Private equity firm Navis Capital Partners has acquired a stake of over 50 per cent in Malaysian transmission services group HG Power Transmissions.
The company will use the MYR25m to MYR40m ($8.1m to $13m) it received for the stake to develop its business in developing markets, where the demand for electricity transmission services is underserved, Navis partner Raj Ayadurai told AVCJ.
Navis managing partner Nicholas Bloy said, “Over the past 25 years, HGPT has become a significant player in electrical transmission not just in Malaysia but also regionally in countries such as Indonesia and Bangladesh.
“We are looking forward to working with the management team at HGPT to continue growing its business and become a major player in the sector.”
The investment was made from Navis’ $76m first Malaysian Growth Opportunity Fund.
This is the firm’s second deal in Malaysia in less than a week. Only a few days ago Navis bought a 54.8 per cent stake in IT service companies Strateq, who was previously owned by Kencana Capital Assets.
Some of its other recent deals included an investment in Singapore electronic waste company TES-Envirocorp.
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