LHAG Advises Ekuinas on Divestment of its Investments in Two Major Insurance Claims Administrators
The firm recently advised Ekuiti Nasional Berhad (Ekuinas), a state-owned private equity fund, on the successful divestment of its entire equity interest of 60% in third party claims administrator (or TPA) service providers, MediExpress Group (MediExpress) and PMCare Sdn Bhd (PMCare), to Sumitomo Corporation. Following this exercise, Sumitomo Corporation will emerge as the majority shareholder in both MediExpress and PMCare. The divestment will generate a minimum internal rate of return of 38.8% for Ekuinas, and would result in Ekuinas’ realisation proceeds exceeding RM2 billion in total.
MediExpress focuses on serving insurance companies, while PMCare services mainly corporate clients.
The LHAG team was led by corporate partner, Steven SY Tee, and included associates, Nicole Lee and Joyce Ong.
15 April 2019