CTOS Digital Berhad (KLSE:CTOS) entered into an agreement to acquire a 19.9% stake in RAM Holdings Berhad from Oscar Matrix Sdn Bhd for MYR 51.3 million on July 15, 2022. Under the terms, CTOS Digital will acquire 1,990,000 ordinary shares in RAM for MYR 28.5 per share. The consideration will be funded by a combination of bank borrowings and/or internally generated funds. In the year ending on December 31, 2021, RAM had a revenue of MYR 40.9 million, profit before tax of MYR 15.8 million, profit after tax of MYR 14.2 million and net assets of MYR 176.4 million. The deal is subject to approval by board and shareholders of CTOS and Oscar Matrix. The deal is expected to close by the third quarter of 2022. Maybank Investment Bank Berhad acted as financial advisor to CTOS. As on August 25, 2022, All the conditions precedent as stipulated in the SPA have been fulfilled and the SPA has become unconditional.

CTOS Digital Berhad (KLSE:CTOS) completed the acquisition of 19.9% stake in RAM Holdings Berhad from Oscar Matrix Sdn Bhd on September 2, 2022.