Strategic Leadership

Strategic Leadership
Ikram Kamarudin for Ekuinas
Value Creation. Governance. Sustainable Impact.
Executive Summary
Strategic Finance Leadership
20+ years driving strategic financial leadership and transformation across banking, insurance, and digital sectors in ASEAN and Australia. Consistently enhanced profitability and strengthened investor confidence in dynamic markets.
Turnaround Expertise
Leading complex organizational turnarounds, implementing robust cost optimization, and spearheading digital transformation for sustainable growth and operational excellence.
Investor Trust & Governance
Cultivating stakeholder and investor confidence through transparent governance, stringent regulatory compliance, and impactful strategic communications. Demonstrated board-level leadership across highly regulated entities.
Career Highlights
1
2023 - Present
Group Head of Strategy, Capital A (AirAsia Group)
Led strategic planning across Aviation, Digital, Logistics, and Aviation Services. Drove critical investment and partnership evaluations.
2
2019 - 2023
Managing Director & CFO, CIMB Investment Bank
Oversaw multi-country financial operations, achieving 15% cost reduction. Also served concurrently as Group Financial Controller for CIMB Group.
3
2016 - 2019
Chief Financial Officer, QBE Insurance Malaysia
Directed IPO readiness and divestiture processes. Chaired the Board for QBE Thailand and led M&A activities across Asia.
4
2013 - 2016
General Manager & CFO, Hong Leong Islamic Bank
Directed Finance, Strategy, and Administration. Spearheaded digital innovation and e-commerce marketplace implementation.
5
2008 - 2013
Manager, Group Finance, HSBC Australia
Directed financial control and IFRS compliance for multi-billion AUD securitization. Optimized capital structure and executed capital market transactions.
6
2004 - 2008
Treasury Manager, Marsh & McLennan, Australia
Managed treasury functions and financial reporting, reducing cost-to-income ratio by 8% through strategic cost management.
Credentials & Board Experience
Professional Qualifications
Fellow Certified Practising Accountant (FCPA), CPA Australia
Chartered Accountant, Malaysian Institute of Accountants (MIA)
Bachelor of Commerce in Accounting & Finance, University of Sydney
Academic Contributions
Adjunct Professor of Economics, University of Sultan Zainal Abidin (2019-2022)
Merit Certificate, CPA Australia Program
Renong Scholarship for undergraduate studies
Board & Committee Roles
Chairman & Authorised Director, Sinkaonamahasarn Ltd (Parent of QBE Thailand)
Council Member, Malaysian Motor Insurance Pool (MMIP)
Member, Risk Management and Audit Committee of the Board (MMIP)
Director, Ban Hin Lee Bank (BHLB) Properties Sdn Bhd (CIMB subsidiary)
Responsible Officer for 8 international investment banking entities of CIMB across key markets (Cayman Islands, Indonesia, India, Singapore, Thailand, Philippines)
Ikram's Value Creation Framework
Strategic Finance
Unlocking enterprise value through astute capital allocation, rigorous cost optimization, and dynamic revenue generation strategies.
Designed and deployed a comprehensive Performance Analysis & Reporting framework at Capital A, enhancing strategic decision-making.
Drove a 15% cost reduction at CIMB via targeted process optimization, improving operational efficiency.
Orchestrated the launch of an AUD 1B RMBS at HSBC, fortifying liquidity and optimizing capital structures.
Effective Governance & Oversight
Fostering long-term value and investor confidence through stringent compliance, proactive risk mitigation, and transparent stakeholder engagement.
Chaired QBE Thailand's Board of Directors, steering strategic direction and ensuring regulatory adherence.
Contributed as a key member of the Risk Management and Audit Committee at MMIP, enhancing financial integrity.
Served as Responsible Officer for multi-jurisdictional banking entities across 6 countries, ensuring global compliance.
Operational Turnaround
Executing deep operational transformations and strategic realignments to revitalize challenged assets and drive sustainable growth.
Developed and executed critical post-COVID recovery strategies at Capital A, ensuring business resilience.
Spearheaded comprehensive IPO readiness and successful divestiture processes for QBE Malaysia.
Achieved an 8% reduction in cost-to-income ratio at Marsh & McLennan through targeted operational efficiencies.
Capital & Deal Structuring
1
Key Deals & Funding Initiatives
Led extensive debt & equity fundraising initiatives at Capital A, engaging aviation lessors, PE investors, and international banks.
Spearheaded QBE Malaysia's IPO readiness and divestiture, completing all requirements within a challenging 7-month timeline.
Managed the successful launch of AUD 1B asset-backed securities at HSBC, optimizing liquidity and capital.
Orchestrated strategic M&A and joint ventures at Capital A, expanding market footprint.
