Malaysia’s Ekuinas sells 60% stake in Tranglo for $27.6 million

Malaysian private equity firm Ekuiti Nasional Bhd (Ekuinas) has exited its investment in digital commerce switching hub operator Tranglo, by selling its 60 percent stake to Hong Kong-based financial services firm TNG.

In a statement, Ekuinas said it has divested its entire equity interest in Tranglo to TNG for 114.9 million ringgit ($27.6 million), marking Ekuinas’ ninth exit so far, generating proceeds of more than $480 million.

The divestment gives Ekuinas an internal rate of return of 26.8 percent and the money multiple of 1.96 times the capital invested.

Early this year, Ekuinas divested its entire stake in Malaysian education company APIIT Education Group for $180 million to a joint venture vehicle owned by its existing management team and private equity firm KV Asia Capital.