Concorde International Group Ltd.
For the period ended Dec 31, 2024. Filed May 15, 2025.
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The yearly report of a company based outside the US. It covers much of what a 10-K does, and may follow accounting rules other than US ones.
FY2024 · Filed May 15, 2025
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 20-F
(Mark One)
☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934
OR
☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31,2024
OR
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
OR
☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of event requiring this shell company report _________________________
For the transition period from ___________ to ___________
Commission file number:001-42606
**CONCORDE INTERNATIONAL GROUP LTD **
(Exact Name of Registrant as Specified in Its Charter)
Not Applicable
(Translation of Registrant’s Name Into English)
**British Virgin Islands **
(Jurisdiction of Incorporation or Organization)
3 Ang Mo Kio Street 62,#01-49 LINK@AMK
Singapore 569139
+65 2960802
(Address of Principal Executive Offices)
Swee Kheng Chua, CEO
**+65 2960802 **
alan.chua@concorde.com.sg
3 Ang Mo Kio Street 62,#01-49 LINK@AMK
**Singapore 569139 **
(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)
Securities registered or to be registered pursuant to Section 12(b) of the Act:
| Title of Each Class | Trading Symbol(s) | Name of Each Exchange On Which Registered |
|---|---|---|
| Class A Ordinary Shares, par value $0.00001 per share | CIGL | The Nasdaq Stock Market LLC |
Securities registered or to be registered pursuant to Section 12(g) of the Act.
None
(Title of Class)
Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act.
None
(Title of Class)
Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report (December 31, 2024): There were Zero Class A Ordinary Share and 20,888,886 Class B Ordinary Shares issued and outstanding.
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| Large Accelerated Filer | ☐ | Accelerated Filer | ☐ |
|---|---|---|---|
| Non-Accelerated Filer | ☒ | Emerging growth company | ☒ |
If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.☐
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.☐
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐
Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:
| U.S. GAAP ☐ | International Financial Reporting ☒ | Other ☐ |
|---|---|---|
| Standards as issued by the International Accounting Standards Board |
If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow.
☐ Item 17 ☐ Item 18
If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Annual Report on Form 20-F
Year Ended December 31, 2024
TABLE OF CONTENTS
| Page | ||
|---|---|---|
| PART I | ||
| ITEM 1. | IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS | 1 |
| ITEM 2. | OFFER STATISTICS AND EXPECTED TIMETABLE | 1 |
| ITEM 3. | KEY INFORMATION | 1 |
| A. RESERVED | 1 | |
| B. Capitalization and Indebtedness | 1 | |
| C. Reasons for the Offer and Use of Proceeds | 1 | |
| D. Risk Factors | 1 | |
| ITEM 4. | INFORMATION ON THE COMPANY | 24 |
| A. History and Development of the Company | 24 | |
| B. Business Overview | 28 | |
| C. Organizational Structure | 37 | |
| D. Property, Plants and Equipment | 37 | |
| ITEM 4A. | UNRESOLVED STAFF COMMENTS | 39 |
| ITEM 5. | OPERATING AND FINANCIAL REVIEW AND PROSPECTS | 39 |
| A. Operating Results | 39 | |
| B. Liquidity and Capital Resources | 52 | |
| C. Research and development | 57 | |
| D. Trend Information | 57 | |
| E. Critical Accounting Estimates | 57 | |
| G. Safe Harbor | 58 | |
| ITEM 6. | DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES | 58 |
| A. Directors and Senior Management | 58 | |
| B. Compensation | 60 | |
| C. Board Practices | 61 | |
| D. Employees | 64 | |
| E. Share Ownership | 65 | |
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| ITEM 7. | MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS | 66 |
|---|---|---|
| A. Major Shareholders | 66 | |
| B. Related Party Transactions | 66 | |
| C. Interests of Experts and Counsel | 68 | |
| ITEM 8. | FINANCIAL INFORMATION | 69 |
| A. Consolidated Statements and Other Financial Information | 69 | |
| B. Significant Changes | 69 | |
| ITEM 9. | THE OFFER AND LISTING | 70 |
| A. Offer and Listing Details | 70 | |
| B. Plan of Distribution | 70 | |
| C. Markets | 70 | |
| D. Selling Shareholders | 70 | |
| E. Dilution | 70 | |
| F. Expenses of the Issue | 70 | |
| ITEM 10. | ADDITIONAL INFORMATION | 70 |
| A. Share Capital | 70 | |
| B. Memorandum and Articles of Association | 70 | |
| C. Material Contracts | 82 | |
| D. Exchange Controls | 82 | |
| E. Taxation | 82 | |
| F. Dividends and Paying Agents | 89 | |
| G. Statement by Experts | 89 | |
| H. Documents on Display | 89 | |
| I. Subsidiary Information | 90 | |
| ITEM 11. | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK | 90 |
| ITEM 12. | DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES | 90 |
| A. Debt Securities | 90 | |
| B. Warrants and Rights | 90 | |
| C. Other Securities | 90 | |
| D. American Depositary Shares | 90 | |
| PART II | ||
| ITEM 13. | DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES | 91 |
| ITEM 14. | MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITIES HOLDERS AND USE OF PROCEEDS | 91 |
