Dec 18, 2013 (LBO) – A Malaysia based private equity firm linked to the state is in talks to acquire APIIT Lanka (Pvt) Ltd, a Sri Lanka based tertiary education institute, a media report said. Higher education is a growing sector in Sri Lanka with high demand and the current administration is relaxing a state monopoly in degree awarding, expanding the education freedoms of citizens.
Malaysia’s The Star newspaper said Equiti Nasional Berhad (Equinas) has entered into a conditional agreement to acquire a 51 percent stake in the school and was in talks with minority shareholders to increase it to 76.5 percent.
The acquisition will be through its education arm, ILMU Education Group Bhd (IEG).
The report said IEG expected to pay 32.2 million Malaysian ringgit or about 1.3 billion rupees for the 76.5 percent stake.
APIIT Lanka is part of Sri Lanka’s Expolanka group, whose core business is logistics.
APIIT was set up partnering with Asia Pacific Institute of Information Technology.