Private Acquisition Mandate — Important Notice

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Eastern Rajang Capital operates a private search fund mandate focused on the acquisition and operational development of SMEs in the Rajang corridor, Sarawak. We are not a fund manager, licensed capital market intermediary, or deposit-taking institution.

This website is intended solely for business owners considering succession or transition, professional deal intermediaries, and pre-qualified strategic partners who meet the definition of a Sophisticated Investor under the Capital Markets and Services Act 2007 (Malaysia).

Nothing on this website constitutes a solicitation of funds, an offer of securities, or financial advice. For private co-investment enquiries, please contact us directly via email.

SC Malaysia — Sophisticated Investor Criteria
Individual: Net assets exceeding RM 3 million (excluding primary residence), or gross annual income exceeding RM 300,000 in the preceding 12 months.
Entity: Net assets exceeding RM 10 million.

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Why Rajang Compliance
Sarawak, East Malaysia  ·  Private Acquisition Mandate

From Pre-SDE
to SDE to EBITDA:
Where the Rajang
Economy Gets Built.

We find businesses before the numbers are clean, acquire them at SDE multiples, and convert them into auditable, owner-independent EBITDA assets. That three-stage journey is the entire mandate.

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The Investment Thesis

Pre-SDE → SDE → EBITDA:
The Three Stages of Value

Most micro-SMEs in this corridor sit at Pre-SDE — cash is real but the numbers are informal, owner-tangled, and unauditable. Our mandate starts there and ends at institutional EBITDA.

1
Pre-SDE
Identify Before the Numbers Are Clean
Off-Market Origination  ·  Pre-Institutional Touch

We source businesses before they are packaged for sale — cash-flowing operations where the owner has never separated personal spending from business profit, and where no broker has yet arrived. This is where the real entry advantage is found.

  • Owner-operated, 10–25 year operating history
  • Revenue real, but financials informal and owner-tangled
  • No formal SDE or EBITDA calculation — priced on feel
  • Sourced through relationships, not brokers or listings
→
2
SDE
Acquire at SDE — Price the Job, Not the Asset
2.0× – 3.5× SDE  ·  Seller-Financed Structures

We acquire at SDE multiples — the valuation language of owner-operated businesses. At this stage, the business is still a job: the owner is the operations. That is by design. Buying a job at job prices is the entry point for the conversion that follows.

  • Structured LOI and due diligence on SDE basis
  • Seller financing covering the majority of consideration
  • Transition window with founder advisory arrangement
  • Baseline financial reporting initiated immediately at close
→
3
EBITDA
Build What the Market Will Actually Pay For
EBITDA-Based Valuation  ·  12–24 Month Transformation

SDE is what the owner takes home. EBITDA is what the market will pay for. We build EBITDA by formalizing supplier accounts, eliminating unrecorded cash, standardizing pricing, and installing a management layer that removes the owner from operations entirely.

  • Owner-independent: management-run, not founder-run
  • Auditable financials: monthly P&L, cash flow, EBITDA statement
  • EBITDA growth from cost and efficiency gains — not revenue assumptions
  • Eligible for trade sale, secondary buyout, or long-term hold
The Gap Between SDE and EBITDA — That's Where We Work

At Pre-SDE, the business has cash flows but no clean numbers. At SDE, we have a valuation basis — but we're still buying a job. The mandate is the journey from there to EBITDA: formalizing supplier accounts to lower costs, standardizing pricing to capture margin, eliminating unrecorded cash transactions, and installing the management layer that makes the business owner-independent. The result: the price we paid at SDE entry feels like 2× within 12–18 months — not because the valuation changed, but because the earnings expanded.

SDE is what the owner takes home. EBITDA is what the market will pay for. The gap between them is where we work.

3.5×
Entry Multiple
(SDE-based)
→
~2×
Effective Multiple
(Post-EBITDA Growth)
→
5–7×
Exit Multiple
(Institutional EBITDA)
Important — Illustrative Figures Only

The multiples shown (3.5×, ~2×, 5–7×) are illustrative scenarios based on our operational methodology. They do not represent guaranteed, projected, or historical returns for any specific investment. Actual outcomes will vary materially. This information is directed solely at Sophisticated Investors under CMSA 2007 Schedules 6 & 7 and does not constitute an offer of securities or financial advice.

Active Mandate Status

Currently evaluating three businesses across the corridor

We are presently in active evaluation across food & beverage and wholesale distribution — sectors with deep community roots, long operating histories, and real, recurring cash flows. Deal details are shared exclusively with attested partners following a direct private introduction.

3
Active mandates
under evaluation
F&B
Food & Beverage
primary sector focus
15+
Average years
in operation
Access to deal flow

Full mandate details — financials, deal structure, and co-investment terms — are available to verified partners only, shared directly and privately after an initial conversation.

Request a Private Introduction →

Pre-SDE to SDE.
SDE to EBITDA.

RM
Ringgit-denominated
regional focus
About the Firm

The full journey: Pre-SDE, SDE, and EBITDA

Eastern Rajang Capital finds businesses before the numbers are clean, acquires them at SDE multiples, and builds them into auditable, owner-independent EBITDA assets — in the Rajang corridor of Sarawak, where no institutional firm is looking.


We specialize in businesses generating RM100,000 to RM200,000 in annual SDE. That is a deliberate choice. At this level, competition from institutional buyers is negligible, entry valuations reflect a job — not an asset — and the conversion to EBITDA creates compounding, measurable value.


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Investment Thesis

The three-stage
value journey.

Every acquisition we make starts at Pre-SDE — informal, owner-tangled, undervalued. We price it at SDE, acquire it at a job multiple, and convert it into EBITDA. That is the entire thesis, applied to a single well-defined corridor where institutional capital is absent.

I
Micro-Buyouts at SDE — Before Anyone Else Looks

Across the Rajang corridor, a generation of founder-operators is approaching the end of their working lives with no natural successor and no formal books. These businesses are priced on SDE — what the owner takes home — because that is the only number that exists.

We arrive before the broker does. We acquire at SDE multiples — 2–4× — with seller-financed structures that reflect the job-like nature of the business at entry. The EBITDA conversion is the work that follows.

Pre-SDE sourcing SDE acquisition 2–4× entry multiple Seller-financed
II
The SDE-to-EBITDA Conversion — Where Value Is Built

SDE is what the owner takes home. EBITDA is what the market will pay for. The gap between them — owner add-backs, informal cash, undocumented supplier terms, key-person dependency — is where our operational work creates value that no financial engineering can replicate.

