CTOS Digital Berhad entered into a Share Purchase Agreement to acquire 15.65% stake in RAM Holdings Berhad from Dragonline Solutions Sdn Bhd for MYR 44.6 million.

CTOS Digital Berhad (KLSE:CTOS) entered into a Share Purchase Agreement to acquire 15.65% stake in RAM Holdings Berhad from Dragonline Solutions Sdn Bhd for MYR 44.6 million on September 8, 2022. The Purchase Consideration for the Proposed Acquisitions shall be fully funded by bank financing. The Securities Commission had on 28 April 2022 provided approval for CTOS to acquire majority stakes in RAM within six months.

The shareholders of CTOS had in the Extraordinary General Meeting (ôEGMö) 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 million over a period of 12 months from the date of the said EGM. There are no liabilities, contingent liabilities and guarantees to be assumed by CTOS, arising from the Proposed Acquisitions. The Proposed Acquisitions are expected to be completed by end of September 2022.