BUSINESS SERVICES GROUP CHENG & CO EXPANDS TO LABUAN

LABUAN, Jan 31 (Bernama) -- Professional business services provider Cheng & Co Group will be expanding to Labuan, Malaysia's international business and financial centre.

Headquartered in Kuala Lumpur, Cheng & Co is renowned for its diverse range of services encompassing accounting and business outsourcing, tax advisory, corporate secretarial, business consultancy, and wealth management services.

Its executive chairman Datuk Chua Hock Hoo said the decision to expand to Labuan underscores the company's growth trajectory and aligns with the increasing business activities observed on the island.

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Cheng & Co was founded in 1998 and has been listed on Bursa Malaysia Securities Bhd’s LEAP Market since June 2022.

With 20 branches across Malaysia and a presence in Australia and Singapore, the company serves over 10,000 corporate and individual clients.

Labuan Corporation CEO Rithuan Ismail emphasised that Cheng & Co's Labuan expansion is a clear indication of the growing business landscape within the Labuan International Business and Financial Centre (Labuan IBFC).

"Despite Labuan facing economic challenges from past global volatile oil prices, resulting in closures and retrenchment in the oil and gas-related sectors, there has been a positive turnaround in the last two years, especially in the business and financial sector," said Rithuan after officiating the launch of Cheng & Co Group Labuan office at Labuan Times  Square here today.

He said Cheng & Co's decision to establish its presence on the island is reflective of Labuan's expanding business activities.

“As the company expands, it contributes to the local economy by creating employment opportunities," he said.

-- BERNAMA