2
Restructuring Wins
Implemented the comprehensive RedBook framework at Capital A, enhancing financial strategy, budgeting, and long-term planning.
Led successful divestments of QBE Thailand and 30% shares of QBE Malaysia.
Drove significant cost management initiatives at Marsh & McLennan, reducing cost-to-income ratio by 8%.
Implemented strategic process optimization at CIMB, achieving 15% cost reduction (50 FTEs).
Governance & GLIC Alignment
Board Governance
Expertise in board-level governance across diverse regulated entities:
Chaired the Board at Sinkaonamahasarn Ltd, Thailand
Served as Council Member, Malaysian Motor Insurance Pool
Member, Risk Management and Audit Committee
Director, BHLB Properties Sdn Bhd (CIMB subsidiary)
Investor Reporting
Orchestrating effective investor communication and disclosure frameworks:
Managed Investor Relations at Capital A, orchestrating investor days and critical financial disclosures
Presented financial results to Board, Audit, and Risk Management Committees at Hong Leong Islamic Bank
Conducted comprehensive analyst briefings and rating agency presentations
Policy Alignment
Ensuring stringent regulatory and strategic policy alignment:
Served as Responsible Officer for eight international investment banking entities, ensuring multi-jurisdictional regulatory compliance
Permanent Member, Group Asset and Liability Committee (ALCO) and Credit Asset Quality (CAQ) at Hong Leong Bank
Ensured stringent compliance with Bank Negara Malaysia and Securities Commission requirements
Investor Relations & Valuation
Analyst Engagement
Extensive experience in articulating financial performance and strategic direction to investment analysts and shareholders, fostering strong market confidence:
Managed Investor Relations at Capital A, orchestrating impactful investor days and transparent financial disclosures.
Presented quarterly results to analysts and rating agencies at Hong Leong Islamic Bank, ensuring clear communication.
Led successful roadshows and investor presentations for CIMB Investment Bank, attracting key capital.
Strategic Exit Narratives
Proven track record in developing and executing value-maximising exit strategies for various entities:
Chaired the Board during the divestment of QBE Thailand, ensuring a smooth transition.
Successfully managed the divestiture of 30% shares for QBE Malaysia, optimising returns.
Prepared comprehensive valuation models and meticulous exit documentation for prospective investors.
Enterprise Valuation Uplift
Spearheaded strategic initiatives that significantly enhanced enterprise value and market positioning:
Drove IPO readiness at QBE Malaysia, completing all critical requirements within an accelerated 7-month timeframe.
Developed and implemented the comprehensive Performance Analysis & Reporting framework at Capital A, enhancing financial oversight.
Led strategic reviews to identify and capitalise on value creation opportunities across diverse business units.
Sector Mapping to Ekuinas Focus
Capital A Digital Ventures
Ekuinas Focus: Digital Infrastructure
Alignment: Proven expertise in scaling digital platforms and deploying fintech innovations, directly applicable to enhancing Ekuinas' digital infrastructure investments, such as Exabytes Capital.
CIMB Investment Banking
Ekuinas Focus: Financial Services
Alignment: Profound grasp of financial regulations, capital mandates, and strong governance frameworks, critical for driving value in financial sector investments.
QBE Insurance
Ekuinas Focus: Healthcare
Alignment: Relevant experience in healthcare financing and insurance paradigms, offering strategic insights for Ekuinas' healthcare portfolio, including Medispec.
Hong Leong Islamic Bank
Ekuinas Focus: Education
Alignment: Spearheaded e-commerce implementation and digital innovation, providing a valuable blueprint for education technology investments, such as UNITAR.
Capital A Logistics (Teleport)
Ekuinas Focus: Logistics & Infrastructure
Alignment: Extensive strategic oversight of logistics operations and supply chain optimisation, directly enhancing value within infrastructure investments.
Capital A Super App
Ekuinas Focus: Consumer & Retail
Alignment: A track record in developing consumer platforms and digital retail strategies, highly pertinent to consumer-focused portfolio growth.
CIMB Energy Sector Financing
Ekuinas Focus: Oil & Gas
Alignment: Direct exposure to energy sector financing and sophisticated risk management, crucial for optimising Oil & Gas investments like Icon Offshore.
Financial Services Deep Dive
Banking CFO Highlights
Managed multi-billion ringgit budgets and regulatory capital at CIMB Investment Bank.
Oversaw finance operations across 15 countries as Group Financial Controller.
Achieved a 15% cost reduction through strategic process optimization initiatives.
Directed Finance, Strategy, and Administration as CFO of Hong Leong Islamic Bank.
MFRS & Regulatory Expertise
Applied profound expertise in IFRS/MFRS standards and complex regulatory frameworks.
