Sikh entrepreneurs to exit Singapore listed company

By Asia Samachar Team | SINGAPORE |

A group of Malaysian investors, including two Sikh entrepreneurs, are set to exit the Singapore-listed Axington Inc, formerly known as Axcelasia, which they founded five years ago.

The move comes on the heels of the sale of its Malaysian operations to Tricor Group in April.

Malaysian tax expert Dr Veerinderjeet Singh and audit expert Ranjit Singh, together with Peter Tang Swee Guan, were the key promoters of Axcelasia which gained listing on the Singapore Exchange Catalist Board on 27 Nov 2015.

With the April transaction, Axcelasia’s corporate services and business support services merged into Tricor Malaysia, making Tricor one of Malaysia’s largest provider of corporate services to international and Malaysian corporations.

Axcelasia, as it was known earlier, was an integrated professional services firm delivering governance, risk & compliance (GRC) solutions, corporate, business and tax services.

On 1 June, DORR Global Healthcare International, a provider of management consultancy services for healthcare organisations led by two entrerprising cousins, made an unconditional cash offer for the company.

Dorr is offering S$0.208 in cash for each share, in a deal that values the company at S$33.3 million. The offer price represents a premium of 43.45% to Axington’s last traded price of S$0.145 on May 26.

“This latest deal just happen to fall in place after the earlier deal,” Ranjit told Asia Samachar.