public offering (IPO) or trade sale.
“We are open. In fact, we are discussing whether we want to exit Al-Ikhsan this year or not. We will continue to explore (the methods). It really depends on the valuation that we get,” he said.
Established in 1993 by founder Ali Hassan Mohd Hassan, Al-Ikhsan operates 181 stores in Malaysia.
Ekuinas partly owns the company after the government-linked private equity firm acquired a 35 per cent stake in Al-Ikhsan in July 2016 for RM68.6 million.
For the financial year 2022, Al-Ikhsan’s revenue jumped 72.4 per cent year-on-year to RM485.4 million from RM281.6 million.
Its earnings before interest, tax, depreciation, and amortisation (Ebitda) before extraordinary items soared to RM70.3 million from RM18.7 million.
Asking about the potential to exit Orkim Sdn Bhd, Syed Yasir Arafat said Ekuinas continues to explore opportunities for the shipping company.
Ekuinas bought the 95.5 per cent stake in Orkim in 2014.
-- BERNAMA
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