Ensured stringent compliance with Bank Negara Malaysia and Securities Commission regulations.
Managed comprehensive regulatory reporting across multiple international jurisdictions.
Acted as primary liaison with internal/external auditors and key regulatory bodies.
Liquidity & Capital Management
Spearheaded a successful AUD 1B RMBS launch at HSBC for optimal liquidity and capital management.
Served as a permanent member of Hong Leong Bank's Group Asset and Liability Committee (ALCO).
Managed treasury functions and robust financial reporting at Marsh & McLennan.
Optimized risk-weighted assets, significantly enhancing Return on Equity (ROE) at CIMB.
Digital Transformation
Led the implementation of a pioneering e-commerce Halal marketplace with Zilzar, Mastercard, and INCEIF.
Drove strategy for Digital Innovation and Transactional Banking at Hong Leong Bank.
Implemented cutting-edge finance systems and advanced data analytics tools.
Championed digital initiatives to unlock revenue streams and enhance customer experience.
Fintech & Payments
Capital A Fintech Pivot
Orchestrated Capital A's strategic pivot into fintech, driving substantial growth and market expansion:
Evaluated, structured, and executed fintech investments and partnerships.
Drove business development; forged key alliances with leading fintech entities.
Integrated fintech solutions into AirAsia's ancillary ventures, expanding market reach.
Spearheaded debt and equity fundraising with private equity investors and international banks.
BigPay & Digital Payments
Drove BigPay's strategic development and ecosystem integration, establishing it as a market leader:
Guided BigPay's strategic planning for accelerated growth.
Championed seamless BigPay integration across AirAsia's diverse ecosystem.
Identified and cultivated strategic partnerships to enhance digital payment capabilities.
Conducted rigorous performance analysis to capitalize on new growth opportunities.
Platform Bundling
Orchestrated cohesive digital platform integration, enhancing user experience and value:
Successfully implemented e-commerce Halal marketplace (Zilzar, Mastercard, INCEIF).
Facilitated development of innovative bundled financial services offerings.
Consumer & Travel Strategy
1
Online Travel Agency (OTA) Strategy
strategic development of Capital A's OTA capabilities, enhancing competitive positioning and market expansion:
Conducted comprehensive market and competitive analyses for AirAsia's OTA.
Championed seamless integration of travel services into the Super App ecosystem.
Leveraged consumer behavior and travel trend analysis to inform strategic decisions.
Identified and cultivated strategic partnerships to expand and enrich travel offerings.
2
Loyalty & Rewards
Led initiatives to enhance customer loyalty and optimize rewards programs, maximizing value and engagement:
Assessed AirAsia's loyalty program performance and strategic value, driving improvements.
Unlocked monetization opportunities from customer data while significantly boosting engagement.
Facilitated cross-functional integration of loyalty programs across business verticals.
Analyzed customer lifetime value (CLV) and retention metrics to guide strategy.
3
Group Ecosystem Thinking
strategic planning and execution across Capital A's diverse portfolio, fostering synergistic growth and robust governance:
Designed and implemented an effective Performance Analysis & Reporting (PAR) framework.
Directed Strategic Reviews and streamlined Board Reporting processes for enhanced oversight.
Developed comprehensive financial strategies, including annual budgeting and long-term planning.
Orchestrated critical strategic partnerships and M&A initiatives.
Logistics & Infrastructure
1
Teleport Strategic Development
Leveraged comprehensive market and competitive analyses to identify strategic growth opportunities.
Spearheaded the formulation of Teleport's business model and ambitious growth strategy.
Analyzed key performance indicators (KPIs) to drive critical operational enhancements.
Initiated and cultivated strategic partnerships for market expansion.
2
Supply Chain Pivot Post-COVID
Formulated agile strategies to mitigate supply chain disruptions and capitalize on evolving market dynamics.
Identified and developed new revenue streams, particularly in e-commerce fulfillment and last-mile delivery.
Orchestrated seamless integration of logistics services across Capital A's diverse business verticals, enhancing ecosystem synergy.
Conducted rigorous cost analysis, driving significant efficiency improvements and optimization.
ESG & Bumiputera Impact
1
Inclusive Talent & Diversity
Drove strategic initiatives to foster inclusive talent development and cultivate diverse leadership pipelines:
Built and led diverse, high-performing multinational teams.
Mentored diverse finance professionals, accelerating career progression.
Designed and implemented merit-based promotion systems.
Contributed to academic development, fostering future talent pipelines.
2
Rigorous Governance & Compliance
Strengthened governance frameworks and ensured stringent compliance to safeguard value and mitigate risk:
Provided strategic oversight on corporate boards and committees.
Ensured rigorous regulatory compliance across international jurisdictions.
