THE BUZZ
SEG International (SEGi)
announced that Navis Capital is now one of its major shareholders with
148.5m shares, or an effective 26.5%
stake, following the disposals by
previous shareholders Cerahsar SB, Segmen Entiti SB and Datuk Chee Hong Leong of
their entire stakes in SEGi. As a
result, Navis Capital is now SEGi’s 2nd largest shareholder after
Datuk Seri Clement Hii with 28.4% equity interest, or 158.8m shares,based on
the number of outstanding shares issued of 559.3m.
OUR TAKE
An upside surprise.
Earlier, we had speculated that the Malaysian Chinese Association (MCA) could
be taking up a stake in SEGi and possibly injecting Universiti Tunku Abdul Rahman
into the listed entity after a huge block of the company’s shares changed hands
off-market last Friday. Nonetheless,
this Bursa announcement puts to rest our speculation. Having said
that, we are positively surprised
by the emergence of Navis Capital
as the second single largest shareholder in SEGi as this marks the maiden entry
of a private equity fund as a substantial shareholder into SEGi.Background on
Navis Capital. Navis Capital was founded in 1998 with its core focus on
investments in growth-oriented buyouts in South and Southeast Asia. Having
grown tremendously since its
inception, the fund has today the largest
professional private equity team
in Asia of about 100 people in 7 offices across the region. It now manages some
USD3bn in capital commitments, with its sole investment in the education sector
previously being India’s ITM Group of Institutions, which is an unlisted entity
in which it invested USD30m in 2009.
Source: OSK188
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