Creador-backed Malaysian credit reporting agency CTOS to start IPO process in Sept

IPO

Malaysia credit reporting agency CTOS Holdings, which plans to raise as much as $150 million in an initial public offering, could be starting its listing process as early as next month, said a source privy to the development.

“The whole IPO process usually takes nine months to complete. Hopefully the IPO process can start in September,” the source added. “There are two options, either to list on Bursa Malaysia or NASDAQ. The management and investors are discussing now and will decide soon.”

CTOS, backed by private equity firm Creador, is looking to sell at least 25 per cent stake, as required by regulations, to raise about $150 million.

It is, however, unclear whether CTOS will issue new shares or Creador and other investors will sell their ownership in the IPO. Creador currently owns 80 per cent stake in CTOS.

The PE firm, which focused on the high-growth markets in South and Southeast Asia, bought a 70 per cent stake in CTOS for RM215 million in September 2014, earlier reports showed.

CTOS IPO advisors are understood to be Maybank Investment Bank, RHB Investment Bank and Credit Suisse.

Established in 1990, CTOS is a credit reporting agency that operates under the purview of the Malaysia’s Registrar Office of Credit Reporting Agencies, Ministry of Finance and regulated under the Credit Reporting Agencies Act 2010. The agency provides credit risk management solutions and services that are widely used by the country’s banking and financial institutions, insurance and telecommunication companies, large corporations, SMEs, legal firms and statutory bodies, its website showed.

Bloomberg first reported that CTOS is weighing an IPO that could raise as much as $150 million. Another Creador-backed firm MrDIY Group has also reportedly revived its $500 million IPO. The country’s largest home improvement retailer, plans to restart gauging investors’ interest for the IPO next month after postponing the share sale in March, Bloomberg reported. Glovemaker Harps Holdings is also considering an IPO in Kuala Lumpur to raise about $500 million as soon as next year, while The Holstein Milk Co, backed by sovereign fund Khazanah, is weighing first-time share sales in 2021.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.