KUALA LUMPUR (April 7): Government-linked private equity firm Ekuiti Nasional Bhd (Ekuinas) has taken a strategic minority stake in Kelantan-based pharmaceutical company Ain Medicare, supporting the company’s next growth phase.
This follows early-stage backing from VentureTECH, a government investment company under the Malaysian Industry-Government Group for High Technology, which helped scale Ain Medicare’s operations and manufacturing capacity from 2017 to 2025, according to Ekuinas’ statement on Tuesday.
Ain Medicare, founded in 1993 and based in Kota Bharu, Kelantan, operates seven manufacturing facilities in Kota Bharu and Kulim with nearly 1,400 employees, mostly Bumiputeras. The company specialises in sterile injectable pharmaceuticals, including intravenous solutions, small volume injectables, irrigation solutions, and haemodialysis concentrates.
Ain Medicare’s existing customer base includes the Malaysian government, private healthcare providers and international markets. Its products are currently exported to 17 international markets spanning the Middle East, Asia Pacific, Europe, South America and Oceania.
In the statement, Ekuinas said its investment in Ain Medicare supports Malaysia’s growing pharmaceutical industry and aims to strengthen Bumiputera ownership under the broader national GEAR-uP agenda through its Bumiputera Relay Race strategy. The investment, made from its RM1 billion Tranche IV fund, is part of Ekuinas’ mandate to grow Bumiputera enterprises in strategic sectors that boost Malaysia’s long-term economic resilience.
“Recognising healthcare as a priority industry for Ekuinas, the pharmaceuticals subsector plays a key role in higher-value industrial growth and national resilience. Ain Medicare has established itself as a homegrown leader in sterile parenteral products, with a proven 30-year track record, diversified customer base and strong R&D pipeline,” Ekuinas chief executive officer Aliff Omar Mohamad Omar said in the statement.
Permodalan Nasional Bhd (PNB) deputy president and CEO Datuk Rick Ramli, who is also a non-independent non-executive director in Ekuinas, said Ain Medicare’s journey exemplifies the ‘Bumiputera Relay Race’ in action, having been supported by VentureTECH from 2017 to 2025 to strengthen its operational capabilities and scale its manufacturing capacity, before progressing to its next phase with Ekuinas.
“VentureTECH, a government-established investment company focused on high value-added and technology-driven industries, previously supported the company at the earlier stage of its growth. This marks the second such relay race after Orkim Bhd (KL:ORKIM) and highlights how coordinated institutional support can effectively scale high-potential Bumiputera companies. It also represents a meaningful outcome of Ekuinas being part of the broader PNB ecosystem, enabling stronger alignment of capital, capabilities and long-term value creation across institutions,” he added.
Ain Medicare chairman Datuk Wan Ariff Wan Hamzah said the partnership will accelerate the company’s growth plans by leveraging Ekuinas’ capital and institutional expertise to enhance scale and competitiveness.