We build EBITDA by installing systems, formalizing accounts, documenting processes, and replacing owner dependency with a management layer. These changes alone — without heroic growth assumptions — expand earnings and unlock institutional exit valuations.

System implementation EBITDA formalization Owner-independence Earnings expansion
Our Approach

Pre-SDE to SDE
to EBITDA.

We originate before the numbers exist, acquire when the business is still a job, and build until it is an asset. Each stage demands a different discipline — and we apply all three.

01
Pre-SDE Origination

We find businesses before they are packaged for sale — directly, through local relationships, off-market. At this stage, the cash is real but the numbers are informal. That is the point. We price what we find, not what a broker presents.

02
SDE Acquisition — Buying the Job

We acquire at SDE multiples — 2.0×–3.5× — using seller-financed structures that align incentives with the founder. At entry, the business is owner-dependent by design. We buy a job at job prices. The conversion starts the day we close.

03
Stabilization — Continuity Before Change

Immediately post-acquisition, we retain staff, maintain client relationships, and ensure the business operates without disruption. We do not restructure before we understand. The baseline financial reporting we initiate here becomes the foundation for everything that follows.

04
EBITDA Conversion — Building the Asset

We install POS systems to capture unrecorded cash, formalize supplier accounts to improve margin structure, document processes to transfer founder knowledge, and install a management layer to remove owner dependency. SDE becomes EBITDA. The job becomes an asset.

Target Sectors

Businesses with durable demand

We focus on sectors with recurring or predictable revenue, loyal customer bases, and straightforward operations. Complexity is a risk at this scale. We prefer businesses that are simple, essential, and defensible.

B2B Services

Maintenance contracts, facilities management, and essential services with recurring, predictable income streams.

Professional Services

Accounting, secretarial, training, and specialist advisory practices with established client relationships.

Local Commerce

Community-rooted FMCG, food businesses, and retail operators serving consistent, captive demand along the corridor.

Why This Region

The Rajang corridor advantage

Underserved by institutional capital

Formal capital has little presence in this corridor. That gap is precisely where patient, informed investors have the most durable advantage.

Strategic inland trade geography

The Rajang River is Malaysia's longest inland trade route. Infrastructure development and port expansion position the region for long-term growth.

Fragmented industries ripe for consolidation

Most industries in this corridor are served by small, independent operators. Disciplined roll-up and partnership strategies can create outsized value.

Information asymmetry advantage

Our on-the-ground presence and community relationships provide access to information that remote investors simply cannot obtain.

Who We Work With

Built for those who understand the gap

Strategic Partners
Co-invest in the SDE-to-EBITDA Journey

Pre-qualified strategic partners participate alongside our own capital on a deal-by-deal basis. You see the acquisition at SDE, the operational plan, and the projected EBITDA conversion. All enquiries are handled privately and directly via email.

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Business Owners
Your SDE has built something real. Let us build what comes next.

If you have spent years building a business and the cash flow is real but the books are informal — you are exactly who we look for. We offer a structured transition that respects what you built and converts it into something that outlasts you.

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Begin a conversation →
Deal Intermediaries
Submit a Pre-SDE or SDE Business to Our Mandate

We work with accountants, lawyers, brokers, and community intermediaries with visibility into owner-operated businesses at the Pre-SDE or SDE stage. Our mandate is clearly defined — if the books are informal but the cash is real, we want to hear about it.

Submit a Deal →

"SDE is what the owner takes home.
EBITDA is what the market will pay for.
The gap between them is where we work."

Eastern Rajang Capital  —  Investment Mandate
About Eastern Rajang Capital

We find the job.
We buy the job.
We build the asset.

Eastern Rajang Capital is a private acquisition firm anchored in the Rajang corridor of Sarawak. Our mandate is singular and specific: find businesses at Pre-SDE, acquire them at SDE multiples, and convert them into auditable, owner-independent EBITDA assets. The gap between SDE and EBITDA is where we work — and where value is built.


Entity Status:

Eastern Rajang Capital operates as the strategic acquisition brand for Majetika Ventures. All initial Letters of Intent (LOI) and Due Diligence operations are executed by Majetika Ventures as the lead sponsor.

Our Regional Focus

The Rajang corridor

The Rajang River—Malaysia's longest—serves as the primary artery of trade, commerce, and community across interior Sarawak. From Kapit to the coast, it connects a network of towns, communities, and businesses that have sustained the region's real economy for generations.


This corridor is underserved by institutional capital, yet possesses the commercial fundamentals that disciplined investors look for: stable demand, defensible local businesses, fragmented industries, and a population deeply tied to the enterprises that serve them.


We have built deep roots across this corridor. Our presence is not transactional—it is relational, spanning years of community engagement, local enterprise discovery, and earned trust.

Our Philosophy

SDE is a job.
EBITDA is an asset.

We do not operate as a traditional investment firm. We are operators first. The businesses we acquire are bought as jobs — owner-dependent, informally run, valued on what the founder takes home. We convert them into something the market will pay a multiple for.


That conversion is not financial engineering. It is proximity: to the business, to the people who run it, and to the community it serves. You cannot build EBITDA from a distance. You build it by being there.


We are patient. The Pre-SDE to SDE to EBITDA journey takes 12–24 months done properly. We do not rush it, and we do not cut corners on the operational work that makes it real.

Principle I
Capital should follow understanding,
not the other way around

We do not deploy capital into businesses we do not understand deeply. Every investment is preceded by a thorough, context-specific process that respects the complexity of frontier market businesses.

Principle II
Operators make better investors
in operational businesses

The operator behind ERC has direct, hands-on experience starting and running businesses in this region — not as a manager, but as the person responsible when things go wrong. That perspective shapes every investment decision made here.

Principle III
Succession is not an exit—
it is a transition of stewardship

When we acquire a legacy business, we become its stewards. We take that responsibility seriously: preserving what was built, and building what comes next.

Principle IV
Community alignment is not
optional—it is foundational

Businesses in this corridor are woven into their communities. We invest with awareness of that fabric, and we seek to strengthen it rather than disrupt it.

