Ekuinas scraps listing plan for ILMU

KUALA LUMPUR: Ekuiti Nasional Bhd (Ekuinas) has scrapped plans to list its education arm Ilmu Education Group Sdn Bhd (ILMU), said its CEO Syed Yasir Arafat Syed Abd Kadir.

"After due deliberation with the board, we think listing is probably not the best way to go for ILMU. After a thorough strategy review, what we found is that the sum of parts is greater than value as a whole. Therefore we are looking towards deploying the next strategy," he told reporters at a briefing on its 2016 performance today.

He said it will review its strategy and look at ways to maximise its investment in ILMU, and is in the midst of restructuring ILMU's portfolio.

He said ILMU is well-capitalised and does not need any more capital injection as it subscribes to an asset light strategy for its education arm.

Ekuinas had initially planned to list ILMU in 2015 but the proposed listing has been delayed due to less favourable market conditions.

ILMU comprises APIIT Education Group, APIIT Lanka, Cosmopoint Group, UNITAR International University and Tenby Educare Sdn Bhd.