Kuala Lumpur, 8 August 2019 – Home-grown accounting firm, YYC Group recently announced the entry of Singapore-based OCBC Bank as a shareholder via strategic investment.
During the press conference, it stated that OCBC acquires a significantly less than 20% of the YYC group and become as the advisor for the firm, while YYC remains as the major shareholder.
The YYC Group has already served more than 20,000 clients offering the services on accounting, taxation, business advisory, cloud transformation, headhunting, payroll outsourcing, business school and many more.
It aims to empower entrepreneurs’ success by providing the right solutions for their business as YYC Group always lookout for new ways to improve the offering to bring holistic end-to-end services to SMEs and larger corporations in Malaysia.
According to Mr. Daniel Kwan, Global Head of OCBC Ltd’s Mezzanine Capital Unit, the investment into YYC Group was by OCBC Bank Malaysia Berhad and Lion-OCBC Capital Asia Fund I (LOCAF I).
Which is to help Malaysian SME businesses navigate the ever-growing complexities involved in the administration of their entities in compliance with regulatory guidelines.
OCBC has invested approximately RM40 million to the YYC Group for the acquisition. With the strong growth of YYC Group, it hopes to have the potential for Initial Public Offering(IPO) within the next 5 years.
As OCBC now servicing more than 100,000 clients in Malaysia, this partnership will become the opportunity for the YYC Group to reach out to more customers for propelling both companies forward.
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