Instituted strong financial controls and transparent reporting.
Fostered proactive and clear stakeholder communication.
3
Strategic Leadership Development
Developed and empowered leadership talent, enhancing performance and long-term organizational resilience:
Recruited and developed high-potential leaders and teams.
Mentored emerging leaders to achieve strategic objectives.
Developed and executed succession planning and talent retention strategies.
Fostered a culture of continuous learning and skill enhancement across the organization.
Improving Finance at CIMB
Challenge
As Group CFO for CIMB Investment Bank, I oversaw finance functions across 15 markets. The existing fragmented structure, with duplicated workflows and inconsistent reporting, severely impacted efficiency and decision-making.
Action
I led a comprehensive transformation to streamline financial controls and deliver more relevant, actionable insights:
1
Comprehensive Diagnostic
Thoroughly assessed regional finance teams to identify inefficiencies and areas for improvement.
2
Optimized Processes
Standardized financial controls, eliminated redundancies, and realigned reporting frameworks.
3
Tools Integration & Automation
Integrated financial tools and processes for enhanced speed, accuracy, and reliability.
4
Insightful Reporting
Shifted reporting from mere compliance to delivering forward-looking, data-driven insights.
Results
The transformation yielded significant and tangible benefits:
1
15% Cost Reduction
Achieved a 15% decrease in finance function costs through enhanced operational efficiencies.
2
13% FTE Optimization
Realized a 13% reduction in headcount within the finance team through optimized resource allocation.
3
Enhanced Governance
Enhanced capital allocation and optimized Risk-Weighted Asset (RWA) management.
4
Increased Transparency
Implemented standardized reporting and intuitive dashboards, fostering increased trust and clarity with stakeholders.
Capital A Diversification
Challenge
Capital A (formerly AirAsia Group) faced an unprecedented existential threat during the COVID-19 pandemic, its core aviation business severely impacted by travel restrictions. The imperative was to rapidly diversify revenue streams and significantly reduce aviation dependency, ensuring long-term viability and unlocking new growth avenues.
Action
As Group Head of Strategy, I spearheaded decisive initiatives to accelerate the company's strategic pivot into non-airline verticals:
Identified, evaluated, and executed strategic investments in high-growth digital businesses, fintech, and logistics.
Pioneered the "RedBook" framework for disciplined financial strategy and optimized capital allocation.
Orchestrated key strategic partnerships and joint ventures, significantly expanding market reach and capabilities.
Implemented rigorous Performance Analysis & Reporting frameworks to drive accountability and monitor strategic KPIs.
Result
The accelerated diversification strategy delivered significant strategic and financial benefits:
Successfully launched and rapidly scaled Teleport, a digital logistics powerhouse, achieving substantial market penetration.
Seamlessly integrated and expanded BigPay fintech services, significantly enhancing customer stickiness and payment ecosystem value.
Achieved substantial group EBITDA resilience and improvement, effectively mitigating severe pandemic headwinds.
Established sustainable, high-growth revenue streams, fundamentally de-risking the core aviation business and unlocking future optionality.
Rewards Carve-Out & Valuation
Challenge
Capital A's loyalty and rewards program presented a substantial opportunity for value unlocking. The imperative was to rigorously assess strategic alternatives, including a potential carve-out, to maximise shareholder returns while preserving customer loyalty and benefits.
Action
Spearheaded a meticulous strategic review of the rewards business unit, encompassing:
Executed rigorous, multi-methodology valuation analyses.
Constructed comprehensive pro forma financial models for standalone entity projections.
Engaged with potential strategic partners and investors to explore collaboration synergies.
Analysed operational dependencies and requirements for a seamless structural separation.
Result
The strategic review yielded actionable insights and concrete pathways for value creation:
Quantified significant standalone enterprise value potential.
Developed a comprehensive strategic roadmap for potential divestiture or spin-off.
Presented pro forma models validating enhanced valuation prospects under various scenarios.
Secured executive and Board endorsement for strategic recommendations.
GLIC/Investor Alignment
Challenge
Navigating alignment among Government-Linked Investment Companies (GLICs), regulators, and diverse investor groups posed a significant challenge at CIMB and Capital A, especially during periods of market volatility and strategic transformation.
Action
Led comprehensive stakeholder engagement and communication frameworks, including:
Developed and shared clear, consistent strategic narratives, precisely tailored for diverse stakeholder cohorts.
Established effective, proactive communication channels with regulatory bodies and institutional investors.
Designed and implemented transparent, performance-aligned reporting architectures, meeting evolving stakeholder expectations.
Led high-impact, targeted engagement forums to proactively address and resolve key concerns.
Result
Achieved superior stakeholder alignment and sustained trust, resulting in:
Preserved and strengthened investor confidence and capital access during volatile market cycles.
