by TMR / pic by TMR FILE
CTOS Digital Berhad (CTOS Digital or the Group) made its first post-listing acquisition by acquiring a 4.6% strategic minority stake in credit rating agency RAM Holdings Berhad (RAM) for RM10.1 million.
In a statement today CTOS said the valuation was arrived at on a willing buyer and willing seller basis.
The Group today entered into a share purchase agreement (SPA) with CIMB Bank Berhad to acquire 462,500 ordinary shares in RAM.
“RAM is the market leader in the bond rating industry in Malaysia. They also offer a range of solutions ranging from economic and debt market research, data & analytics and sustainability services.
We believe there are strong synergies in both product offerings and customer base between
both companies which we will look to realize on moving forward,” said CTOS Digital Group CEO Dennis Martin.
The acquisition is not subject to approvals of CTOS Digital’s shareholders or other relevant regulatory authorities.
The exercise is expected to be completed on the same day as the SPA.