Raphael Anak Kassim — Founder, Eastern Rajang Capital
Raphael Anak Kassim
Founder & Operator
Kanowit · Miri · Kuching · Sibu
Rajang Corridor, Sarawak
Origins

Sarawak-born and corridor-raised — Kanowit, Miri, Kuching, and back again. I grew up moving between towns along this region, which means I understand, better than most, that every part of Sarawak has its own economy, its own rhythm, and its own way of doing things.

(And its own noodles. You cannot get proper Mee Kampua in Miri. I have tried.)

Background

Before Eastern Rajang Capital, I ran businesses the way most people in this corridor do — sole proprietorships, government tenders, a creative agency, a palm oil contracting operation. I also managed a talent and grew her following from zero to 100,000 — a process that taught me more about building trust, consistency, and audience than any business school could. When the strategy called for a move to the west side, the deals followed.

I started things, learned what works, understood what breaks. None of it was institutional. All of it was real.

Why This Mandate

What drives this mandate isn't a financial model. It's something more personal. The businesses I grew up around — the kedai, the contractor, the supplier everyone in the neighbourhood depended on — most of them are still there. Same owner. Same operation. No succession plan. No one coming after.

I find that painful. Not because the businesses are failing — they're not. They are still cash-flowing, still trusted, still needed. But they are one retirement away from disappearing. And that loss doesn't show up in any economic report.

My belief is simple: when a group of these businesses share the same back-end — the same bookkeeping infrastructure, the same technology, the same operational systems — they become something the market will actually pay attention to. Right now they are invisible because they are informal. Formalise them, connect them, and the corridor starts to look like what it already is: a real, functioning economy that just hasn't been properly introduced to capital yet.

How I Operate

My role here is not to be the smartest person in the room on every subject. The technical work, the legal structure, the operational systems — those get delegated to the right people. What cannot be delegated is trust.

What I do — what I have to do personally — is sit across from a business owner who has spent 20 years building something, and speak to them with honesty and dignity. Not as an investor. Not as an acquirer. As a human being who understands what it took to build what they built, and who genuinely wants to see it continue.

You don't have to be the right person to do every piece of the work. You have to be the right person in the room.
What I Believe

A business should give you your life back, not take it away. If the only way a business performs is because the owner shows up every single day, that is not a business. That is a job with extra steps.

I would rather see lower returns from a business that runs itself than strong numbers that depend on someone sacrificing time with their family to produce them. When I acquire a business, my goal is to build something that works without me — and more importantly, without you.

That is what owner-independence actually means. Not a KPI. A life.

Investment Strategy

Micro-buyouts.
A deliberate choice.

Eastern Rajang Capital focuses on acquiring and building small, cash-flowing businesses generating between RM100,000 and RM200,000 in annual EBITDA. This is a segment that most institutional investors overlook entirely. That overlooked status is the foundation of our strategy.

I
Why Micro-Buyouts
The case for the overlooked segment

The lower end of the SME market presents a structurally compelling investment opportunity—not despite its size, but because of it. Institutional capital sets minimum deal thresholds that exclude this segment entirely. Private equity firms require deployment scale that makes RM100,000–RM200,000 EBITDA businesses commercially irrelevant to their mandates. That leaves a large, productive, and financially viable segment of the economy with no access to professional capital or operational expertise.

We believe this structural gap, combined with the Rajang corridor's specific characteristics, creates an investment environment with attributes that are increasingly rare: limited competition, direct founder access, attractive entry pricing, and meaningful operational upside from basic improvements that were never made.

The structural advantage

  • No meaningful competition from institutional or private equity capital at this EBITDA level
  • Direct, unmediated access to founders and owners — no broker intermediaries
  • Entry valuations typically 2× to 4× EBITDA, reflecting scarcity of informed buyers
  • High operational improvement potential from basic systems and process changes
  • Businesses with loyal, captive customer bases and long operating histories

Entry multiple range is illustrative of observed deal pricing in comparable markets. Not a guarantee of future acquisition terms or investment returns.

II
Operational Arbitrage
Where we create the most value

The majority of businesses in our target segment operate without formal systems. Financial records are maintained manually or informally. Pricing is set by instinct rather than structure. Workflows exist in the founder's memory rather than documented processes. Customer and supplier relationships live in a single person's phone.

This is not evidence of a bad business. It is evidence of a business built by a capable operator who had no reason to invest in infrastructure that was not required to survive. Our role is to provide exactly that infrastructure—and the earnings expansion that follows is, in most cases, material — driven by operating improvements rather than market or revenue assumptions.

Our operational focus areas

  • Basic accounting and management reporting — monthly P&L, cash flow visibility
  • Process documentation and standardization — reducing key-person dependency
  • Workflow and scheduling systems — improving labor and asset utilization
  • Pricing structure and contract formalization — protecting and improving margins
  • Financial record integrity — enabling the business to attract further capital or credit
III
How We Structure Acquisitions
Flexible, aligned, and seller-friendly

We recognize that business owners at this level are not simply selling an asset—they are handing over something they built, often over decades. Our deal structures are designed to reflect that reality. We do not require large upfront cash settlements, and we do not impose abrupt ownership transitions.

Instead, we use structures that allow the seller to participate in the business's continued success, preserve continuity for staff and customers, and reduce the upfront capital burden on both sides. This alignment is not just ethical—it is structurally sound. A seller who remains invested in the outcome is a better transition partner.

Typical structures

  • Partial upfront acquisition using internal capital, with seller financing covering the balance
  • Earn-out arrangements over two to three years, linked to business performance
  • Gradual ownership transition with the founder retained in an advisory capacity
  • Management retention incentives for key non-founder employees
  • Shareholder loan structures where appropriate to preserve flexibility
IV
What We Look For
Target business profile

We are not generalists. We have a clear picture of the type of business we seek, and we apply consistent criteria to every evaluation. Our focus is on businesses that are fundamentally sound—with real customers, real cash flow, and a real operating history—but that remain under-optimized due to the absence of structure, systems, or a successor.