Expedited regulatory approvals, ensuring seamless execution of strategic mandates.
Cultivated strong, enduring relationships with key governmental and institutional partners.
Significantly elevated corporate reputation, credibility, and market standing.
People & Culture Realignment
Challenge
Navigating significant strategic transformations at CIMB and Capital A required a fundamental realignment of organisational culture, performance metrics, and employee engagement for effective execution and sustained growth.
Action
Led comprehensive people and culture initiatives, encompassing:
Redefined Key Performance Indicators (KPIs) to align directly with evolving strategic priorities.
Implemented effective, outcome-driven performance management frameworks.
Cultivated leadership capabilities through targeted coaching and mentorship programmes.
Established effective cross-functional collaboration mechanisms to foster synergy.
Result
Achieved profound shifts in organisational behaviour and capability:
Dramatically improved employee engagement and overall productivity.
Significantly enhanced cross-functional collaboration, breaking down silos.
Accelerated the organisation's adoption of critical strategic directives.
Built highly cohesive, high-performing teams fully aligned with corporate objectives.
Role Fit
Operating Partner
Role: Drive strategic initiatives, operational excellence, and management mentorship within portfolio companies.
Experience: Proven leadership in strategic planning and digital transformation (Capital A); implemented robust performance frameworks.
Impact: Delivers strategic advisory, embeds best practices in finance, governance, and digital transformation for accelerated value creation.
Fund CFO
Role: Lead comprehensive financial management, reporting, treasury, and investor relations for Ekuinas's funds.
Experience: Extensive CFO tenure at CIMB Investment Bank and QBE Malaysia, managing multi-billion ringgit budgets and enhancing investor relations.
Impact: Ensures rigorous financial controls, optimizes fund operations, and builds investor confidence through robust stakeholder communication.
Portfolio CEO
Role: Guide portfolio companies through critical growth, strategic transformation, and successful exit strategies.
Experience: Spearheaded strategic initiatives at Capital A; Chaired QBE Thailand, demonstrating deep operational and board leadership.
Impact: Drives accelerated performance, implements robust governance, and positions companies for optimal value realization and successful exits.
Use Case Mapping
Operating Partner
Strategic operational leadership to drive financial and operational transformation, enhancing governance and performance within portfolio companies.
Spearheaded process optimisation at CIMB, achieving 15% cost reductions.
Developed and deployed Performance Analysis & Reporting frameworks at Capital A.
Provided strategic governance oversight as a board member across various entities.
Fund CFO
Optimizing financial management, strengthening investor relations, and streamlining fund operations for Ekuinas's success.
Served as CFO of CIMB Investment Bank, managing finance operations across 15 countries.
Directed Investor Relations team at Capital A, strengthening stakeholder communication.
Oversaw treasury and comprehensive financial reporting for various institutions.
Portfolio CEO
Guiding portfolio companies through critical growth phases, IPO readiness, and successful strategic exits.
Successfully spearheaded IPO readiness initiatives at QBE Malaysia.
Chaired QBE Thailand board during a complex divestiture process.
Led strategic planning and execution across diverse business verticals at Capital A.
Ekuinas Synergy Map
Portfolio Value Creation
Proven track record in driving operational excellence, cost optimisation, and accelerated revenue growth, directly enhancing Ekuinas's portfolio performance.
Governance Excellence
Extensive board-level experience and deep regulatory expertise, ensuring the highest standards of governance and compliance in line with Ekuinas's principles.
Digital Transformation
Demonstrated leadership in spearheading impactful digital initiatives and integrating advanced fintech solutions, complementing Ekuinas's strategic investments in digital infrastructure and technology-enabled enterprises.
Financial Discipline
A strong track record in strategic financial management and optimising capital efficiency, directly supporting Ekuinas's core objective of delivering superior returns and rigorous cost discipline.
Talent Development
Extensive experience in cultivating high-performing teams and mentoring future leaders, crucial for advancing Ekuinas's mission to develop and empower Bumiputera management talent.
Government Mandate
Deep understanding of public-private partnership dynamics and critical government objectives, perfectly aligning with Ekuinas's unique role as a government-linked private equity firm with a dual socio-economic mandate.
Organisation Fit
Strategy Mindset
Deep strategic acumen in developing and executing comprehensive business strategies across diverse sectors, directly aligning with Ekuinas's investment and portfolio management approach.
Financial Stewardship
Extensive experience in financial management, strategic capital allocation, and value creation, directly supporting Ekuinas's focus on strong returns and rigorous financial discipline.
Governance Excellence
Board-level experience and deep regulatory expertise, ensuring stringent compliance and effective risk management, reinforcing Ekuinas's commitment to the highest governance standards.
