Ramssol

RAMSSOL Group Bhd has terminated its proposed RM25 million disposal of a 40% stake in its wholly owned subsidiary, Rider Gate Sdn Bhd, to Nasdaq-listed SAGTEC Global Ltd after the latter failed to secure board approval for the deal.

“Given SAGTEC’s failure to obtain the approval of its board, SAGTEC has purported to terminate the proposed share acquisition as SAGTEC is unable to satisfy the condition precedent of the share sale agreement (SSA),” it said in a Bursa Malaysia filing today.

Ramssol is now seeking legal advice on the termination.

The proposed deal, announced in July, was intended to accelerate the commercialisation of Rider Gate by leveraging SAGTEC’s capital and software expertise.

The disposal was to be settled via SAGTEC shares, valuing Rider Gate at RM62.5 million.

Ramssol had also provided a profit guarantee of at least US$1 million for Rider Gate’s first full financial year post-acquisition.

The company had expected a disposal gain of RM25.14 million while retaining a 60% stake in Rider Gate.

Launched in January 2025, Rider Gate operates a digital platform for the used motorcycle trade, covering financing, insurance, inspections, accessories, and repairs.

It has onboarded over 25,000 users and more than 300 dealers, with plans to scale up to 1,000 outlets across Peninsular Malaysia within its first year. — TMR

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