Ramssol acquires 51% in Geekstart

From left: GeekStart Company Limited chief relationship officer Rujirat Chuangsungnern, GeekStart chief technology officer Tanasak Tantitarntong, GeekStart chief financial officer Kitipat Veerachien, Ramssol Group Bhd group managing director and chief executive officer Datuk Seri Ts. Cllement Tan and Ramssol group chief operating officer Liew Yu Hoe.

BANGKOK: Human capital management solutions and technology provider Ramssol Group Bhd is acquiring a 51% stake in Bangkok-based Geekstart Co Ltd for RM6.9mil to expand its digital capabilities across South-East Asia.

The company said the acquisition exercise comes with a profit guarantee of about RM4.7mil for the financial year ending Dec 31, 2024 (FY24) and not less than RM7.05mil for FY25.

Ramssol group managing director and chief executive officer Datuk Seri Cllement Tan Chee Seng said the exercise is expected to contribute positively to the group’s financial results this year.

“With these profit guarantees, the forward price-to-earnings ratio for the acquisition is projected to be 1.9 times, underscoring the value of this investment,” he told Malaysian media after the acquisition signing ceremony.

The acquisition is expected to be completed by next month.