Bumiputera Agenda
Unwavering commitment to developing local talent and fostering sustainable economic opportunities, fully aligning with Ekuinas's mission to drive equitable Bumiputera participation.
Vision for Impact
Deliverable in First 12 Months
1
First 90 Days
Strategic Immersion: Identify key value levers.
Strategic Roadmap: Develop for accelerated value creation.
Performance & Governance: Establish KPIs and rigorous reporting.
Stakeholder Engagement: Forge strong relationships and trust.
2
Months 4-6
Early Initiatives: Drive strategic and operational improvements.
Enhanced Monitoring: Advance systems for real-time data.
Growth Catalysts: Pursue partnerships, M&A, and market expansion.
Talent Development: Nurture internal talent and plan succession.
3
Months 7-9
Operational Excellence: Scale enhancements and optimize costs.
Fortified Governance: Embed best practices and mitigate risks.
Digital Acceleration: Drive initiatives for capability and advantage.
Investor & Stakeholder: Ensure proactive, transparent communication.
4
Months 10-12
Exit Readiness: Prepare assets for optimal realization.
Future-Proofing: Develop multi-year plans for sustained growth.
Performance Review: Assess KPIs and refine strategies.
Sustainable Value: Embed processes for long-term value creation.
Suitability Assessment
Shared Values
My professional ethos aligns deeply with Ekuinas's core mission:
Unyielding commitment to financial excellence & rigorous governance.
Fostering local talent & sustainable economic ecosystems.
Strategic focus on long-term value creation.
Steadfast dedication to transparency & ethical leadership.
Leadership Match
My extensive leadership experience directly addresses Ekuinas's strategic imperatives:
Proven expertise in strategic finance & operational turnarounds.
Comprehensive cross-sector experience relevant to Ekuinas's portfolio.
Strong board-level governance & regulatory knowledge.
Demonstrated capability in digital transformation & innovation acceleration.
Immediate Readiness
Prepared to deliver immediate impact at Ekuinas:
In-depth understanding of private equity value creation.
Extensive & influential network in Malaysian & regional business.
Proven track record in navigating complex challenges & market volatilities.
Proactive drive to accelerate Ekuinas's impactful growth.
Summary: 5 Key Takeaways
1
Strategic Acumen & Execution
Strategic acumen to formulate and execute comprehensive business strategies, consistently delivering impactful results across diverse industries (e.g., Capital A, CIMB, QBE).
2
Crisis-Proven Leadership
Crisis-proven leadership, successfully navigating organizations through challenging market cycles and implementing effective turnaround strategies, as demonstrated by Capital A's post-COVID recovery.
3
Investor Alignment & Engagement
Expert in investor relations, financial reporting, and proactive stakeholder management, ensuring transparency and fostering strong trust with diverse investor groups.
4
Results-Driven Execution
Results-driven execution with a consistent focus on tangible outcomes, from significant cost reduction at CIMB to strategic growth at Capital A, always underpinned by clear metrics.
5
Board-Level Governance & Oversight
Extensive board-level governance and oversight expertise, serving as Chairman, Council Member, and Director, ensuring effective compliance, strategic guidance, and robust risk management.
Contact Ikram
Connect with Ikram Kamarudin
Let's discuss how my strategic experience and leadership can drive significant value for Ekuinas's mission and objectives.
Contact Information
Phone: +60 12 345 6789
Email Ikram
Connect on LinkedIn
Legal Notes
This document and its contents are strictly confidential and proprietary to Ikram Kamarudin. It has been prepared solely for the exclusive review and consideration of Ekuiti Nasional Berhad (Ekuinas) and its duly authorised representatives.
Content is based solely on Ikram Kamarudin's professional experience and publicly available Ekuinas information. No confidential or proprietary information from current or former employers has been disclosed or used herein.
This document does not constitute an offer of employment, an agreement to enter into any contractual relationship, or a binding commitment of any kind. Any discussions regarding potential roles, engagements, or collaborations are subject to the execution of formal agreements and the completion of satisfactory due diligence.
Ikram Kamarudin | Strategic Candidate – Ekuinas 2025
Appendix: Performance Metrics
15%
Cost Reduction
Led process optimization initiatives at CIMB Investment Bank, resulting in 50 FTE savings.
8%
Efficiency Gains
Reduced cost-to-income ratio at Marsh & McLennan through strategic financial management.
1B
Capital Mobilisation
Orchestrated the successful launch of asset-backed securities at HSBC, enhancing liquidity and capital.
3+
Strategic Divestments
Successfully led divestiture processes for QBE Thailand and Malaysia, delivering substantial shareholder value.
Appendix: Sector Experience Detail
Financial Services
Over 15 years of experience spanning banking, insurance, and strategic financial management.