| ITEM 15. | CONTROLS AND PROCEDURES | 91 |
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| ITEM 16 | [RESERVED] | 92 |
|---|---|---|
| ITEM 16A. | AUDIT COMMITTEE FINANCIAL EXPERT | 92 |
| ITEM 16B. | CODE OF ETHICS | 92 |
| ITEM 16C. | PRINCIPAL ACCOUNTANT FEES AND SERVICES | 92 |
| ITEM 16D. | EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES | 93 |
| ITEM 16E. | PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS | 93 |
| ITEM 16F. | CHANGE IN REGISTRANT’S CERTIFYING ACCOUNTANT | 93 |
| ITEM 16G. | CORPORATE GOVERNANCE | 93 |
| ITEM 16H. | MINE SAFETY DISCLOSURE. | 94 |
| ITEM 16I. | DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS. | 94 |
| ITEM 16J. | INSIDER TRADING POLICIES | 94 |
| ITEM 16K. | CYBERSECURITY | 94 |
| PART III | ||
| ITEM 17. | FINANCIAL STATEMENTS | 95 |
| ITEM 18. | FINANCIAL STATEMENTS | 95 |
| ITEM 19. | EXHIBITS | 95 |
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INTRODUCTORY NOTES
Use of Certain Defined Terms
Except as otherwise indicated by the context and for the purposes of this report only, references in this report to:
| ● | “we,” “us,” “the Company,” “our” or “our company” are to the combined business of Concorde International Group Ltd, a British Virgin Islands (“BVI”) business company incorporated on May 2, 2023, and its consolidated subsidiaries; |
| ● | “Concorde International” are to Concorde International Group Ltd, a holding company incorporated in the BVI under the BVI Business Companies Act (as amended) (the “BVI Act”) on May 2, 2023; |
| ● | “Concorde Singapore” are to Concorde International’s 100% owned subsidiary, Concorde International Group Pte Ltd a corporation formed in Singapore on June 12, 2023; |
| ● | “Concorde Security Singapore” are to Concorde Singapore’s 96.81% owned subsidiary, Concorde Security Pte Ltd, a corporation formed in Singapore on June 16, 2005; |
| ● | “Concorde Security Malaysia” are to Concorde Singapore’s 100% owned subsidiary, Concorde Security Sdn Bhd, a corporation formed in Malaysia on January 13, 2015; |
| ● | “Concorde UK” are to Concorde Singapore’s 100% owned subsidiary, Concorde Security Limited, a private company limited by shares incorporated in the United Kingdom on December 23, 2016; |
| ● | “Concorde Asia” are to Concorde Singapore’s 70% indirectly owned subsidiary, Concorde Asia Pte Ltd, a corporation formed in Singapore on October 8, 2013; |
| ● | “Berjaya Academy” are to Concorde Singapore’s 70% indirectly owned subsidiary, Berjaya Academy Pte Ltd, a corporation formed in Singapore on March 6, 2020; |
| ● | “Concorde i-Fast US” are to Concorde Singapore’s 100% owned subsidiary, Concorde i-FAST USA Inc., a corporation formed in Texas on April 25, 2024; and |
| ● | “U.S. dollars,” “dollars,” “USD” or “$” are to the legal currency of the United States. |
Forward-Looking Information
In addition to historical information, this annual report contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. We use words such as “believe,” “expect,” “anticipate,” “project,” “target,” “plan,” “optimistic,” “intend,” “aim,” “will” or similar expressions which are intended to identify forward-looking statements. Such statements include, among others, those concerning market and industry segment growth and demand and acceptance of new and existing products; any projections of sales, earnings, revenue, margins, or other financial items; any statements of the plans, strategies and objectives of management for future operations; and any statements regarding future economic conditions or performance, as well as all assumptions, expectations, predictions, intentions or beliefs about future events. You are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, as well as assumptions, which, if they were to ever materialize or prove incorrect, could cause the results of the Company to differ materially from those expressed or implied by such forward-looking statements. Potential risks and uncertainties include, among other things, the possibility that third parties hold proprietary rights that preclude us from marketing our products, the emergence of additional competing technologies, changes in domestic and foreign laws, regulations and taxes, changes in economic conditions, uncertainties related to legal system and economic, political and social events in Singapore, a general economic downturn, a downturn in the securities markets, and other risks and uncertainties which are generally set forth under Item 3 “Key information—D. Risk Factors” and elsewhere in this annual report.
Readers are urged to carefully review and consider the various disclosures made by us in this report and our other filings with the SEC. These reports attempt to advise interested parties of the risks and factors that may affect our business, financial condition and results of operations and prospects. The forward-looking statements made in this report speak only as of the date hereof and we disclaim any obligation, except as required by law, to provide updates, revisions, or amendments to any forward-looking statements to reflect changes in our expectations or future events.
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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.