RAM Holdings’ shareholders vote in favour of CTOS Digital

KUALA LUMPUR: More than 93% of RAM Holdings Bhd’s (RAM) shareholders have voted in favour of CTOS Digital Bhd upping its stake in RAM to beyond 20%.

The credit reporting agency, in a statement, said it gained 93.86% of the shareholder vote for increasing its stake in RAM at an annual general meeting today.

CTOS only intends to appoint one member to the board of directors to ensure continued independence and governance of RAM.

“Further, CTOS Digital will actively work with the board of directors of RAM to preserve and strengthen RAM’s internal controls, processes, and governance frameworks and will not be involved in any ratings-related decision-making processes,” it added.

CTOS said it started this investment application on April 15, 2021, and undertook a rigorous process with the Securities Commission to determine how it could add value to RAM.

It said it is well-positioned to work closely with RAM to develop new rating solutions for companies, especially small and medium- sized enterprises (SMEs) to access broader forms of credit and grow their businesses.

“This in turn will accelerate the RAM’s growth and establish it as the leading rating agency, not just in Malaysia but regionally,” it added.