PETALING JAYA: CTOS Digital Bhd made its first post-listing acquisition by acquiring a 4.6% stake in credit rating agency RAM Holdings Bhd for RM10.1 million. The valuation was arrived on a willing buyer-willing seller basis.
The group on Thursday entered into a share purchase agreement (SPA) with CIMB Bank Bhd to acquire a 4.6% stake in RAM.
CTOS Digital group CEO Dennis Martin said: “RAM is the market leader in 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 realise on moving forward.
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.