The Vasseti Group consists of multiple businesses in various fields, ranging from telecommunications to lifestyle concepts.
The Vasseti Group is a result of over a decade's worth of mergers and acquisitions of diversified businesses in multiple countries.
It is said that under its first phase of consolidation, the group will be worth over USD 1 billion in Malaysia, and will be part of a global corporation, Vasseti (UK) PLC.
In August 2010, Malaysian billionaire Tan Sri Datuk Sri Syed Yusof, Chairman of the Vasseti Group bought his own stake in the group - totaling at 30%.
UHY Tax has successfully obtained stamp duty exemption for the Vasseti Group of companies in their corporate restructuring, saving RM1.3 million from the transfer of RM394 million par value shares. The Vasseti Group is in the primary business of data telecommunications through fibre optic infrastructure. As the tax advisor, the UHY Tax team provided:
- Opinion on the Group tax status under the proposed group restructuring
- Opinion on the most tax efficient structure and transactions
- Application for stamp duty exemption
The Vasseti Group of companies has also appointed UHY as their auditors and tax agents.
The Vasseti Group of Companies selected UHY Tax as their tax advisors because it was able to look at the Group's intent, objectives and structure to provide advice to minimise tax burden and maintain their corporate objectives.
UHY worked closely with the Vasseti Group's legal advisors and corporate fund managers to ensure that the tax plan fit their business plan.
WORKING WITH UHY
The Managing Director of Vasseti Group Ranjeet Singh Sidhu says: "We were pleased to have the opportunity to develop a close working relationship with the UHY Tax team that helped us restructure our Group with reduced tax exposure.