CTOS Digital is making stronger positioning in Thailand with its increased stake in its Thailand-based associate Business Online Public Company to 22.65% from 20.00% as it seeks to its foothold in the markets business decision-associated segment.
BOL is primarily a business solution firm which currently assist businesses with relevant data that is useful for their operations. It boast to have 1.6 million business record of Thai businesses and over 350 million business records worldwide including Thailand’s financial institutions, corporates, small medium enterprises (SMEs), and government agencies.
CTOS Digital will acquire 21.74 million shares via a direct business transfer on the Thai stock exchange, representing a 2.65% stake in BOL for a purchase consideration of THB208.7 million or equivalent to RM26.8 million. The acquisition will be fully funded by proceeds from the recent Initial Public Offering.
The company known to be largest information bureau in Thailand has 59% market share in terms of revenue for the financial year ended December 2020 based on IDC figures. The acquisition is not subject to approvals of CTOS Digital’s shareholders or other relevant regulatory authorities.
