KUALA LUMPUR: More than 93% of RAM Holdings Bhd’s shareholders have voted in favour of CTOS Digital Bhd increasing its stake in RAM to beyond 20%.

       At an AGM yesterday, CTOS said it gained 93.86% of the shareholder approval to raise its stake in RAM.

       The credit reporting agency added that it intended to appoint one member to the company’s board of directors to ensure the continued independence and governance of RAM.

       “CTOS Digital will actively work with the board of directors of RAM to preserve and strengthen RAM’s internal controls, processes, and governance frameworks and will not be involved in any rating-related decision-making processes,” explained CTOS.

       It is worth noting that CTOS commenced this investment application in April last year.

       The credit reporting agency said it would work closely with RAM to develop new rating solutions for companies, especially small and medium enterprises to access broader forms of credit and grow their businesses.

       “This in turn will accelerate the RAM’s growth and establish it as the leading rating agency, not just in Malaysia but regionally,” it added.

       As of May, CTOS team has grown to a total of 535 employees from 180 workers in 2014.