PETALING JAYA: CTOS Digital Bhd will be making a general offer to all remaining shareholders of RAM Holdings Bhd – a company in which it owns a 19.23% stake.
The credit reporting agency has also pledged to respect the independence of RAM post the increase in stake.
“Based on preliminary feedback, while CTOS may achieve more than 51% shareholding, many large shareholders are expected to remain.
“This will provide substantial reassurance that the independence and integrity of RAM will not be compromised,” CTOS said in a statement yesterday.
The credit reporting agency’s plan to increase its share in RAM to beyond 20% has raised concerns that it may impact the latter’s independence.
More than 93% of RAM’s shareholders voted in favour of the plan last week.
“In response to the recent commentary regarding CTOS’ move to increase its shareholding in RAM, we would like to state unequivocally that CTOS will respect the independence and integrity of RAM in all matters. We will not be involved in any rating-related decisions,” it added.
The credit reporting agency said it would also not be involved in any aspect of the operations of RAM nor would it be appointed to any of its committees.
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