by TMR / pic by TMR FILE
CTOS Digital Bhd acquired an additional 3.5% stake in RAM Holdings Berhad (RAM) for a purchase consideration of RM7.6 million, bringing the Group’s total shareholdings in RAM to 8.1% to date.
The Group in a statement today said that the acquisition of 350,000 shares or 3.5% stake of RAM, the market leader in the bond rating industry, from Standard Chartered Bank Malaysia Bhd.
The purchase will be fully funded by cash proceeds raised from the Group’s recent Initial Public Offering (IPO).
The Group had previously acquired 462,500 shares or 4.6% stake in RAM in July 2021.
The exercise was valued at RM10.1 million, which was also fully funded by IPO proceeds.
“We acquired this additional stake in RAM as we look to realize the strong synergies between both companies.
“With the larger shareholding in RAM, we will have more room to explore ways to collaborate, and subsequently co-develop a suite of products and services that cater to demand from our customer network,” said CTOS Digital Group Chief Executive Officer Dennis Martin.
The acquisition is not subject to the approvals of CTOS Digital’s shareholders or other relevant regulatory authorities. The exercise is expected to be completed on the same day as the Share Purchase Agreement.