Directed key finance functions at leading institutions including CIMB Investment Bank, Hong Leong Islamic Bank, and QBE Insurance.
Proven expertise in optimizing capital allocation, navigating complex regulatory environments, and enhancing financial performance.
Digital & Technology
Drove strategic growth for Capital A's digital ventures, encompassing fintech innovations and expansive e-commerce platforms.
Spearheaded critical digital transformation initiatives and modern finance system implementations.
Demonstrated acumen in evaluating high-potential technology investments and forging strategic partnerships.
Consumer & Retail
Provided strategic oversight for large-scale consumer-facing businesses at Capital A, notably within the Super App ecosystem.
Expertise in harnessing consumer insights to develop strong loyalty programs and high-impact customer engagement strategies.
Proficient in driving revenue growth across diverse retail and e-commerce operations.
Appendix: Leadership Philosophy
Strategic Vision
I cultivate a clear, compelling vision that aligns with organisational objectives and inspires teams to achieve exceptional results. This involves:
Defining ambitious, yet attainable, goals
Crafting strategic roadmaps with measurable milestones
Proactively adapting strategies to market dynamics
Ensuring consistent communication of vision across all levels
Execution Excellence
Realising strategic vision demands rigorous execution. I drive implementation through:
Establishing effective accountability frameworks
Implementing rigorous performance monitoring
Systematically removing impediments to progress
Fostering continuous improvement by leveraging successes and addressing challenges
People Development
Empowering and developing talent is fundamental to organisational success. I prioritize talent development by:
Providing challenging growth opportunities
Offering targeted mentorship and strategic guidance
Cultivating a culture of continuous learning and innovation
Recognising and rewarding high performance and excellence
Appendix: Governance Framework
Board Effectiveness
Driving strong governance, both as a board member and chairman, by:
Clear delineation of board and management responsibilities
Proactive risk oversight and mitigation strategies
Rigorous board performance evaluations
Transparent and accountable decision-making processes
Regulatory Compliance
Ensuring stringent regulatory adherence, which includes:
Strategic engagement with regulatory authorities
Implementing comprehensive compliance frameworks
Conducting regular, independent audits and assessments
Continuous monitoring and adaptation to evolving regulatory landscapes
Ethical Leadership
Championing ethical leadership as fundamental to sustainable success, by:
Exemplifying integrity and accountability in all interactions
Fostering a culture of transparency and trust
Promoting open communication and constructive feedback mechanisms
Ensuring decisions consistently balance all key stakeholder interests
Appendix: Ekuinas Overview & Strategic Context
1.1. Foundation and Mandate
Established: 2009, as a government-linked private equity (PE) firm.
Ownership: Fully owned by the Malaysian Government through Yayasan Ekuiti Nasional.
Mandate: Dual Objectives
1
To generate strong, market-competitive financial returns.
2
To foster equitable Bumiputera economic participation by increasing ownership and leadership in investee companies.
Operating Philosophy
Ekuinas adopts global private equity best practices, integrating socio-economic objectives to align with Malaysia’s national priorities. Investments are guided by market discipline, rigorous evaluation, and a focus on transformation and growth.
1.2. Fund Structure & Capital Base
Fund Structure
1
Direct Programme: Comprises multiple tranches (Fund I–IV), focused on direct investments in Malaysian companies.
2
Outsourced Programme: Allocates capital to external fund managers for broader sector and deal coverage.
Capital Base
Total Funds Under Management (FuM): As of FY2024, approximately RM5.0 billion, reflecting a 19% year-on-year growth. Cumulative direct commitments have reached approximately RM4.9 billion, with total capital deployed (including reinvestments) at approximately RM5.6 billion.
Operating Efficiency: Ekuinas maintains a lean operational model, with an OPEX-to-FuM ratio of only approximately 1.1%. This figure is substantially below regional and global averages for PE firms, supporting long-term scalability and cost discipline.
Appendix: Ekuinas Investment & Portfolio Strategy
2.1. Thematic Focus & Sector Allocation
Core Target: Mid-market Malaysian enterprises with established track records and scalable business models.
Preferred Deal Types: Majority Buyouts and Growth Equity, with less focus on venture-stage risk.
Typical Equity Ticket Size: Above RM50 million.
Core Sectors (Historic & Recent Portfolio)
Education
UNITAR International University, Ilmu Education Group.
Consumer/Retail/FMCG
Al-Ikhsan Sports, San Francisco Coffee (Burger King Malaysia was a past investment).
Healthcare/Pharmaceutical
Medispec, Symbiotica.
Digital/Tech
Exabytes Capital (cloud services), Tranglo (payments); expanding into digital infrastructure for new economy growth.
