KUALA LUMPUR: CTOS Digital Bhd (CTOS) has stated unequivocally that it will respect the independence and integrity of RAM Holdings Bhd (RAM) amid its move to increase its shareholding in the agency.
In a statement today, CTOS said it would not be involved in any rating-related decisions and would 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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"We will only be nominating one member to RAM’s board of directors.
"We look forward to working with current independent board members and CTOS will not be looking to make any changes to the board,” it said.
In terms of financials, CTOS said it would defer to the RAM board on all financial decisions including any dividend policy that RAM may adopt.
It also said that it would support the board’s efforts to ensure that RAM remains well capitalised, to ensure its long-term growth and viability.
"CTOS will not have access to any of RAM’s data or information sources, including the information of the companies that use RAM’s services.
"Our focus will be to work closely with RAM to strengthen its capacity to develop innovative products and solutions designed particularly for *** all and medium enterprises (SMEs),” it said, adding that this would provide more impetus for the growth of SMEs, and support their efforts to access growth capital.
Besides, it sees opportunities to help drive RAM’s regional expansion and the further development of Islamic-based rating products.
Meanwhile, CTOS said it would be making a general offer to all remaining shareholders.
"Based on preliminary feedback, whilst CTOS may achieve more than 51 per cent shareholding, many large shareholders are expected to remain.
"This will provide substantial reassurance that the independence and integrity of RAM will not be compromised,” it added. - Bernama
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