Capital Alliance Holdings (CALH) announced yesterday its wholly owned subsidiary, CAL Global Pte. Ltd., entered into a Share Purchase Agreement on 2 November 2026 to acquire a 51% stake in Asia Frontier Capital Ltd., (AFC) for approximately $2.5 million.
The acquisition remains subject to the fulfilment of conditions precedent and relevant regulatory approvals, including from Hong Kong’s Securities and Futures Commission.
Asia Frontier Capital is an asset management company whose subsidiary manages international frontier-market-focused funds with approximately $125 million in assets under management as at 30 September 2026. The acquisition is expected to strengthen CALH’s ability to channel global capital into Sri Lanka, Bangladesh and other frontier markets in the region, while generating synergies through the combined expertise of both firms.
Funds managed by Asia Frontier Capital are deployed across many Asian frontier economies including Sri Lanka and Bangladesh. AFC also manages country specific funds focused on Vietnam, Uzbekistan and Iraq.
