Hot on the heels of going public, CTOS Digital makes a strategic move in the rating sector with its latest move to acquire a minority stake in credit rating agency RAM Holdings Berhad for RM10.1 million. The valuation was arrived 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 representing a 4.6% stake in RAM.
CTOS Digital Group Chief Executive Officer Mr. 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 realize on moving forward.
According to the statement issues, 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.