Malaysia: Quadria Capital Fund III Co-investment: Project Portofino (AIIB-000690-CI02)

Countries
  • Malaysia
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • Asian Infrastructure Investment Bank (AIIB)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Jul 7, 2026
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
Apex Healthcare Berhad
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Education and Health
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 4.70 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Loan Amount (USD)
$ 4.70 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 470.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Bank Documents
Primary Source

Original disclosure @ AIIB website

Updated in EWS Nov 11, 2026

Disclosed by Bank Sep 28, 2026

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to bank's website, the approved project aims to support the investors’ value-creation plan to broaden Apex Healthcare Berhad’s (the Company) therapeutic and consumer healthcare coverage and expand the geographic reach of its products. Accordingly, the Project is expected to improve the availability of high-quality but cost-effective generic medicines in the Southeast Asia region. The Project involves the take-private acquisition of Apex Healthcare Berhad, a Malaysia-headquartered pharmaceutical manufacturer and distributor with established operations in Malaysia and Singapore. The Company manufactures branded off-patent generic medicines and distributes both its proprietary and third-party healthcare products through an established distribution network. The Company offers cost-effective generic products that are increasingly relevant amid continued post-COVID medical cost inflation. Following the acquisition, the investors’ value creation plan targets to strengthen the availability of the generic products and broaden therapeutic coverage, and therefore enhance scale, portfolio breadth, and geographic reach of Apex’s healthcare products. This Project is expected to deliver positive social outcomes by improving health system resilience in the regional supply chain, promoting responsible business practices across the healthcare value chain, and ensuring that growth is pursued in a manner consistent with AIIB’s Environmental and Social Policy. 

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

The Project is a USD470 million take-private acquisition of Apex Healthcare Berhad led by Quadria Capital and other co-investors. AIIB’s investment is subject to execution of transaction documents and closing, anticipated to be approx. USD4.7 million, which includes a net investment amount of USD4.4 million plus other costs and expenses. 

Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

Apex Healthcare Berhad is a leading pharmaceutical group headquartered in Malaysia, specializing in the development, manufacturing, sales, marketing, distribution, and wholesaling of pharmaceuticals, consumer healthcare products, and medical devices. Founded in 1962 as a retail pharmacy in Melaka, it operates across Malaysia, Singapore, and over 20 countries worldwide. 

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
Quadria Capital Investment Management Pte. Ltd. Investor Education and Health invests in Apex Healthcare Berhad Client Education and Health

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Project Team Leader: Menglin Yang

Title: Investment Officer 

Email: menglin.yang@aiib.org 

Co Project Team Leader: Letian Zhang

Title: Investment Officer 

Email: letian.zhang@aiib.org 

ACCESS TO INFORMATION

You can submit an information request for project information at: https://www.aiib.org/en/contact/information-request/index.html

ACCOUNTABILITY MECHANISM OF AIIB

The AIIB has established the Accountability Mechanism for Project-Affected People (PPM). The PPM provides Òan opportunity for an independent and impartial review of submissions from Project-affected people who believe they have been or are likely to be adversely affected by AIIBÕs failure to implement the ESP in situations when their concerns cannot be addressed satisfactorily through Project level GRMs or AIIB Management processes.Ó Two or more project-affected people can file a complaint. Under the current AIIB policy, when the bank co-finances a project with another development bank, it may apply the other bank's standards. You can refer to the Project Summary Information document to find out which standards apply. You can learn more about the PPM and how to file a complaint at: https://www.aiib.org/en/about-aiib/who-we-are/project-affected-peoples-mechanism/how-we-assist-you/index.html

The complaint submission form can be accessed in Arabic, Bahasa Indonesia, Bengali, Chinese, English, Tagalog, Hindi, Nepali, Russian, Turkish, or Urdu. The submission form can be found at: https://www.aiib.org/en/about-aiib/who-we-are/project-affected-peoples-mechanism/submission/index.html

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How it works