CTOS said the original acquisition price of the 26% equity interest by the two subsidiaries was RM56.2mil in July 2019.
PETALING JAYA: CTOS Digital Bhd
says two wholly-owned subsidiaries, Enfo Sdn Bhd and CTOS Insights Sdn Bhd, have entered into a sale and purchase agreement with Experian (M) Sdn Bhd for the proposed disposal of their entire 26% stake in Experian Information Services (M) Sdn Bhd for RM80mil cash.
In a filing with Bursa Malaysia, CTOS said the original acquisition price of the 26% equity interest by the two subsidiaries was RM56.2mil in July 2019.
It said the proposed disposal was in line with the company’s strategy to optimise synergy within its investment portfolio and reallocate capital towards core business areas and strategic growth initiatives.
“The proceeds from the proposed disposal will strengthen the company’s financial resources and support future expansion opportunities, both organically and through acquisitions,” it added.
CTOS said the proceeds from the proposed disposal will go towards the repayment of borrowing and working capital requirements and other general corporate purposes.
