Datuk Abdul Rahman Ahmad retiring as Ekuinas CEO at end-Feb 2016
KUALA LUMPUR: Ekuiti Nasional Berhad (Ekuinas) announced that Datuk Abdul Rahman Ahmad will retire from his role as chief executive officer (CEO) when his contract expires on Feb 29, 2016.
Current managing partner (investment) Syed Yasir Arafat Syed Abd Kadir will assume the CEO designate from Jan 1, 2016 and take over the CEO position effective March 1, 2016.
“It is with great regret that the board announces the departure of Abdul Rahman as the CEO of Ekuinas. He informed the board that he wanted to pursue a different career path that would allow him greater flexibility,” said chairman Raja Tan Sri Arshad Raja Tun Uda in a statement on Monday.
However, Abdul Rahman will still play a strategic role in Ekuinas’ portfolio companies as a non-executive chairman of ILMU Education Group Bhd, and director of Icon Offshore Bhd
and ACG International Sdn Bhd.
He was instrumental in the establishment of Ekuinas and has been the CEO since its inception in 2009. Prior to joining Ekuinas, he was the group MD/CEO of Media Prima Bhd; and before that, group MD of Malaysian Resources Corp Bhd.
Under his tenure, Ekuinas has undertaken more than RM2.4bil of total private equity investments.
Its first direct fund, Ekuinas Direct (Tranche I) Fund recorded a gross portfolio return of RM677.1mil for the year ended Dec 31, 2014 translating to gross and net IRR of 19.6% and 15.3% per annum respectively, exceeding the minimum target of 12%.
Meanwhile, Syed Yasir Arafat has been apart of Ekuinas’ founding team as its managing partner, investment over the last six years.
“Syed Yasir has vast experience to continue building on existing strengths and we are confident he will take Ekuinas successfully into its next phase of evolution,” Raja Tan Sri Arshad added.
Syed Yasir Arafat, 43, has more than 20 years of experience in investment bank and private equity.
Ekuinas also appointed Datuk Ali Abdul Kadir and Johan Mahmood Merican as independent directors effective Oct 1, 2015.
Ali was formerly the executive chairman of the Securities Commission, and chairman and partner of Ernst & Young. He is currently chairman of Jobstreet Corp Bhd, among others.
Johan is currently the CEO of Talent Corp Malaysia Bhd and is also chairman of GEMS Malaysia Sdn Bhd.
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