CTOS To Sell 10 Pct Stake In Juris Technologies For RM50 Mln
KUALA LUMPUR, July 22 (Bernama) -- Credit scoring firm CTOS Digital Bhd has proposed to dispose of a 10 per cent equity stake in Juris Technologies Sdn Bhd to Natsoft (M) Sdn Bhd for RM50 million cash, reducing its shareholding in the software developer to 39 per cent from 49 per cent.
CTOS said in a filing with Bursa Malaysia today that it had on July 22 entered into a share sale agreement (SSA) with Natsoft, the initial and majority shareholder of Juris, for the disposal of 100,000 ordinary shares representing 10 per cent of Juris’ issued and paid-up share capital.
“The proposed disposal is consistent with CTOS' strategy to optimise its investment portfolio by monetising a non-core asset with limited strategic synergies and influence,” it said.
CTOS said the disposal would allow the group to unlock the value of its minority investment in Juris, which it described as a non-core asset with limited strategic control and operational synergies, while enabling it to refocus on its core business.
CTOS also said the disposal consideration was determined on a willing buyer-willing seller basis, based on an agreed equity valuation of Juris of RM500 million after taking into account the valuation of comparable companies.
The transaction is expected to be completed by the end of July 2026.
On the risk factors, CTOS said completion of the proposed disposal is subject to the fulfilment of the completion obligations under the SSA, failing which the transaction may be delayed or terminated in accordance with its terms.
“The company shall take all reasonable steps to ensure that the completion obligations and the terms and conditions as set out in the SSA are fulfilled in a timely manner to facilitate the completion of the proposed disposal,” it said.
It also said the proposed disposal does not require shareholders' approval or the approval of any relevant authorities, and is not conditional upon any other proposals undertaken or to be undertaken by the company.
CTOS further said the proposed disposal will not affect the company's share capital or the shareholdings of its substantial shareholders as the transaction will be settled entirely in cash and does not involve the issuance of new ordinary shares.
“The board, having considered all aspects of the proposed disposal, is of the opinion that the proposed disposal is in the best interest of CTOS and its shareholders,” it said.
-- BERNAMA