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CTOS Digital group chief executive officer Dennis Martin (pic) said: “We believe there are strong synergies in both product offerings and customer base between both companies which we will look to realise on moving forward.”
KUALA LUMPUR: Credit reporting company CTOS Digital Bhd is buying a 4.6% stake in rating agency RAM Holdings Bhd from CIMB Bank Bhd for RM10.05mil.
In a filing with Bursa Malaysia on Thursday it had entered into a share purchase agreement with CIMB to buy the stake, comprising 462,500 shares.
This is the first acquisition for CTOS Digital after its listing on July 19. The flotation exercise drew very strong interest from institutions and investors.
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By Reuters Staff
2 Min Read
FILE PHOTO: An investor monitors share market prices in Kuala Lumpur, Malaysia, August 25, 2015. REUTERS/Olivia Harris./File Photo
KUALA LUMPUR (Reuters) - Shares in Malaysia’s CTOS Digital Bhd rose as high as 60% in the first minutes of its market debut on Monday.
The credit reporting firm, which launched a 1.2 billion ringgit ($285.24 million) initial public offering, opened 36% higher than its offer price of 1.10 ringgit.
It was the largest IPO in Malaysia since Mr DIY Group’s 1.5 billion ringgit debut last year.
“We will also continue to expand our product offerings and customer reach while exploring acquisitions within Malaysia and throughout the ASEAN region,” Group Chief Executive Officer Dennis Martin said in a virtual speech, referring to Southeast Asia.
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