KUALA LUMPUR (Nov 30): Ekuiti Nasional Bhd (Ekuinas) announced that Datuk Abdul Rahman Ahmad is retiring as chief executive officer (CEO) upon the expiry of his contract on Feb 29, 2016 and its managing partner (investment) Syed Yasir Arafat Syed Abd Kadir has been appointed to fill the position from March 1, 2016.

In a statement yesterday, Ekuinas said that Abdul Rahman will be retiring as an officer and director of the company, and Syed Yasir will assume the role of CEO designate from Jan 1 and take over the CEO position with effect from March 1.

"It is with great regret that the Board announces the departure of Datuk 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 Ekuinas chairman Raja Tan Sri Arshad Raja Tun Uda.

He added that Abdul Rahman will continue to play a strategic role in Ekuinas' portfolio companies as a non-executive chairman of ILMU Education Group Bhd (ILMU), and director of Icon Offshore Bhd and ACG International Sdn Bhd.

"On behalf of the Board and Management, we would like to thank him for his outstanding service, drive and commitment in leading the company from inception to what it is today," said Raja Tan Sri Arshad.

Abdul Rahman 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 managing director (MD)/CEO of Media Prima Bhd (September 2003 to August 2009); and before that, the group MD of Malaysian Resources Corporation Bhd (August 2001 until September 2003).

During his tenure as CEO, Ekuinas has undertaken more than RM2.4 billion of total private equity investments. Its first direct fund, Ekuinas Direct (Tranche I) Fund, recorded a gross portfolio return of RM677.1 million for financial 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%.

Through its activities, Ekuinas has helped to increase Bumiputera equity by RM4.2 billion and enabled the commitment to distribute RM500 million of its gains for the benefit of the wider Bumiputera community through funds managed by Permodalan Nasional Bhd (PNB).

"Datuk Abdul Rahman made it his mission to ensure that Ekuinas lives up to much higher standards of corporate governance and transparency. He not only helped Ekuinas to deliver on its commercial objectives but also drove Ekuinas to pursue broader social goals.

"The Board is also pleased with the succession plan put in place that will see Syed Yasir Arafat assuming the leadership of Ekuinas. Being part of the founding team of Ekuinas and 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 further added.

Syed Yasir Arafat, 43, has more than 20 years of experience in investment bank and private equity. Prior to joining Ekuinas, he was the country manager (ING Wholesale Banking) overseeing both ING Corporate Advisory (Malaysia) Sdn Bhd and ING Bank (Labuan) operations in Malaysia. He was with ING Corporate Advisory (Malaysia) for nine years, starting as VP Corporate Finance and specialising in areas of mergers and acquisitions, equity and equity-linked fundraising and financial advisory for some of Malaysia's leading companies in banking, plantations, automotive, telecommunications and property, among others. His other work experiences include stints in CIMB, Pengurusan Danaharta Nasional Bhd (Danaharta) and United Overseas Bank Malaysia (UOB).

Ekuinas also announced the appointment of Datuk Ali Abdul Kadir and Johan Mahmood Merican as independent directors to the Board of Ekuinas with effect from Oct 1, 2015.

Ali Kadir was formerly the executive chairman of the Securities Commission, and chairman and partner of Ernst & Young. He is currently the chairman of Jobstreet Corporation Bhd, Privasia Technology Bhd and ENRA Group Bhd, and board member of Glomac Bhd, Citibank Bhd and Labuan Financial Services Authority.

Johan is currently the CEO of Talent Corporation Malaysia Bhd (TalentCorp), a post he has held since its establishment on Jan 1, 2011. He is also chairman of GEMS Malaysia Sdn Bhd. Johan was previously the principal private secretary to the former Minister in the Prime Minister's Department of Malaysia Tan Sri Nor Mohamed Yakcop and has over 20 years of experience in policy development, corporate finance and accountancy in both the public and private sectors in Malaysia and the United Kingdom.

(Note: The Edge Research’s fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)