PETALING JAYA: CTOS Digital Bhd has acquired an additional 3.5% stake in RAM Holdings Bhd (RAM) for RM7.6 million, bringing the group’s total shareholdings in RAM to 8.1% to date.
The group today announced 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 4.6% stake in RAM in July 2021. The exercise was valued at RM10.1 million, which was also fully funded by IPO proceeds.
CTOS Digital group CEO Dennis Martin (pix) said: “We acquired this additional stake in RAM as we look to realise 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.”
The acquisition is not subjected 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.