Ekuinas sold MediExpress and PMCare stakes to Sumitomo.

Ekuiti Nasional Berhad, a private equity company owned by the Government of Malaysia, sold its 60% holding in insurance companies MediExpress and PMCare to Sumitomo, one of the largest Japanese keiretsu. Financial terms were not disclosed. “Over the investment period, Ekuinas has successfully delivered on its value creation plans for both MediExpress and PMCare,” said Ekuinas chief executive officer Syed Yasir Arafat Syed Abd Kadir. “These efforts comprise of operational enhancements of processes and systems, strengthening management and operation teams as well as increasing their market share. Through this divestment, Ekuinas will generate a minimum internal rate of return (IRR) of 38.8%.”