KUALA LUMPUR (Sept 26): CTOS Digital Bhd further raised its equiy interest in RAM Holdings Bhd to 57.68% after buying out MUFG Bank (Malaysia) Bhd’s 2.1% stake in the credit reporting firm for RM5.99 million.
The increse in CTOS’s stake in RAM “will allow both companies to leverage each company’s expertise in credit assessment, data and analytics to further extend their product offering and value proposition to their existing customer base”, CTOS said in a bourse filing.
The acquisition will be fully funded by bank financing, the group said.
“The purchase consideration was arrived based on a willing buyer willing seller basis, after taking into consideration that it represents 1.6x FY2021 net asset value of RAM and 20.1x FY2021 profit after tax, [and] is in-line with the other listed credit rating agencies globally,” added CTOS.
Securities Commission Malaysia (SC) had on April 28 given its approval for CTOS to acquire majority stakes in RAM within six months.
On Aug 25, CTOS shareholders approved the proposed potential acquisition of up to an additional 3.09 million shares (representing an equity interest of 30.9%) in RAM at not more than RM28.50 per share, or a total of up to RM88 million over a period of 12 months.
CTOS’s shares fell 2.2% to RM1.34 on Monday (Sept 26), bringing the group a market capitalisation of RM3.09 billion.
Source: TheEdge - 27 Sep 2022
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