AMTD buys controlling stake in non-assurance business of Singapore's Nexia TS

HONG Kong-based financial services firm AMTD Group is setting up a professional services arm, after acquiring a controlling interest in the non-assurance business of accounting and consulting firm Nexia TS for an undisclosed sum.

AMTD Group's chairman and chief executive Calvin Choi will also become the non-executive chairman of the overall Nexia TS Group, both companies announced in a joint statement on Friday.

Following the acquisition, Nexia TS will be the platform under the new business segment - named AMTD Services - to serve small and medium-sized enterprises in Asia.

Within Singapore, the Nexia TS Group also plans to hire an additional 100 local staff, especially mid-career Singaporeans, over the next 12 months, according to the joint statement. It aims to have women comprising at least 60 per cent of these hires.

"Nexia TS embraces diversity and women leadership," the two companies said in the statement. Of the 18 directors on Nexia TS's board, eight are women, according to the company's website as at Friday. The website also stated Member of Parliament Sitoh Yih Pin as the chairman.

Singapore-based Nexia TS is a member firm of the Nexia International network. Its services include tax compliance and advisory, risk advisory, business valuation, merger-and-acquisition advisory and due diligence.

It has digital platforms such as cloud accounting, payroll and data analytics, as well as cybersecurity and blockchain advisory services.

AMTD on Friday said that Nexia TS has served more than 90 listed companies, and assisted with 38 initial public offerings.

This is AMTD's fourth controlling-stake acquisition in Singapore, following insurtech startup PolicyPal, digital payments firm FOMO Pay and private capital platform CapBridge.