TRICOR Axcelasia Sdn Bhd has acquired the remaining 60% of NGL Tricor Governance Sdn Bhd in line with the objective of expanding the strategic business advisory division under Tricor Malaysia.
With NGL Tricor Governance as a wholly-owned subsidiary, Tricor Axcelasia will now be the largest provider of outsourced internal audit services to public-listed companies in Malaysia, according to Tricor Malaysia chief executive officer and managing director Yeap Kok Leong.
“This important investment will greatly benefit Tricor’s 6,000 clients in Malaysia as it would allow us to bring our services to a broader client base and expand our offerings in both Malaysia and across Asia-Pacific,” he noted in media statement.
Tricor Axcelasia regional managing director Ranjit Singh hailed the acquisition for strengthening the firm’s dominant position resulting in an increased market share of 25% of the outsourced internal audit market for listed companies in Malaysia.
“The business environment has been vastly impacted by the COVID-19 pandemic but our business partners and clients can consistently count on us to support their critical business functions as they navigate the business uncertainty ahead,” Ranjit said.
NGL Tricor Governance managing director Chang Ming Chew added that business partners will further benefit from cost-effective and immediate solutions for all their governance, risk management and internal control needs.
NGL Tricor Governance which has offices in Kuala Lumpur and Muar (Johor) is an existing associate company under Tricor. It is now serving more than 40 clients who are listed on Bursa Malaysia and the Singapore Stock Exchange by providing internal audit support and risk management services.
For the record, Tricor Malaysia was established in 2006 through the acquisition of the client accounting, payroll outsourcing, company secretarial and share registration businesses of Total Corporate Compliance Sdn Bhd and Tenaga Koperat Sdn Bhd.
In 2007, it expanded through the acquisition of the PFA Group, formerly a service arm of Deloitte Touche Tohmatsu in Malaysia.
In 2014, Tricor Malaysia acquired an issuing house business from Equiniti Services Sdn Bhd (now known as Tricor Investor & Issuing House Services Sdn Bhd).
Its predecessor companies had been operating for over 30 years in Malaysia. Headquartered in Kuala Lumpur, Tricor Malaysia currently has branch offices in Ipoh, Johor Bahru, Labuan, Melaka, Penang and Seremban (in addition to two representative offices in Kota Kinabalu and Kuching).
Meanwhile, Tricor Group is the leading business expansion specialist in Asia with global knowledge and local expertise in business, corporate, investor, human resources & payroll, and corporate trust & debt services.
Tricor Group provides the building blocks for and catalyses every stage of its clients’ business growth from incorporation to initial public offering of stocks. – Nov 4, 2020
