NST Business
KUALA LUMPUR: Privae equity firm Northstar Group has clarified that it has no interest in acquiring a stake in AppAsia Bhd.
In a brief statement today, the Singapore-based firm said: "Northstar Group has no interest in or relationship with AppAsia nor with the Malaysian Accounting Association (MAA)."
The firm added that it had not had any conversations nor discussions with AppAsia.
The New Straits Times on Monday reported that Northstar was eyeing to buy a third of AppAsia from the latter's ultimate shareholder for 55 sen a share with plans to privatise it.
The ultimate shareholder of AppAsia reportedly is Yuk Tung Group.
The potential offer would include not only the mother shares, but also both AppAsia warrants, a person with knowledge of the matter said.
The person said Northstar's interest in AppAsia was due to the latter's 12-year electronic bank confirmation contract with MAA where it was charging RM15 per bank confirmation.
Northstar manages more than US$2.2 billion of equity capital dedicated to investing in growth companies in Southeast Asia.
Since its founding in 2003, Northstar has raised five private equity funds and invested in more than 35 companies including Gojek, according to its website.
The companies come across the banking, insurance, consumer/retail, manufacturing, oil and gas, coal and mining services, technology, telecom and agribusiness sectors.