CTOS Digital Berhad has increased its associate stake in Thailand-based Business Online Public Company Limited (BOL) to 24.825% from 22.650% previously, as the Group continues to strengthen its presence in Thailand as part of its regional expansion strategy.
Its acquisition of 17.8 million shares via a direct business transaction on the Thai stock exchange, representing 2.175% equity interest in BOL for a purchase consideration of THB205.2 million or equivalent to RM26.2 million. The acquisition will be fully funded by proceeds raised from the recently completed private placement.
CTOS Digital’s shareholders had approved the Group’s additional acquisition of up to 2.250% equity interest in BOL for cash consideration of up to THB15.0 per ordinary share in BOL at the Extraordinary General Meeting held on 21 February 2022.
BOL is the largest company information bureau in Thailand, with 59% market share in terms of revenue for the financial year ended 31 December 2020 according to IDC. BOL has an extensive database of business information online on over 1.6 million local businesses including Thailand’s financial institutions, corporates, small medium enterprises, and government agencies.
To recap the earlier acquisitions done by the group, an increase in shareholding comes after earlier acquisitions of 2.650% shareholding back in August 2021, as well as the Group’s initial 20.000% stake acquisition in October 2020.
“We are pleased to increase our investment in the fast-growing BOL and look forward to further realise the potential synergies between both our products and customer base moving forward,” CTOS Digital Deputy Group Chief Executive Officer Mr. Eric Hamburger said.
