”Asked about the interest expressed by these institutional investors, CTOS CEO Dennis Martin declines to comment, citing regulatory directives. In a March report, The Edge quoted a source familiar with CTOS’ IPO plans as saying that a potential valuation of over RM2 billion was being looked at for CTOS. Of the 900 million shares up for sale from existing shareholders, Creador’s unit Inodes will offer 720 million shares, while 81 million shares will come from each of the co-founders Chung Tze Keong and Chung Tze Wen, and 18 million shares from June Ng. Martin says proceeds from the IPO will be used to repay CTOS’ borrowings and also for future acquisitions. Apart from these acquisitions, CTOS also acquired the entire equity interest in Basis, a Malaysian CRA, in January this year.

Source: The Edge Markets May 18, 2021 06:00 UTC