KUALA LUMPUR: CTOS Digital Bhd has acquired an additional 2.65 per cent stake in its Thailand-based associate Business Online Public Company Ltd (BOL) for RM26.8 million.
CTOS said this raised its stake in BOL to 22.65 per cent from 20.00 per cent, expanding its foothold in Thailand's business decision-making solutions market.
"The acquisition will be fully funded by proceeds from the recent initial public offering (IPO). The 2.65 per cent shareholding adds on to CTOS Digital's earlier acquisition of a 20 per cent stake in BOL in October 2020," it said.
CTOS group chief executive officer Dennis Martin said BOL was the largest company information bureau in Thailand, with a 59 per cent market share in terms of revenue for the financial year ended December 31, 2020, based on IDC data.
"BOL continues to exceed our expectations and we are very pleased with the opportunity to increase our stake. BOL has an extensive database of business information online on over 1.6 million local businesses including Thailand's financial institutions, corporates, small medium enterprises and government agencies," said Martin.
The acquisition is not subject to approvals of CTOS' shareholders or other relevant regulatory authorities.