Business characteristics

  • Annual EBITDA between RM100,000 and RM200,000, with consistent performance over at least three years
  • Recurring or highly predictable revenue — service contracts, repeat customers, essential goods
  • Loyal, established customer base with limited churn
  • Simple, understandable operations that do not require specialist expertise to manage
  • Founder approaching succession without a natural internal successor
  • Operating in the Rajang corridor or broader Sarawak interior

Priority sectors

  • B2B maintenance, cleaning, and facilities management with contract-based revenue
  • Specialized education and skills training centers serving local demand
  • Accounting, bookkeeping, and corporate secretarial practices
  • Property management and essential local services
  • Community-serving FMCG distribution and food businesses
V
Risk Discipline
Execution is the primary risk

At this scale, the most significant investment risk is not market risk or macroeconomic exposure—it is execution risk. The ability to transition a business from owner-dependent to system-driven operations, without disrupting cash flow or losing key relationships, determines whether value is created or destroyed.

We take execution risk seriously. Our diligence process is designed to identify it early, and our post-acquisition work is designed to address it systematically. We do not acquire businesses we cannot operate.

How we manage execution risk

  • Thorough key-person dependency analysis before any acquisition
  • Verified true cash flow — not reported earnings, but actual, sustainable profitability
  • Gradual ownership transition to maintain continuity and relationship stability
  • Early focus on operational documentation before any structural changes
  • Retention of experienced staff throughout the transition period
Our Approach

An execution-focused model
for micro-buyouts

We do not deploy capital and wait. We apply a five-stage model built specifically for the realities of acquiring and building small businesses in the Rajang corridor—where execution discipline, not financial engineering, creates returns.

01
Proprietary Sourcing — Direct and Relationship-Driven

Businesses generating RM100,000–RM200,000 in annual EBITDA do not appear in deal databases or on broker lists. They are found through direct outreach, community relationships, and the kind of local presence that takes years to build.

Our sourcing is entirely proprietary. We conduct structured direct outreach to business owners across the corridor, maintain ongoing relationships with local networks, and position ourselves as a known and trusted buyer in communities where reputation matters more than any other qualification.

  • Direct outreach to founder-operators in target sectors and towns
  • Referral networks across professional, trade, and community channels
  • Long-term relationship cultivation — not transactional prospecting
  • Indigenous and rural enterprise discovery at the district level
  • No reliance on business brokers or third-party intermediaries
02
Due Diligence — Calibrated for This Scale

We apply rigorous but proportionate diligence to every opportunity. At this business size, formal documentation is often limited. Our process is designed to work with that reality—triangulating information from multiple sources, validating cash flow through direct observation, and assessing key-person risk before any commitment is made.

We do not require a business to present itself in institutional format before we can evaluate it. We have the experience to see what is there—and equally, to identify clearly what is not.

  • True cash flow verification — bank statements, supplier invoices, customer contracts
  • Key-person dependency mapping and risk assessment
  • Operational observation — we visit and spend time in the business
  • Customer and supplier relationship assessment
  • Regulatory, licensing, and land-use review where relevant
  • Transition feasibility — can this business run without the founder?
03
Structured Acquisition — Aligned Incentives

Our acquisition structures are designed to minimize upfront capital requirements while maximizing alignment with the seller. We use partial acquisition with seller financing, earn-out arrangements, and gradual ownership transitions that allow the founder to remain connected to the outcome.

This approach is not simply a matter of capital efficiency—it is strategically sound. A seller who retains a financial interest and an advisory role during the transition period is a fundamentally better partner than one who has been fully cashed out and disengaged.

  • Partial upfront acquisition using internal capital
  • Seller financing covering the balance over two to three years
  • Performance-linked earn-outs where appropriate
  • Founder advisory arrangements during the transition period
  • Management retention incentives for non-founder key staff
04
Operational Stabilization — Continuity First

In the immediate post-acquisition period, our priority is continuity. We retain existing staff, maintain client and supplier relationships, and ensure the business operates without disruption. We do not restructure before we understand, and we do not change what does not need changing.

This phase is deliberate and unhurried. It is also when we are learning most about how the business actually works—information that no amount of pre-acquisition diligence can fully provide.

  • Full retention of existing staff throughout the transition window
  • Active maintenance of key customer and supplier relationships
  • No structural changes until operational understanding is established
  • Founder present and accessible during the transition period
  • Financial reporting initiated immediately to establish baseline visibility
05
System Implementation & Professionalization

Once the business is stable and we have a clear operational picture, we begin the work of building the systems and processes that were never put in place. This is where the majority of value creation occurs—and it is, by design, methodical and incremental rather than dramatic.

We do not impose templates. We build what each specific business needs, starting with the highest-leverage changes and working outward. The goal is not a perfect organization chart—it is a business that runs reliably, reports accurately, and can grow without depending on any single person.

  • Monthly management accounts and cash flow reporting
  • Process documentation and standard operating procedures
  • Workforce scheduling and utilization tracking
  • Pricing structure and contract formalization
  • Workflow systems appropriate to the business's size and complexity
  • Gradual capacity-building for post-transition management
—
Our role is not passive ownership.

At every stage of this model, we are directly involved. We are not a fund that deploys capital and monitors from a distance. We are operators who have made a long-term commitment to a specific business, in a specific community, and we approach that commitment accordingly.

The businesses we acquire are not portfolio positions to be managed. They are enterprises to be built—with the same care and discipline that their founders applied when they were starting from nothing.

Why Eastern Rajang

Where Pre-SDE businesses are everywhere

The Rajang corridor has hundreds of cash-flowing businesses that have never seen a clean set of accounts. The SDE is real. The EBITDA potential is real. The institutional capital to do anything about it — nonexistent.


That absence is the entire thesis.

"SDE is what the owner takes home. EBITDA is what the market will pay for. In the Rajang corridor, every owner-operated business sits in the gap between those two numbers — and no one has been working that gap until now."

Investment Rationale — Eastern Rajang Capital
Underserved Capital Markets

Formal investment capital has virtually no presence in interior Sarawak. Businesses that meet institutional quality thresholds cannot access institutional capital—a structural gap that has persisted for decades and shows no sign of closing without deliberate regional focus.

Strategic Inland Trade Geography

The Rajang River is Malaysia's longest river and the primary inland trade route for the interior of Sarawak. Infrastructure expansion—including upgrades to the Rajang Port Authority's network—is progressively integrating this corridor with national and global trade flows.

Fragmented Industries

Most commercial sectors in this corridor are served by small, independent operators with no institutional structure. This fragmentation creates clear consolidation and roll-up opportunities for a disciplined investor with operational capability and regional credibility.

Information Asymmetry Advantage

The most valuable intelligence about businesses in this market is not available in databases or financial reports. It exists in relationships, in community networks, and in the kind of knowledge that only comes from years of on-the-ground presence. This is our edge, and it is not replicable.

