CTOS Digital Berhad (KLSE:CTOS) entered into an agreement to acquire 2.1% stake in RAM Holdings Berhad from MUFG Bank (Malaysia) Berhad for MYR 5.9 million on September 26, 2022. The Purchase Consideration for the Proposed Acquisition shall be fully funded by bank financing. The shareholders of CTOS had in the Extraordinary General Meeting held on 25 August 2022 approved the proposed potential acquisition of up to an additional 3,087,500 RAM shares, representing approximately 30.9% equity interest in RAM at a price of not more than MYR 28.50 per RAM share for a total cash consideration of up to approximately MYR 88.0 million over a period of 12 months from the date of the said EGM. In financial year 2021 RAM generated revenue of MYR 48.7 million and profit after tax of MYR 14.2 million. RAM has total assets of MYR 206.2 million and has net assets of MYR 176.4 million. The Proposed Acquisition is expected to be completed within a month of the SPA

CTOS Digital Berhad (KLSE:CTOS completed the acquisition of 2.1% stake in RAM Holdings Berhad from MUFG Bank (Malaysia) Berhad on October 4, 2022.