Rider Gate

RAMSSOL Group Bhd has proposed to dispose of a 40% stake in its wholly owned subsidiary Rider Gate Sdn Bhd to SAGTEC Global Ltd for RM25 million (approximately US$5.8 million) to be satisfied entirely via share issuance by SAGTEC.

The deal, formalised through a share sale agreement on July 14, involves the disposal of 13,334 ordinary shares in Rider Gate. 

Upon completion, Ramssol will retain a 60% stake, while SAGTEC will hold the remaining 40%.

Rider Gate, incorporated in October 2023, operates in mobile applications, e-commerce, insurance agency services, motorcycle-related trading, and repair services.

SAGTEC, established in 2018, is involved in POS system design, software development, and social media and data management.

Ramssol said the move will strengthen strategic collaboration between both parties and unlock future growth opportunities in Rider Gate. — TMR

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