High Barriers to Entry

The combination of geographic distance, cultural complexity, and the relational nature of deal sourcing creates significant barriers for outsiders. These same barriers protect the investments we make from competitive disruption once established.

Succession Wave Underway

A significant proportion of the corridor's established businesses were built by a single generation of entrepreneurs who are now approaching retirement age. This succession wave, unfolding across the next decade, will create a sustained pipeline of transition investment opportunities.

Contact & Enquiries

Direct. Unhurried.
Real conversations only.

We do not have a formal intake process. We prefer direct conversation. Whether you are a business owner considering your options, a deal intermediary, or someone who understands the private acquisition space and wants to learn more about what we do — reach out directly.

For Business Owners
Considering succession or transition?

If you have built something valuable and are thinking about the next chapter — whether that is stepping back, ensuring continuity, or finding a partner who will care for what you have built — we offer a confidential, unhurried conversation.

There is no pressure and no obligation. We simply want to understand your situation and explore whether there is a shared path.

Not sure where to start?

Use our valuation tool first. Enter your numbers — formal or informal — and get an indicative idea of what your business could be worth. It takes 5 minutes and there's no obligation.

Estimate your valuation →
hello@easternrajang.my Subject: Business Owner Enquiry WhatsApp Raphael directly Preferred for first contact — responds personally
For Deal Intermediaries
Know a business that fits our mandate?

If you represent a business owner considering a transition, or you work in the brokerage or advisory space and have a mandate that fits our profile — B2B services, professional services, local commerce, Sarawak-based, RM100K–RM200K EBITDA — we want to hear from you.

We respond to every credible intermediary introduction personally and operate under NDA as standard.

hello@easternrajang.my Subject: Deal Intermediary Enquiry WhatsApp directly → +60 11-1525 5798
General Enquiries
Want to understand what we do?

Eastern Rajang Capital is an operator-led acquisition vehicle focused on the Rajang corridor. We engage selectively with business owners, deal intermediaries, and individuals familiar with the private acquisition space.

All enquiries are treated with discretion. We will respond within 48 hours.

hello@easternrajang.my Subject: General Enquiry WhatsApp directly → +60 11-1525 5798
Primary Contact
hello@easternrajang.my
WhatsApp
+60 11-1525 5798
Regional Base
Rajang Corridor, Sarawak, Malaysia
Response Time
All enquiries acknowledged within 48 hours
A note on confidentiality

We understand that conversations about succession, business transition, or acquisition are sensitive. All enquiries to Eastern Rajang Capital are treated with complete confidentiality in accordance with the Personal Data Protection Act 2010 (Malaysia). We do not disclose the identity of enquirers or the nature of conversations to any third party without explicit consent.

Questions Business Owners Ask

The things people want to know
before they reach out

Do I need formal accounts or clean books to talk to you?
No. Most of the businesses we speak with have informal records — a single bank account, a rough spreadsheet, or nothing written down at all. That is normal for businesses at this stage, and it is not a barrier to a conversation. We reconstruct the numbers ourselves during due diligence. If the cash is real, the books can be cleaned up.
What is a "seller note" — does it mean I wait years to get paid?
A seller note means part of the purchase price is paid to you over time — typically 12 to 24 months — rather than all at once on closing day. You receive a meaningful upfront payment (usually 50–65% of the agreed price), and the remainder comes in structured payments. It is not a risk to you — the note is a legal obligation we are bound to, and it aligns our interests: we succeed when the business succeeds, which is exactly what you want from a buyer.
Can I stay involved after the sale?
Yes, and we usually prefer it. Most transitions include a 6 to 12 month advisory arrangement where you stay connected — introducing us to key clients, guiding the team, and helping us understand how things actually work. After that, you choose your level of involvement. Some owners step away completely. Others stay on in a part-time advisory capacity indefinitely. There is no pressure either way.
Will anyone find out I'm thinking about selling?
Not from us. We treat every conversation as completely confidential from the first contact. We do not share the identity of anyone who enquires with us, and we do not discuss specific business situations with any third party without your explicit written consent. We understand that in a small corridor town, news travels fast — discretion is not a courtesy for us, it is a requirement.
What happens to my staff after an acquisition?
Staff continuity is one of our priorities, not an afterthought. We acquire businesses to run them properly, not to strip them. Your team is part of what makes the business work, and we have no interest in dismantling that. In every acquisition, we formalise employment contracts for all staff — many of whom have never had one — and we work to build a structure where they have a clearer role and better security than they did before.
How long does the whole process take?
From first conversation to signing, typically 60 to 90 days. We do not rush, and we do not drag things out. The first conversation is just a conversation — no paperwork, no commitment. If it feels like a fit, we move to an in-person visit and a review of your financials. From there, we produce a Letter of Intent with a clear price and structure. Legal completion usually takes 30 to 45 days after that.
Case Studies

Investment approach in practice

Illustrative examples of the types of businesses we seek to partner with, and how we work to create durable value over time.

These scenarios are illustrative — they do not name specific businesses or disclose actual transaction details. They are drawn from the types of situations we encounter regularly in the Rajang corridor and reflect our real methodology, not hypothetical strategy.
Succession
01
Succession Acquisition — Small Cleaning & Maintenance Contractor
B2B Services  ·  Rajang Corridor
Situation

A sole-proprietor cleaning and building maintenance business operating across three commercial premises in a mid-sized town along the corridor. The owner had run the business for over fifteen years, built a stable book of recurring B2B contracts, and generated approximately RM130,000 in annual EBITDA. He was approaching his mid-sixties with no family member willing to take over and no obvious internal candidate.

The business was genuinely sound—client retention was high, contracts were renewed annually, and the owner's reputation for reliability had insulated it from local competition. The risk was not commercial. It was entirely transitional.

