CTOS Digital Berhad has increased its stake in RAM Holdings to 8.1% with the addition of another 3.5% for a purchase consideration of RM7.6 million.
It had acquired 350,000 shares constituting from Standard Chartered Bank.The Group had previously acquired 462,500 shares or 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 Chief Executive Officer Dennis Martin 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.
[1] Formerly known as CTOS Holdings Sdn Bhd
