CCIB acquires Alpadis
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.
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