CTOS acquires RAM stake from MUFG Bank

CTOS Digital Bhd has increased its stake in RAM Holdings Bhd to 57.68% with its latest acquisition, this time from MUFG Bank (M) Bhd.

The credit reporting provider acquired 210,000 ordinary shares in RAM, representing 2.1% of the total paid up share capital in RAM, for RM5.96 million, it said in an exchange filing today.

In April, the Securities Commission Malaysia had provided approval for CTOS to acquire majority stakes in RAM within six months.

RAM provides independent credit ratings, research, training, risk analysis, environmental, social and governance analytics and bond pricing and valuation data. 

It is the pioneer in the provision of credit-rating services for the Malaysian capital market and plays a leading role in providing crucial and independent credit opinions that are needed by investors and other market participants to assist in their investment and financial decisions.

In the financial year 2021, RAM generated revenue of RM48.7 million and profit after tax of RM14.2 million. RAM has total assets of RM206.2 million and has net assets of RM176.4 million, according to the filing. — TMR / pic credit: ctoscredit.com.my