SINGAPORE (July 16): Boardroom, the regional corporate business solutions provider, is acquiring Symphony Corporatehouse and its subsidiaries for RM164.1 million ($55.6 million) to provide both companies with further opportunities for growth.

On Friday, Boardroom signed the conditional share sale agreement with Symphony House for the acquisition of Symphony Corporatehouse and its subsidiary Sky Corporate Services, Symphony Share Registrars and Malaysian Issuing House.

Symphony House is one of Malaysia’s leading corporate services outfit and the partner of choice for more than 3,000 clients – from private and public-listed companies to Fortune 500, Global 500 and large conglomerates.

Operating out of several locations in Malaysia, Symphony House delivers multiple services comprising human resource solutions, financial solutions, corporate secretarial solutions, share issuance and registration solutions and cheque processing solutions.

“By leveraging Boardroom’s well-established regional footprint, the merged entities will have the opportunity to substantially strengthen their position in Malaysia and business network across the Asia-Pacific,” says Boardroom in a Monday filing.

Approximately 75% of the aggregate consideration will be paid in cash while the remaining 25% will be paid in the form of the consideration shares.

On successful completion of the proposed acquisition, Symphony House will retain an interest in the business through its 7.63% stake in Boardroom. In addition, Datuk Abdul Hamid Sheikh Mohamed will remain as a group executive director of the Symphony House subsidiaries.

Shares in Boardroom last traded at 77 cents