Investigators allege about $1 billion in 1MDB funds flowed into the bank accounts of former PM Najib Razak.
TPG Capital Asia will provide financing to the investment vehicle buying the business as well as strategic and operations support.
It is in advanced talks to sell a portion of its 40% Weststar holding to the company’s controlling shareholder, Malaysian businessman Syed Azman Sye
Policy & Regulations
Malaysian agencies under different ministries are in charge of tech-related matters, including MaGIC, Cradle Fund and Malaysia Digital Economy Corpora
Women make up more than 30% of the boards of top Malaysian lenders.
The new fund will target 25-30 investments in seed to pre-Series A startups with an average ticket size of around $250,000.
Startups participating in NEXEA's program will get mentoring support and have an opportunity to get funded by the VC and its co-investment partners.
The fund aims to provide capital appreciation of 12% internal rate of return per annum at the end of its maturity.
It had earlier launched microfunds for Philippines and Indonesia, and may do one one for Thailand next.
UEM Group currently holds a 55% stake in toll road operator Lintas Marga Sedaya (LMS).
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