Key Challenges
  • All client relationships held personally by the owner — no secondary contact established
  • Scheduling and job allocation managed entirely from memory, with no written records
  • Financial records limited to a single bank account; no separation of business and personal cash flow
  • Staff of six had no formal employment contracts or job descriptions
  • No pricing schedule — rates quoted informally and inconsistently across clients
Our Approach
  • Acquisition structured at approximately 3× EBITDA, with 60% upfront and the balance over 24 months via seller note
  • Seller retained as a part-time consultant for 12 months to introduce us to each client personally
  • Simple job-scheduling system introduced using an off-the-shelf tool appropriate to the team size
  • Employment contracts and basic HR documentation formalized for all six staff
  • Standardized pricing schedule developed and communicated to all existing clients at renewal
  • Separate business bank account and monthly bookkeeping established from day one
Value Creation
  • All six existing client contracts renewed without loss following the transition
  • Standardized pricing resulted in a meaningful improvement in average contract value
  • Scheduling system reduced idle time and improved staff deployment efficiency
  • Business now operates entirely without founder involvement; management accounts produced monthly
Outcome
A stable, professionally managed service business operating independently of its founder, with documented processes, formalized contracts, and the operational foundation to pursue additional clients and grow its geographic footprint.
Operational Transformation
02
Operational Transformation — Small Accounting Practice
Professional Services  ·  Sarawak Interior
Situation

A two-person accounting and bookkeeping practice serving small businesses, traders, and sole proprietors in a district town. The founding accountant had operated independently for over twelve years, building a loyal client base of approximately forty active accounts. Annual EBITDA was approximately RM110,000—consistent and predictable, but the practice had not grown meaningfully in several years.

The founder was not looking to exit entirely. She wanted a partner who could help modernize operations, reduce her personal workload, and enable the practice to take on clients she was currently turning away.

Key Challenges
  • All client work managed personally by the founder; no capacity to delegate
  • Practice operated entirely on desktop software; no cloud-based workflow or document management
  • Billing informal and irregular — clients often paid late without consequence
  • No formal client onboarding process or engagement letter templates
  • Turning away new clients due to capacity constraints rather than lack of demand
Our Approach
  • Minority acquisition structured to give the founder liquidity while maintaining her operational role
  • Migration to cloud-based accounting software to enable remote work and client file-sharing
  • Standardized engagement letters, billing schedules, and client onboarding templates introduced
  • Hired and trained one junior bookkeeper, supervised by the founder, to expand delivery capacity
  • Billing cycle regularized; automated payment reminders reduced average debtor days significantly
Value Creation
  • Practice capacity increased materially; founder now works fewer hours on lower-complexity work
  • Eight new clients onboarded in the first year without compromising service quality
  • Debtor days reduced from an average of 45 to under 20 through systematic billing
  • Practice positioned to grow further or be transferred as a documented, system-run operation
Outcome
A modernized, capacity-expanded professional practice with systematic operations, a growing client base, and a founder who retained meaningful ownership while substantially reducing her personal workload.
Micro-Buyout
03
Succession Acquisition — Family-Run Hardware Retailer
Local Commerce  ·  Rajang Corridor
Situation

A hardware and building materials retailer operating from a single shophouse in a small inland town. Founded over twenty years ago by a husband and wife, the business served a loyal base of local contractors, small builders, and households. Annual EBITDA of approximately RM160,000 had remained stable for several years. The founders' children had left the town and had no interest in returning to run the shop.

The founders were not in any urgency to sell, but they were aware that without a plan, the most likely outcome in the coming years was closure. They wanted a buyer who would keep the business open, retain their one full-time staff member, and treat what they had built with respect.

Key Challenges
  • Inventory managed entirely by memory — no stock tracking or reorder system
  • Cash sales unrecorded; actual revenue higher than reported but unverifiable without direct observation
  • No supplier accounts formalized; purchasing done on a spot basis at higher cost
  • Opening hours irregular, dependent on the founders' availability
  • Shophouse lease informal; required formalization as part of any acquisition
Our Approach
  • Acquisition at approximately 3.5× verified EBITDA, with 50% upfront and the balance over 18 months
  • Three-month observation period prior to closing to verify cash flow through direct daily presence
  • Simple point-of-sale system introduced to record all transactions and track inventory movement
  • Formal supplier accounts established with two primary distributors, securing better pricing and credit terms
  • Fixed operating hours established and maintained; existing staff retained and given a defined role
  • Lease formalized and renewed for a three-year term
Value Creation
  • Full transaction visibility established; all sales recorded and reconciled daily
  • Supplier account terms reduced cost of goods, improving gross margins
  • Inventory system eliminated stockouts on high-frequency items, improving customer experience
  • Consistent opening hours increased walk-in trade; business now operates without daily owner presence
Outcome
A consistently profitable local retailer with full financial visibility, formal supplier relationships, reliable operations, and a clear identity as a permanent fixture in its community — no longer dependent on its founding family to function.
Succession
04
Succession Acquisition — Established Family-Owned Restaurant
Food & Beverage  ·  Rajang Corridor
Situation

A husband-and-wife team operating a staple local eatery for over 25 years. The restaurant enjoyed a loyal multi-generational customer base and consistent cash flows but operated with minimal formalization. The owners sought a full exit to retire and move closer to family, but lacked a natural successor or the formal books required for a traditional sale.

Key Challenges
  • Critical knowledge (recipes and procurement) held solely by the couple
  • Informal staffing and high dependency on the owners' daily presence
  • Significant unrecorded cash revenue making institutional valuation impossible
  • Manual inventory tracking and lack of standardized portions or pricing
Our Approach
  • Acquisition structured with 30% upfront payment, with the 70% balance via a performance-linked seller note over 3 years
  • Three-month handover period focused on recipe documentation and "kitchen manual" development
  • Implementation of a modern POS and inventory management system to capture all revenue streams
  • Formalized employment contracts and the appointment of an on-site manager
  • Supplier account formalization to improve gross margins and inventory consistency
Value Creation
  • Preserved the brand heritage through standardized operating procedures (SOPs)
  • Increased net margin through waste reduction and structured procurement
  • Achieved full financial transparency, making the business eligible for commercial credit
  • Successful transition to owner-independent operations within 18 months
Outcome
A localized F&B institution successfully professionalized, maintaining its community essence while achieving audited financial transparency and a clear path for future expansion or secondary exit.
How It Works

From Grassroots to Institution:
The Journey of a Rajang Business

Every business we acquire begins as a handshake, a rumour, a name mentioned over coffee in a corridor town. It ends — if we do our job properly — as a professionally managed, owner-independent asset with clean books and a clear future. This is how that journey works.

01
Grassroots Scouting

Find the deal
before it becomes a deal

We do not wait for listings. We do not rely on brokers. The businesses we seek are not for sale — not yet. They are discovered through years of presence in the corridor: relationships with traders, contractors, community elders, and the quiet conversations that happen long before any transition is considered.

