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    Singapore-based company Boardroom Limited has entered into an agreement to acquire the corporate secretarial, accounting, payroll and trade support service businesses of Hong Kong-based RSM Nelson Wheeler (RSM).  

    Listed on the Main Board of the Singapore Exchange Securities Trading Limited (SGX-ST), Boardroom Limited is Singapore's largest provider of corporate secretarial, share registration, accounting and payroll services. The company provides corporate secretarial, share registration and accounting services. Established in 1975, RSM is one of the leading accounting and consulting firms in Hong Kong, offering a wide range of services to local and international clients. The new entity will operate under the name of Asialink Services (HK) Limited, a member of Boardroom.

    Commenting on the latest acquisition, the Chairman of Boardroom, Goh Geok Khim, said, "The acquisition of RSM fits into our strategy, which is to grow our business internationally by establishing our presence in the rapidly growing markets of Asia.

    "Indeed, markets in the region such as Mainland China, Malaysia, Hong Kong, Thailand and India are enjoying high rates of growth. Hong Kong's economy, particularly since the SARS crisis, has picked up considerably. The city's role as a global financial centre continues to strengthen as more Chinese companies seek to raise funds on the Hong Kong Stock Exchange.

    "Hong Kong is therefore a growing market that fits into our regional market growth strategy," says Mr Goh.

    He also pointed out that the businesses come with key members of the management team, who possess a wealth of experience in the Hong Kong market. All the key managers will continue to run the businesses, ensuring continuity. In addition, Boardroom Limited and RSM will collaborate with each other in the Hong Kong market to ensure that the businesses will be further developed.

    According to Boardroom's Managing Director & Chief Executive Officer, Thomas Yeoh, the proposed acquisition of RSM will enable Boardroom to have an instant foothold in a major financial centre that is Hong Kong.

    "This will enable us to better serve our existing clients that have a presence in Hong Kong. This will constitute a big step forward for us in becoming a trusted regional business services provider," says Mr Yeoh.

    The Associate Director-General of Investment Promotion at Invest Hong Kong, Simon Galpin, welcomed Boardroom to Hong Kong. He said, "Hong Kong has clearly maintained its attractiveness for investors in the services sector. With the implementation of CEPA I & II, overseas investors have become increasingly interested and active in exploring various opportunities in using Hong Kong as a strategic location for expanding in the region. They do this through building a presence here, and by leveraging the local expertise and connection through acquiring local companies."

    "The increased level of inward investment in Hong Kong, at the same time, creates an excellent platform for business services providers like Boardroom ¡V which comprise one of Invest Hong Kong's priority sectors. In 2004, 12% of our total number of completed investment projects involved business and professional services companies investing or expanding in Hong Kong. We are confident that the sector will remain strong in 2005, and we will continue to provide all necessary support to facilitate their investment here," said Mr Galpin.

    Invest Hong Kong is a Hong Kong Special Administrative Region Government department charged with encouraging and facilitating inward investment into the city by providing all the support needed to establish a business presence here. For information, please visit the website at www.investhk.gov.hk.

Ends/Thursday, March 31, 2005

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