Latest news with #RiderGate
Yahoo
04-08-2025
- Business
- Yahoo
SAGTEC Withdraws from Proposed Acquisition of Rider Gate
KUALA LUMPUR, Malaysia, Aug. 04, 2025 (GLOBE NEWSWIRE) -- Subsequent to the announcement made on 18 July 2025, the Board of Directors of SAGTEC Global Limited ('SAGTEC') today announced that the Share Sale Agreement ('SSA') entered into on 14 July 2025 with Ramssol Group Berhad ('Ramssol') for the proposed acquisition of a 40% stake in Rider Gate Sdn Bhd, a subsidiary of Ramssol has been terminated. Under the terms of the SSA, completion of the transaction was subject to the fulfilment of certain conditions precedent, including the requisite approval of SAGTEC's Board of Directors. Having given due consideration, SAGTEC's Board of Directors did not provide the requisite approval, and accordingly, the said condition precedent was not fulfilled. In line with the SSA provisions, the SSA has ceased to have any further effect, with no penalties or compensation payable by either party. SAGTEC confirmed that the termination of the SSA will not have any adverse effect on its financial position or results for the current fiscal year, and that it remains open to exploring future collaborations with Ramssol or any other potential partners should a suitable strategic alignment arise. About Sagtec Global Limited Sagtec Global is a regional leader in enterprise-grade POS software, AI-integrated digital systems, and secure data infrastructure for Southeast Asia's fast-evolving retail and service economy. The company's mission is to empower businesses with intelligent, scalable, and secure technology solutions purpose-built for the digital age. For more information on the Company, please log on to Contact Information: Sagtec Global Limited Contact:Ng Chen LokChairman, Executive Director & Chief Executive Officer Telephone +6011-6217 3661 Email: info@ in retrieving data Sign in to access your portfolio Error in retrieving data
New Straits Times
17-07-2025
- Business
- New Straits Times
Ramssol backs loss-making subsidiary to deliver US$1mil profit post disposal
KUALA LUMPUR: Ramssol Group Bhd is backing its loss-making subsidiary, Rider Gate Sdn Bhd, to deliver a profit after tax of at least US$1 million following the disposal of a 40 per cent stake to NASDAQ-listed SAGTEC Global Ltd. The company clarified that the profit guarantee applies specifically to Rider Gate and not Ramssol, correcting an earlier announcement made on July 14. "Ramssol warrants and guarantees that Rider Gate shall deliver a profit after tax of no less than US$1 million in the following one full financial year after completion," it said in a stock exchange filing. The clarification comes after Bursa Malaysia requested additional information on the terms of the proposed disposal, which involves Ramssol receiving shares in SAGTEC in exchange for the 40 per cent equity interest. Rider Gate posted a net loss after tax of RM283,722 and a net liability of RM351,818 for the financial year ended Dec 31, 2024, while SAGTEC recorded a net profit of RM6.93 million and net assets of RM17.38 million. Ramssol stated that while the share sale agreement includes the profit guarantee, it does not contain any clause specifying enforcement mechanisms should the target not be achieved. "SAGTEC is entitled to pursue any legal remedy that they see fit if the profit guarantee is not met. However, the parties have mutually agreed to operate based on a trust-based commercial relationship and understanding between themselves," it said. The company said it considers the target achievable, citing Rider Gate's commercialisation since January 2025. "With more than 150 registered dealers and the potential to grow its network to 1,000 dealers within the first year of launch, the company is of the view that the profit guarantee is realistic," it added. Ramssol highlighted that there are no liabilities, including contingent liabilities, remaining with the group following the disposal, and no guarantees were extended to either SAGTEC or Rider Gate. The fair market value of Rider Gate's software platform is estimated between RM24.26 million and RM29.49 million, based on a valuation by Strategic Capital Advisory Sdn Bhd using the discounted free cash flow to firm method.
The Star
14-07-2025
- Business
- The Star
Ramssol disposes of 40% stake in subsidiary for RM25mil
PETALING JAYA: Ramssol Group Bhd has entered into a share sale agreement with Sagtec Global Ltd for the disposal of its 40% equity interest in Rider Gate Sdn Bhd for a disposal consideration of RM25mil. Ramssol said it would be satisfied by the issuance of consideration shares by Sagtec equivalent to the aggregate value of the disposal consideration. Rider Gate is a wholly-owned subsidiary of Ramssol and is involved in mobile applications, electronic commerce, and information systems integration. By undertaking the partial stake sale, Ramssol said it can leverage on Sagtec in terms of capital and operational resources to accelerate the commercialisation of Rider Gate. 'The proposed disposal is expected to accelerate Sagtec's growth strategy through the investment in a ready-made platform to immediately commercialise and monetise a new market. 'In addition, Sagtec's software development capabilities complement the unique requirements for Rider Gate. Its experienced software development team can create tailored solutions, often starting with a comprehensive software development blueprint in the form of a white paper,' said Ramssol.
New Straits Times
05-05-2025
- Business
- New Straits Times
Ramssol set for earnings growth on Asean human capital management demand
KUALA LUMPUR: Ramssol Group Bhd's earnings are expected to grow in the next financial year, supported by rising demand for human capital management (HCM) solutions across Asean. Hong Leong Investment Bank Bhd (HLIB) said Ramsol is also poised to benefit from strong earnings prospects in its Artificial Intelligence (AI) Tech and Auto Tech segments. The firm noted that demand for HCM solutions in the region is accelerating, fuelled by ongoing digitalisation and supportive government policies. "We project Ramssol's earnings to grow at a strong three year compound annual growth rate of 28.6 per cent, underpinned by stronger anticipated sales from its People Tech and AI Tech segments and maiden contributions from Auto Tech," it said in a note. Meanwhile, HLIB said it is particularly positive on Ramssol's two key new segments - Pay Day Now and Rider Gate - that have the potential to drive the group's earnings growth. In September 2024, Ramssol entered into a strategic collaboration with AmBank Group to offer Earned Wage Access to employees of its corporate clients. Leveraging Ramssol's existing clientele and AmBank's extensive corporate network, we see strong growth opportunities in Pay Day Now. Notably, the firm expects a high onboarding rate from customers, as it serves as a tool to attract and retain talent, with no upfront costs involved. "We estimate the monthly revenue potential from Pay Day Now to range between RM100,000 and RM1.2 million, depending on the frequency of withdrawals. We believe the price-to-earnings (P/E) valuation methodology is most appropriate for Ramssol, given its consistent profitability, forward earnings visibility, and growth trajectory. "We ascribe a P/E multiple of 22 times based on financial year 2026 (FY26) earning per share of 5.5sen, and derive a target price of RM1.21," it added.