  • Off-market origination — no broker, no auction, no competition
  • Relationship-built access to founders who trust before they transact
  • Years of community presence across the Rajang corridor
  • Pattern recognition: spotting the right business before the owner has decided to sell
Arriving before the listing — the Rajang corridor
Discovery → Acquisition
02
Acquire the Job

Buy it at what it is,
not what it could be

At this stage, the business is a job. The founder is the product. Cash flows through one person's relationships, memory, and daily presence. We buy at SDE multiples — what the owner takes home — because that is honestly what the business is worth before we get involved. We never overpay for potential we haven't earned yet.

  • Entry at 2× to 4× SDE — reflecting genuine pre-institutional value
  • Structured payments: partial upfront, remainder via seller note over 12–24 months
  • Observation period before closing to verify actual cash flow
  • Founder retained as consultant during the transition window
130,000 148,000 112,000 The agreement — trust before transaction
Acquisition → Formalisation
03
Clean & Formalise

Make the informal
legible

Most businesses in our target segment are operationally sound but financially invisible. Cash is real, customers are loyal, the work gets done — but none of it is written down in a way that anyone outside the founder's head can verify or build upon. Our first job after acquisition is translation: turning what exists into something that can be read, measured, and managed.

  • Separate business and personal accounts from day one
  • Monthly P&L and cash flow reporting introduced
  • Staff contracts, supplier agreements, and client retainers formalised
  • Pricing schedule standardised and communicated
  • Basic systems: scheduling, inventory, billing — right-sized for the operation
Making the numbers legible — before they become institutional
Formalisation → Growth
04
Build the Team

Replace the founder
with people, not systems

Systems alone do not run businesses. People do. After the operational foundation is built, we hire deliberately — one right person at a time — to replace the functions the founder held in his head. A site supervisor. A billing clerk. A junior manager. Each hire expands the business's capacity and reduces its dependency on any single individual, including us.

  • Hire for the specific gap the founder's exit created
  • Train against documented processes — not personal instruction
  • Build accountability structures before expanding headcount
  • Promote from within where the capability exists
  • The goal: a business that runs without the operator on-site
MGMT OPS FIN SVC SDE → EBITDA Building the team that runs the business
Operations → Institution
05
The EBITDA Asset

A job becomes
an institution

When we are finished, the business produces consistent, auditable earnings that no longer depend on any single person — not the founder, not us, not any individual employee. Monthly management accounts are produced. Systems run without being watched. The business exists independently of whoever started it. That is the conversion from SDE to EBITDA. That is where institutional value is found.

  • Clean, auditable financials — monthly management accounts as standard
  • Owner-independent operations — no key-person risk
  • Documented systems that survive any individual's departure
  • A business valued on earnings multiple, not personal goodwill
  • The foundation for further growth, additional capital, or a structured exit
EASTERN RAJANG A business that outlives its founder — the corridor institution
Our Conviction

The Rajang economy is built
one business at a time.

We are not financial engineers. We are operators who believe that the most durable value is created by people who are present — in the community, in the business, and in the work. The Pre-SDE to EBITDA journey cannot be done from a distance. It takes proximity, patience, and trust.

If you own a business
in the Rajang corridor

Not ready to talk yet? Start with the valuation tool — enter your numbers and see what your business could be worth. When you're ready, we're here for an honest, unhurried conversation.

Estimate Your Valuation → Or begin a conversation →
Compliance & Regulatory Framework

Disclaimer, Legal Status
& Regulatory Position

This page sets out the regulatory status of Eastern Rajang Capital, the legal basis on which we engage with partners and business owners, and the limitations that apply to information provided through this website and through our private communications.

Entity Status
Eastern Rajang Capital is a Private Search Fund and Acquisition Vehicle

Eastern Rajang Capital is a privately held acquisition entity operating a search fund mandate focused on the acquisition and operational development of micro-SMEs in the Rajang corridor, Sarawak, Malaysia.

We are not a fund manager, licensed capital market intermediary, registered investment adviser, collective investment scheme, or deposit-taking institution. We do not hold, and are not required to hold, any licence or authorization from Bank Negara Malaysia (BNM) or the Securities Commission Malaysia (SC) in relation to our acquisition activities.

Eastern Rajang Capital does not raise money from the public. All engagement with co-investors and strategic partners is conducted privately, bilaterally, and exclusively with individuals or entities who meet the Sophisticated Investor criteria under Schedule 6 and Schedule 7 of the Capital Markets and Services Act 2007 (Malaysia).
Sophisticated Investor Exemption
Basis for Private Co-Investment Engagement

Where Eastern Rajang Capital engages with co-investors or strategic partners, such engagement is conducted under the Sophisticated Investor exemptions provided by the Capital Markets and Services Act 2007 (Malaysia). Specifically, we rely on Schedule 6 (Sophisticated Investor) and Schedule 7 (High Net Worth) exemptions, which permit private placement of securities and co-investment arrangements without the requirement for a prospectus or SC registration.

All prospective co-investors are required to self-attest to their status as Sophisticated Investors prior to receiving any deal flow information, mandate documentation, or co-investment terms. Eastern Rajang Capital does not verify the accuracy of these attestations but reserves the right to decline access to any party whose stated capacity is inconsistent with the criteria. Any person who provides a false or misleading attestation bears sole legal responsibility for such misrepresentation and its consequences, including any liability arising under the Capital Markets and Services Act 2007 and applicable Malaysian law.

