CTOS Digital has proposed to acquire 1,990,000 ordinary shares in RAM, representing 19.9% equity interest in RAM, from Oscar Matrix for a cash consideration of approximately RM51.3 million
This is on top of its earlier acquisition of 1,922,500 RAM shares, representing approximately 19.2% equity interest in
RAM, for a total cash consideration of approximately RM49.6 million or at an average price of approximately RM25.82 per RAM Share. Upon completion of the Proposed RAM Acquisition, CTOS Digital will hold a total of 3,912,500 RAM Shares, representing approximately 39.1% of the total issued share capital of RAM.
Separately, the group is also proposing to take up another 3,087,500 RAM Shares, representing approximately 30.9% equity interest in RAM, at a price of not more than RM28.50 per RAM Share for a total cash consideration of up to approximately RM88 million over a period of 12 months from the date of the Company’s shareholders’ approval. Upon completion of the Proposals, CTOS Digital may hold up to 7,000,000 RAM Shares, representing 70.0% equity interest in RAM.
The RAM Group is a leading provider of independent credit ratings, research, training, risk analysis, environmental, social, and governance (“ESG”) analytics, and, bond pricing and valuation data. The RAM Group is a pioneer in the provision of credit-rating services for the Malaysian capital markets plays a leading role in providing crucial and independent credit
opinions that are needed by investors and other market participants to assist in their investment and financial decisions.
The Proposals will enable CTOS Digital to further increase its equity interest in RAM which would in turn allow CTOS Digital to either account for the profits or consolidate the results of the RAM Group and further strengthen CTOS Digital’s position as a leading credit rating agency in the ASEAN region.
