Tricor Axcelasia Sdn Bhd today announced it has agreed to acquire the remaining 60% of NGL Tricor Governance Sdn Bhd in line with the objective to expand the strategic business advisory division under the Tricor Malaysia.
Tricor Malaysia CEO and Managing Director Yeap Kok Leong said, “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.”
“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,” Yeap said.
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.
“Business partners will now further benefit from cost-effective and immediate solutions for all their governance, risk management and internal control needs,” NGL Tricor Governance Managing Director Chang Ming Chew added.
NGL Tricor Governance, which has offices in Kuala Lumpur and Muar, Johor, is an existing associate company under Tricor, and is now serving more than 40 clients who are listed on Bursa Malaysia and the Singapore Stock Exchange providing internal audit support and risk management services.
Source: Tricor Group
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