Latest news with #ISPG
The Star
02-07-2025
- Business
- The Star
CCIB acquires Alpadis
PETALING JAYA: Indah Secretarial (Penang) Sdn Bhd (ISPG) – an indirect, full subsidiary of CC International Bhd (CCIB) – has entered into a share purchase agreement with Switzerland-based Alpadis Group Holding AG to acquire all issued shares of Alpadis Trust (Labuan) Ltd (Alpadis) for US$750,000 in cash. The acquisition, free of encumbrances, aims to enhance CCIB's portfolio in the trust and fiduciary services sector. Incorporated in Malaysia on March 28, 2011, Alpadis is a licensed trust company based in Labuan. With a share capital of US$100,000 (100,000 ordinary shares), Alpadis provides comprehensive trust and fiduciary services, including asset protection, estate planning, tax planning, and wealth management for global clients. The company was profitable for the financial year ended Dec 31, 2023 (FY23) and FY24, though FY24 saw lower profits due to reduced revenue from management fees. Post-acquisition, Alpadis will become a wholly-owned subsidiary of ISPG, and thus indirectly owned by CCIB. In a filing with Bursa Malaysia yesterday, CCIB said the acquisition will be funded through unutilised proceeds from CCIB's private placement completed on July 26, 2023. The acquisition, expected to be finalised in the final quarter of this year, will not significantly impact CCIB's net assets, gearing, share capital, or major shareholdings for FY25. However, it aligns with CCIB's strategy to expand its professional business services, leveraging Alpadis' established client base to enhance market presence. The transaction represents a 3.5% ratio under Bursa Malaysia's Labuan Market Listing Requirements and does not require shareholder or additional regulatory approvals beyond Labuan Financial Services Authority's consent. No liabilities will be assumed by CCIB.
Malaysian Reserve
01-07-2025
- Business
- Malaysian Reserve
CC International to acquire Labuan trust company Alpadis for RM3.2m
CC International Bhd (CCIB), through its indirect wholly owned subsidiary Indah Secretarial (Penang) Sdn Bhd (ISPG), is acquiring the entire equity in Alpadis Trust (Labuan) Ltd for a total cash consideration of US$750,000 (RM3.16 million). In a Bursa Malaysia filing, the group said it had entered into a share purchase agreement with the Switzerland-based vendor, Alpadis Group Holding AG, on June 30. The acquisition will give CCIB full ownership of Alpadis, a licensed Labuan trust company involved in providing corporate and fiduciary services for asset protection, estate and tax planning, and wealth management. Alpadis was incorporated in 2011 and posted a profit after tax of US$5,661 in FY2024 on revenue of US$530,567, following a stronger FY2023 performance of US$16,759 in PAT on US$771,923 revenue. The deal, which is subject to approval from Labuan Financial Services Authority (LFSA), is expected to be completed in 4Q2025. Alpadis will become a wholly owned unit of ISPG, and indirectly of CCIB, upon completion. The deal will be funded via proceeds from CCIB's private placement exercise completed in July 2023. As at June 30, RM3.16 million of the earmarked RM20.7 million for M&A remains available for use. 'This acquisition allows CCIB to expand its regional reach and acquire Alpadis' existing client base,' the group said, adding that the deal is expected to contribute positively to the group's future earnings. Alpadis' MD Chau Ken Vui will be appointed as director post-completion. CCIB's board believes the proposed acquisition is in the best interest of the group and aligns with its strategic expansion in professional services. — TMR
