Crewstone secures RM150mil foreign investment from Hong Kong firm

KUALA LUMPUR: Crewstone International has received RM150 million of foreign investment through Crewstone Bradbury Penjana Fund from Bradbury Asset Management (Hong Kong) Ltd.

Crewstone is one of the venture capital fund managers selected under Malaysia’s Dana Penjana Nasional (DPN) programme through Penjana Kapital Sdn Bhd, which is owned by the Finance Ministry.

Crewstone said the fund sought to invest in technology projects in Malaysia, capitalising on the growth potential of Malaysian ventures or regional companies planning to establish a presence in the country.

Additionally, the partnership will also allow for greater cross border investment collaboration opportunities via the exchange of unique skill sets contributed by the partnership.

The DPN is a matching fund-of-funds programme where the government will match up to RM600 million on a 1:1 basis with the VC funds, with an initial target of RM1.2 billion.

“We are excited to be working with Bradbury as the exclusive limited partner in this fund as they have shown tremendous confidence in our capability as a general partner and the Malaysian technology scene,”Crewstone chief executive officer Ahmad Izmir Mujab said in a statement today.

“The RM 150 million allocation committed by Bradbury is one of, if not, the single largest commitment for the DPN to date,” he added.

Bradbury Group, the holding company of Bradbury Asset, is a comprehensive financial institution consisting of several licenced entities that specialise in international securities brokerage, asset management and EAM services for sophisticated investors globally.

With a strong focus in Asia, its private equity portfolios span across capital markets, real estate, green energy, media, commodities trading and others.

As part of this partnership initiative, Bradbury is considering to establish a state-of-the-art electric bus manufacturing and assembly factory as well as an EV battery research and development centre in Malaysia.

Keith Loo, CEO of Bradbury Group said: “We are optimistic and look forward to growing the tech ecosystem in Malaysia through our contribution and the various government initiatives placed for 2021.

“The various grants and incentives provided by government agencies led by the Ministry of Finance has made Malaysia a competitive hub for local and international technology companies.”

Loo is hopeful that the initiatives continued to be introduced in the future as it allows more foreign direct investors such as Bradbury to strategically place and grow its investment during these exciting times.

“Our EV initiative will not only create jobs and spur economic growth, but also create a branding for Malaysia in the hot EV space,” he said.

Source: NST