The Sophisticated Investor exemptions under the CMSA 2007 do not remove the requirement for co-investors to conduct their own independent due diligence. Eastern Rajang Capital does not provide financial advice, and nothing communicated through this website or through private correspondence constitutes a recommendation to invest.
Co-Investment Risk Disclosure
Material Risks of Private Co-Investment Arrangements

Prospective co-investors should be aware that participation in any co-investment arrangement facilitated by Eastern Rajang Capital involves significant risks, including but not limited to the following:

  • Illiquidity. Interests in deal-specific Special Purpose Vehicles (SPVs) are not listed on any stock exchange and cannot be freely transferred or sold. Co-investors should expect to hold their interests until the relevant business is sold, recapitalised, or otherwise realised, which may take several years or may not occur at all within any anticipated timeframe.
  • No secondary market. There is no established secondary market for interests in ERC-associated SPVs. Co-investors wishing to exit prior to a formal realisation event may be unable to find a buyer, and any transfer is subject to the consent provisions of the relevant SPV agreement.
  • Risk of total capital loss. Investment in micro-SME acquisitions involves substantial operational and commercial risk. The acquired business may fail to perform as anticipated, may deteriorate in value, or may become insolvent. Co-investors must be prepared to sustain a total loss of their invested capital.
  • Minority shareholder limitations. Co-investors will typically hold minority interests in SPVs. As minority shareholders, co-investors will have limited ability to influence management decisions, the timing or terms of any exit, or the day-to-day operational strategy of the acquired business. Decisions will be made by the manager or majority shareholder in accordance with the SPV agreement.
The above risks are not exhaustive. Prospective co-investors are strongly advised to seek independent legal, financial, and tax advice prior to making any commitment. Nothing in this disclosure constitutes financial advice or a recommendation to invest.
Website Disclaimer
No Offer, No Solicitation, No Public Securities

This website is provided for general informational purposes only. Nothing on this website constitutes:

  • An offer or solicitation to subscribe for, purchase, or sell any security or investment product
  • Financial, legal, tax, or investment advice of any kind
  • A prospectus, information memorandum, or offering document
  • A public offering of any security in Malaysia or any other jurisdiction

The information on this website is subject to change without notice. Eastern Rajang Capital makes no representations or warranties as to the accuracy, completeness, or currency of any information provided.

BNM / SC Position
Regulatory Carve-Out — Private Acquisition Activity

The acquisition of operating businesses (as distinct from securities or financial instruments) does not require licensing under the Financial Services Act 2013 or the Capital Markets and Services Act 2007, provided the activity is conducted privately and does not involve a public offering, deposit-taking, or the management of a collective investment scheme on behalf of third parties.

Eastern Rajang Capital's mandate is the direct acquisition and operational management of SMEs. We are not a fund manager. We do not hold client money. We do not offer regulated financial products. Our co-investment arrangements are bilateral private agreements, not interests in a regulated fund.

Where co-investment is structured through deal-specific Special Purpose Vehicles (SPVs), each co-investor will receive full documentation — including the co-investment structure, rights, and terms — prior to any capital commitment. The SI exemption relied upon at the website level applies equally to each SPV engagement, and attestation records are maintained accordingly.

If you are uncertain whether engagement with Eastern Rajang Capital is appropriate for your circumstances, you should seek independent legal and financial advice before proceeding. You may also contact the Securities Commission Malaysia's Investor Affairs & Complaints Department at www.sc.com.my for information on investor protections applicable to your situation.
Confidentiality
Treatment of Partner and Business Owner Information

All information provided by business owners, deal intermediaries, and prospective partners through this website or through private correspondence is treated as strictly confidential. Eastern Rajang Capital does not disclose the identity of enquirers or the nature of specific business discussions to any third party without explicit written consent.

Prospective acquirees and intermediaries may request a Non-Disclosure Agreement (NDA) prior to sharing any commercially sensitive information. We accept and operate under NDAs as a standard practice in our acquisition process.

Personal Data Protection
PDPA 2010 — Data Collection & Use

Eastern Rajang Capital collects personal data (including name, contact information, and financial capacity declarations) from individuals who engage through this website. All personal data is collected and processed in accordance with the Personal Data Protection Act 2010 (Malaysia).

Data collected through this website is used solely for the purpose of processing partner access requests, verifying Sophisticated Investor attestations, and conducting acquisition-related correspondence. We do not sell, rent, or share personal data with third parties without explicit written consent, except where required by law.

You have the right to request access to, correction of, or deletion of your personal data held by Eastern Rajang Capital at any time by contacting us at hello@easternrajang.my. We will respond to data access requests within fourteen business days.
Contact for Compliance Matters
Regulatory and Legal Enquiries

For any queries relating to the regulatory status, legal basis of engagement, or compliance matters applicable to Eastern Rajang Capital's activities, please contact us directly at hello@easternrajang.my.

Partner access requests and Sophisticated Investor declarations are initiated via direct email enquiry to hello@easternrajang.my. We respond to all compliance-related enquiries within five business days.

Eastern Rajang Capital

A specialized search mandate of Majetika Ventures (Reg: 202503305428). Focused on the institutionalization of micro-SMEs in the Rajang Corridor, Sarawak.

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Regulatory Status

Eastern Rajang Capital is a private search fund and acquisition vehicle mandate operated by Majetika Ventures SSM Reg No. 202503305428 . We are not licensed by Bank Negara Malaysia (BNM) or the Securities Commission Malaysia (SC). We are an operational acquisition firm, not a licensed fund manager, investment adviser, We do not offer investment products to the public, manage third-party funds, or conduct deposit-taking activities. Acquisitions are typically executed through deal-specific Special Purpose Vehicles (SPVs) to ensure operational ring-fencing.

Private Acquisition Mandate — Sophisticated Investor Basis (CMSA 2007 Sch. 6 & 7) Not a Licensed Fund Manager or Investment Adviser
Sophisticated Investor Basis

In accordance with Schedules 6 & 7 of the CMSA 2007, engagement regarding co-investment is restricted to Sophisticated Investors only. This website is a digital brochure for a private search mandate and does not constitute a "public offering," "prospectus," or "invitation to subscribe" to securities. Access to deal flow is restricted to attested Sophisticated Investors only. This website does not constitute a public offering of securities.

General Disclaimer

Information on this website is for general informational purposes only and does not constitute financial advice, a solicitation to invest, or an offer of securities. Projected EBITDA growth figures are illustrative only and do not represent guaranteed returns. Past performance of acquired businesses does not predict future outcomes.

© 2026 Eastern Rajang Capital. All rights reserved. Private acquisition mandate  ·  Not a public offering  ·  Sophisticated investors only
Risk Disclaimer

Acquisition entrepreneurship involves significant operational risk. Projected EBITDA growth is based on our proprietary SDE-to-EBITDA methodology and does not represent guaranteed future performance. ERC/Majetika Ventures does not provide financial, legal, or tax advice. Projected operational improvements and EBITDA growth metrics are illustrative estimates based on our operational methodology and do not constitute a guarantee of returns. Eastern Rajang Capital reference number for internal record-keeping: ERC-MY-2026.