Malaysian state-linked private equity fund Ekuiti Nasional Bhd., or Ekuinas, bought a 40% stake in local web hosting and cloud service provider Exabytes Capital Group for 44 million ringgit, Deal Street Asia reported, citing a statement.

Ekuinas has the option to boost its stake in Exabytes up to 54%. The deal marks Ekuinas' second investment in technology services, the March 18 report added, citing the fund CEO Syed Yasir Arafat Syed Abd Kadir.

Exabytes was launched in 2001 and serves more than 100,000 customers in Southeast Asia.

As of March 18, US$1 was equivalent to 4.08 Malaysian ringgit.