Tricor Group Signs a Sale and Purchase Agreement to Acquire PT ASA Indonesia Expanding its Portfolio in Payroll, Accounting and Tax with a Stronger Indonesia Presence

PR90776

HONG KONG, July 28, 2021 /PRNewswire=KYODO JBN/ --

Tricor Group(https://www.tricorglobal.com/) (Tricor), Asia's leading business

expansion specialist, has signed a sale and purchase agreement to acquire PT

ASA Indonesia(https://asa-indonesia.com/). Tricor is the largest provider of

corporate services in APAC, serving 50,000+ client entities across its

21-market footprint with a concentrated focus in ASEAN in recent years. A

positive move for PT ASA Indonesia, this acquisition will provide local and

cross-border clients access to Tricor's global best practices and innovative

solutions and service offerings.

Founded in 2004, PT ASA Indonesia is a leading corporate services provider

offering comprehensive services in payroll, tax, accounting and corporate

secretarial functions. The firm primarily assists international companies

looking to expand into Indonesia. Of the firm's 200+ clients, 80% are

multinational corporations (MNCs) with headquarters that span 10 countries in

ASEAN, APAC and around the globe.

With Tricor Indonesia operating for over 11 years in Indonesia, this

transaction aims to further enhance the firm's presence in the country,

strengthen its ability to provide payroll, accounting and tax compliance

services to its local and international clients operating in Indonesia and

expanding across ASEAN.

Lennard Yong, Tricor Group CEO(https://www.linkedin.com/in/lennardyong/), said:

"Rivaled only by China and India, Indonesia is the third-fastest growing

economy in the G20 and continues to lure foreign investors and MNCs. Thanks to

recent developments, such as the Regional Comprehensive Economic Partnership

(RCEP), pan-Asian supply chains continue to pull the economic center of gravity

closer toward ASEAN and bolster foreign direct investment (FDI) opportunities

throughout the region. The addition of PT ASA Indonesia strengthens our client

proposition and will proliferate our marketing-leading corporate service

solutions throughout Indonesia, ASEAN and across APAC."

Jimmy Budhi, Founder, PT ASA

Indonesia(https://www.linkedin.com/in/jimmy-budhi-05a07788/), said: "By joining

forces with Tricor, we see a clear opportunity to become the market leader in

Indonesia's expanding corporate services. Indonesia is among the most desirable

markets for foreign trade and investment, especially as it continues to attract

inbound investment from neighbouring countries in ASEAN and APAC. This

strategic collaboration not only strengthens our abilities to support domestic

and foreign clients in navigating the challenging regulatory environment of

Indonesia but also deepens our footprint to help MNCs expand globally. By

combining PT ASA Indonesia's expertise with Tricor's globally recognized

strength in corporate services, our team is well-positioned to be the one-stop

service provider for corporate clients locally and throughout the region."

For more information, please contact:

HONG KONG SAR (GROUP OFFICE)

Sunshine Farzan(https://www.linkedin.com/in/sunshinefarzan/)

Tricor Services Limited

Group Head of Marketing & Communications

Tel: (+852) 2980 1261

Email: Sunshine.Farzan@hk.tricorglobal.com

About Tricor Group

Tricor is the leading business expansion specialist in Asia, with global

knowledge and local expertise in business, corporate, investor, human resources

& payroll, corporate trust & debt services, fund administration and strategic

business advisory. Tricor provides the building blocks for, and catalyzes every

stage of clients' business growth, from incorporation to IPO. Tricor has had a

rapid expansion through organic growth and development as well as partnerships,

mergers and acquisitions. The Group today has over 50,000 client entities

globally (including 20,000 client entities in Mainland China), a staff strength

of over 2,800 and a network of offices in 47 cities across 21 countries /

territories. Our client portfolio includes over 1,800 companies listed in Hong

Kong SAR and Mainland China, ~600 companies listed in Singapore and Malaysia,

and more than 40% of the Fortune Global 500 companies, as well as a significant

share of multinationals and private enterprises operating across international

markets. In March 2017, Permira became the controlling shareholder of Tricor,

alongside management.

Visit: www.tricorglobal.com

About PT ASA Indonesia

ASA is the leading corporate service provider in Indonesia. ASA is currently

trusted to handle more than 200 clients from many countries around the world.

With over than 30 types of services it offers and well-connected global

affiliations across the globe, ASA is considered one of the most complete

business services providers in Indonesia. ASA team has a proven track record

with certifications which are testament to its management team capability.

SOURCE:  Tricor Group