Ekuinas close to acquiring engineering firm

KUALA LUMPUR: Ekuiti Nasional Bhd (Ekuinas) is in the final stages of securing a design and engineering company, said its CEO Syed Yasir Arafat Syed Abd Kadir.
"We are in the final stages of buying a design and engineering company. This would be under the services portfolio. We like this company due to its regional presence," he told reporters at a briefing on its 2016 performance today.
He said the company is not oil and gas related and hopes to announce the deal in three to four months' time.
"We have passed the due diligence stage and are moving towards the second phase which is to nail down the sale and purchase agreement. The valuations are more or less finalised," he added.
Last year, Ekuinas undertook seven direct and outsourced investments with a total commitment capital of RM172.6 million.
This brings the total cumulative committed investments undertaken by Ekuinas to 53 amounting to nearly RM3 billion.