MAURITIUS – Axis Holdco, a private limited company, has acquired Harel Mallac Global (HMG) and Harel Mallac Advisory (HMA), subsidiaries of Harel Mallac Co, a company that is involved in the manufacturing and trading, business service as well as asset management businesses.
The transaction has already received regulatory approval and completed on August 21, 2020.
As part of this process, HMG and HMA are respectively being rebranded to Axis Global Services and Axis Corporate Services.
“This is a yet another milestone for the firm as it seeks to achieve its vision of becoming the leading Africa-focused fiduciary specialist in Mauritius. It reflects our philosophy and ambition to expand and diversify our business and strengthens our position as a prominent service provider and thought leader on the market,” Assad Abdullatiff, Managing Director of Axis, said.
“I am excited about the synergies and opportunities that this acquisition will create, and we are looking forward to extending our hospitality, first class service and immediate attention to all the clients and staff of HMG and HMA.”
HMG was founded in 2007 and is licensed by the Financial Services Commission of Mauritius as a Management Company while HMA was founded in 2014 and caters to domestic company set up and administration.
HMG and HMA operated as subsidiaries of Harel Mallac & Co., a conglomerate listed on the Stock Exchange of Mauritius, with over 20 years of experience in the financial services sector and services a portfolio of local and international clients.
Through this acquisition, Axis further extends its international reach and network.
Charles Harel, CEO of Harel Mallac Group, said: “Our priority was to find a trusted and expert partner that would share our business philosophy and be able to enhance our growth ambitions for HMG and HMA, as specialist service providers in Mauritius with an African reach.”
“With this acquisition, HMG and HMA’s clients will benefit from enhanced value to their business and gain from the huge network and experience of Axis in this sector. We are very proud of our now former subsidiaries’ achievements. This transaction marks a new milestone for HMG and HMA and we all look forward to the next phase of their growth.”
As a result, the clients of HMG and HMA will henceforth access and benefit from its extensive international network, African presence, bespoke solutions and specialist service levels to the ISAE 3402 Type II standards which will give them the assurance that it adheres to highest international standards.
All the staff being employed by HMG and HMA will join the Axis team and the management team of Axis is working collaboratively with the HMG and HMA management to unite them in the Axis ecosystem to ensure a smooth sailing integration of the employees and clients of HMG and HMA into the Axis philosophy and DNA.