Private equity firm Ekuiti Nasional Bhd (Ekuinas) has distributed RM350 million in dividends to its parent Permodalan Nasional Bhd (PNB) following its full exit from petroleum tanker operator Orkim Bhd.

Ekuinas said the payout is part of the RM828 million in gross proceeds it generated from the sale of Orkim shares during its IPO and the subsequent transfer of its remaining 60% stake post-listing to PNB for long-term management. The dividend is intended to benefit PNB unit trust holders.

Ekuinas originally acquired Orkim in 2014 for RM346.3 million and developed it into Malaysia’s leading Malaysian-flagged tanker operator with over 50% market share.

Orkim was listed on the Main Market of Bursa Malaysia on Dec 9 last year at 92 sen per share. Ekuinas sold 300 million shares in the IPO through its investment vehicle Tetap Kuasa Sdn Bhd, raising RM276 million. The remaining stake was later transferred to PNB and Amanah Saham Bumiputera as part of its exit strategy….