Tanncam takes stake in financial service firm
Tanncam takes stake in financial service firm
Tanncam Investment Company, an Uzbeki-owned investment company registered in Cambodia, has agreed to purchase a 30 percent stake in financial services firm Cambodian Investment Management (CIM) and its related group companies for an undisclosed sum.
The transaction will provide equity financing for CIM and its subsidiaries and affiliates: Cambodian Investment Management Insurance Agent, Premium Human Resources, Dynamo Innovative Digital Advertising, and Phnom Penh BG Serviced Offices, according to a CIM press release issued yesterday.
CIM, a Cambodian subsidiary of Indonesia-based PT Covenant International Management launched in 2009, provides corporate finance, tax preparation, accounting and consultancy services.
Anthony Galliano, the company’s CEO, said CIM has strived to carve out a niche in underdeveloped nascent sectors that required entrepreneurial investment.
“Our group business has evolved into a full-service model beginning with customer market entry right through to servicing customer’s continuing operations and supporting their growth,” he said.
Tanncam’s capital investment will be allocated to CIM’s accounting, tax and human resources arms, and to facilitate the group’s expansion into new markets, he added.
A spokesman for Tanncam said yesterday that this was the first investment the company has made since launching in Cambodia two years ago.
“We have been working on some other investment opportunities, but CIM is our first deal because we waited to find the right company,” he said, adding that the firm was poised to tap into high-growth areas.
Tanncam will bring in capital and expertise that will support the transition of CIM into a multinational company, the spokesman added.
“We believe that the CIM model is something that can be replicated in other places in the world,” he said.
The transaction, which is expected to be completed next month, will establish a new holding company to manage and allocate the capital. Neither Tanncam nor CIM would divulge how much the deal was worth.
