25/02/2025
EPF's 9 subsidiaries siffered looses for 3 consecutive years
The companies that suffered losses are KWASA Europe S.à r.l, which recorded the highest loss of RM158.42 million in 2023, followed by Ameen Direct Equity I, L.P (RM25.61 million), KWASA Europe-I S.à r.l (RM14.40 million), Naungan Sentosa Sdn Bhd (RM11.88 million), Kwasa Utama Sdn Bhd (RM8.61 million), YTR Harta Sdn Bhd (RM2.70 million), Kwasa Singapore Duo Pte Ltd (RM1.36 million), PPNK - Harta Sdn Bhd (RM840,000) and Common Icon Sdn Bhd (RM390,000).
According to the audit report, three EPF subsidiaries, namely KWASA Europe, KWASA Europe-I and Naungan Sentosa suffered losses due to the capital structure of the subsidiaries, which are largely in the form of shareholder loans.
The Auditor-General's report 1/2025 (AG report) stated that the nine subsidiaries suffered losses of RM76.51 million in 2022 and RM49.76 million in 2021.