KUALA LUMPUR (March 9): CTOS Digital Bhd has increased its associate stake in Thailand-based Business Online Public Company Ltd (BOL) to 24.825% from 22.65% previously, as the group continues to strengthen its presence in Thailand as part of its regional expansion strategy. 

The credit-reporting agency announced its acquisition of 17.8 million shares via a direct business transaction on the Thai stock exchange, representing a 2.175% stake in BOL for a purchase consideration of 205.2 million baht (equivalent to RM26.2 million). 

In a statement on Wednesday (March 9), it said the acquisition will be fully funded by proceeds raised from the recently completed private placement. 

“The increase in shareholding comes after earlier acquisitions of 2.650% shareholding back in August 2021, as well as the group’s initial 20.000% stake acquisition in October 2020,” said CTOS Digital. 

According to CTOS Digital, its shareholders had on Feb 21 approved the company’s additional acquisition of up to 2.25% stake in BOL for a cash consideration of up to 15 baht per ordinary share in BOL. 

“We are pleased to increase our investment in the fast-growing BOL and look forward to further realise the potential synergies between both our products and customer base moving forward,” said CTOS Digital deputy group chief executive officer Eric Hamburger. 

The group, citing the International Data Corp, said BOL is the largest company information bureau in Thailand, with 59% market share in terms of revenue for the financial year ended Dec 31, 2020. 

BOL has an extensive database of business information online on over 1.6 million local businesses including Thailand’s financial institutions, corporates, small and medium enterprises, and government agencies.

At Wednesday’s noon break, CTOS Digital had risen nine sen or 6.67% at RM1.44, with some 4.92 million shares changing hands. 

At RM1.44, the group is valued at RM3.33 billion.