Oil & Gas/Industrial
Icon Offshore, Tanjung Offshore.
Sector Diversification Strategy
Ekuinas has undertaken an intentional rebalancing of its portfolio towards healthcare and digital sectors since 2022. This strategic shift reflects Malaysia’s macroeconomic transition and the national push for technology adoption.
Appendix: Ekuinas Value Creation
Governance Model
Takes significant (often majority) stakes with active board representation.
Deploys hands-on operational support and performance management.
Encourages professionalisation via management incentives and talent initiatives.
Partners with entrepreneurs and seasoned C-level professionals for turnarounds.
Bumiputera Development
Tactically focuses on increasing Bumiputera equity, board, and management representation.
Achieved RM6.9 billion in created Bumiputera equity value as of end-2024 (1.6x invested capital).
Generated RM8.8 billion in total shareholder value (2.0x capital).
Appendix: Ekuinas Investment Performance and Track Records
3.1. Fund-by-Fund Performance
This section provides an overview of Ekuinas's fund-by-fund performance, detailing Gross Internal Rate of Return (IRR) across both direct and outsourced tranches.
Key Insights: Direct Fund IV exhibits strong early returns, boosted by successful exits such as Medispec. Conversely, Direct Fund I, now fully realized, did not meet its 12% target. Direct Fund III is navigating a recovery from recent challenges, while Direct Fund II has stabilized after its peak performance. The mixed performance of Outsourced Tranche I and the current underperformance of Outsourced Tranche II underscore the distinct advantages of Ekuinas's direct investment and control model.
IRR Targets
Ekuinas maintains a strict internal benchmark of approximately 12% net IRR p.a. The outperformance of certain tranches underscores our robust in-house discipline.
Commentary
The varied performance within outsourced tranches clearly demonstrates the comparative strength of Ekuinas’s direct investment and governance model.
Appendix: Portfolio Performance & Exits
3.2. Portfolio Company Performance (FY2024 Highlights)
+3.3%
Aggregate EBITDA Growth
Ekuinas's portfolio effectively recovered, achieving an aggregate EBITDA increase in FY2024 amidst sector volatility, following a 7% decline in 2023.
Ekuinas's current portfolio of 71 investments (48 direct, 23 via outsourced funds) ensures strong cross-sector risk diversification.
High Performers:
3.3. Exits & Realised Value
Includes partial or full monetisation events across the education, retail, and digital sectors (further details available upon request).
RM500M+
Icon Offshore Cumulative Gains
The 2024 exit of its majority stake generated cumulative gains exceeding RM500 million over a 10+ year holding period, marking a notable success in the regional Oil & Gas PE sector.
36.9%
Medispec Net IRR
The 2025 sale yielded a net IRR of 36.9% over approximately four years.
3.5x
Medispec MOIC
The 2025 sale yielded a 3.5x MOIC over approximately four years, alongside a revenue CAGR of 19.5% and EBITDA CAGR of 11.1% (FY2021–24).
3.4. Benchmarking & Awards
Recognition
Ekuinas was recognised among the Top 3 Southeast Asia PE Firms by Private Equity International in both 2018 and 2019, underscoring its strong governance and investment discipline.
Appendix: Key Detailed Data Table
RM5.0B
Funds Under Management (FuM)
As of FY2024, 19% annual growth.
RM4.9B
Cumulative Direct Investment
Up from RM4.5 billion prior year.
RM5.6B
Total Capital Deployed
Includes reinvestment.
1.1%
OPEX/FuM Ratio
Highly efficient for regional PE standards.
71
Number of Investments
48 direct, 23 outsourced; sector-diverse portfolio.
RM6.9B
Bumiputera Equity Created
1.6x capital invested (as of end-2024).
RM8.8B
Total Shareholder Value
2.0x of capital invested.
Top Recent EBITDA Growth
UNITAR: +77%, Medispec: +49%, Exabytes: +31% (FY2024)
Major Recent Exits
Icon Offshore: RM500m+ cumulative gain (2024)
Medispec: 36.9% IRR, 3.5x MOIC (2025)
Appendix: Ekuinas Governance, Leadership and Operating Model
Engagement Level
Significant ownership, active operational involvement, and close partnership with investee management.
Governance Tools
Utilizes robust performance tracking, frequent board reviews, KPI-driven improvement programs, and proactive issue escalation.
Talent and Incentive Alignment
Implements robust management incentivization (e.g., sweat equity) and leadership development initiatives to attract and retain top talent.
Mission Alignment
Ekuinas delivers on the government’s affirmative goals while strictly maintaining "investor-grade" financial discipline.
Value Generation
For every RM1 invested, Ekuinas has generated RM2 in shareholder value and over 1.6 times in Bumiputera wealth creation.