CAL to acquire 51pc stake in Hong Kong-based fund manager
Monday, November 2, 2026 · first reported by The Financial Express and 1 other
Capital Alliance Holdings PLC (CAL), the Sri Lankan parent of CAL Bangladesh, is buying 51% of Hong Kong-based fund manager Asia Frontier Capital Ltd (AFC). The Business Standard reports the price as $25 million. The purchase runs through CAL Global Pte Ltd, a Singapore subsidiary, and the agreement was signed on 2 November.
The Financial Express says completion needs regulatory approvals, including clearance from Hong Kong's Securities and Futures Commission. AFC, founded in 2013 by Thomas Hugger, manages about $125 million and has teams in Vietnam, Uzbekistan and Iraq. The two groups plan to explore frontier fixed-income products.
- Also named
- CAL Global Pte Ltd, Asia Frontier Capital Ltd
- Deal value
- $25M
- People
- Thomas Hugger
- Asset class
- Private equity
- Geography
- Asia-Pacific
The summary and fields above are extracted from the published reports and can contain errors. The linked articles are the source of record.
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