• ABOUT US

Overview


 

RAM Holdings Berhad (RAM Group) is a leading provider of independent credit ratings, research, training, risk analysis, ESG analytics and bond pricing. Formerly known as Rating Agency Malaysia Berhad, RAM Holdings was established in November 1990 as a catalyst for the domestic debt capital market and as the nation’s first credit rating agency.

In 2007, our rating operations were novated to a newly formed subsidiary, RAM Rating Services Berhad. Apart from credit ratings, the RAM Group also offers myriad solutions ranging from economic and debt market research, data & analytics and sustainability services. 

Underscored by over 30 years’ expertise in credit analysis, risk management, economics and industry research, our wholly owned unit, RAM Sustainability Sdn Bhd, delivers innovative solutions to companies. In 2016, RAM Sustainability commenced offering Sustainability Ratings, a tool and framework that measure companies’ environmental, social and governance (ESG) performance.

RAM Solutions, with effect from 1 March 2023, has now integrated sustainability advisory and solutions to our existing credit opinion business.

This integration of RAM’s two core businesses under RAM Solutions will be transformative in recognising the importance of financial sustainability in every ESG solution. Our core focus will be to work with our clients to position and transform their businesses to be financially sustainable and ESG compliant. This will include providing high level support to management teams and board of directors on their journey to becoming greener, achieve carbon neutrality/net zero targets, consult on supply-chain management and/or to engage with regulators in these areas. RAM Solutions can also work with clients to provide customised products/services and assist clients in the preparation of green/sustainable finance frameworks independently of any second opinion providers or external reviewer.

Bond Pricing Agency Malaysia Sdn Bhd (BPAM) became a wholly owned subsidiary of RAM Holdings Berhad on 30 June 2021. The company is the sole provider of bond-pricing and valuation data on the Malaysian bond market and is regulated by the Securities Commission Malaysia. The Guidelines on Registration of Bond Pricing Agencies require BPAM to have segregation of management and operational resources from RAM, to ensure full independence on BPAM’s operations.

Group of Companies

Wholly-owned Subsidiaries

RAM Rating Services Berhad

RAM Rating Services Berhad (RAM Ratings) is the leading and largest credit rating agency in Malaysia and South-East Asia (ASEAN). Renowned for our independent and insightful views, our credit ratings and assessments are highly regarded in both the domestic and regional markets, and are used by investors as well as market participants to make sound business decisions.

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RAM Sustainability Sdn Bhd

Established on 31 May 2000, RAM Sustainability (formerly known as RAM Consultancy Services Sdn Bhd) has carved a reputation in economic advisory, risk management, strategic business consultancy, debt restructuring and project advisory services. 

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RAM Solutions Sdn Bhd

RAM Solutions, with effect from 1 March 2023, has now integrated sustainability advisory and solutions to our existing credit opinion business. This integration of RAM’s two core businesses under RAM Solutions will be transformative in recognising the importance of financial sustainability in every ESG solution.

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Bond Pricing Agency Malaysia Sdn Bhd

Formerly known as Bondweb Malaysia Sdn Bhd, Bond Pricing Agency Malaysia Sdn Bhd (BPAM) was incorporated on 27 September 2004. The company is the sole provider of bond-pricing and valuation data on the Malaysian bond market and is regulated by the Securities Commission Malaysia.

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Associate Company

Bursa Malaysia RAM Capital Sdn Bhd

(formerly known as “BM RAM Capital Sdn Bhd”)
(49%-owned by RAM Holdings Berhad)
 

The company was incorporated on 27 December 2022 to undertake the joint venture between RAM and Bursa Malaysia Berhad to develop a new debt fundraising platform that will facilitate listed and unlisted small to mid-sized companies to tap into a new pool of capital outside of traditional wholesale markets.

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Shareholders

No.  Shareholders of RAM      No. of Shares  % of Shares
1 Alliance Bank Malaysia Berhad 320,000 3.200
2 Bangkok Bank Berhad 80,000 0.800
3 Boon Siew Credit Berhad 30,000 0.300
4 CTOS Digital Berhad 5,767,500 57.675
5 Hong Leong Bank Berhad 580,000 5.800
No.  Shareholders of RAM      No. of Shares  % of Shares
6 HSBC Bank Malaysia Berhad 350,000 3.500
7 Public Bank Berhad 532,500 5.325
8 S&P Global Asian Holdings Pte Ltd 1,920,000 19.200
9 United Overseas Bank (Malaysia) Berhad 420,000 4.200
  Total 10,000,000 100.000

Board of Directors

  • Datuk Kamaruddin Taib

    Independent Non-Executive Chairman

  • Chris W.K. Lee

    Group CEO / Executive Director

  • Christopher Leong Sau Foo

    Independent Non-Executive Director

  • Datin Mariam Prudence Binti Yusof

    Independent Non-Executive Director

  • Cheryl Khor Hui Peng

    Independent Non-Executive Director

  • YM Tunku Alizakri Bin Raja Muhammad Alias

    Independent Non-Executive Director

  • Chiam Hsing Chee

    Non-Independent
    Non-Executive Director

  • Datuk Kamaruddin Taib

    Independent Non-Executive Chairman

  • Chris W.K. Lee

    Executive Director

  • Fong Seow Kee

    Independent Non-Executive Director

  • Dato’ Lee Kok Kwan

    Independent Non-Executive Director

  • Promod Dass

    Executive Director

  • Chris W.K. Lee

    Executive Director

  • Chong Kwee Siong

    Executive Director

  • Chris W.K. Lee

    Executive Director

  • Chris W.K. Lee

    Non-Independent
    Non-Executive Director

  • Promod Dass

    Non-Independent
    Non-Executive Director

  • Hasnah binti Omar

    Independent
    Non-Executive Director

  • Datuk Mark Victor Rozario

    Independent
    Non-Executive Director

  • Fong Seow Kee

    Non-Independent
    Non-Executive Director

  • Ng Hon Soon

    Independent
    Non-Executive Director

  • Meor Amri bin Meor Ayob

    Chief Executive Officer
    Executive Director

Management Team

  • Chris W.K. Lee

    Group CEO/Executive Director
    RAM Holdings Berhad

    Executive Director
    RAM Rating Services Berhad

    Executive Director
    RAM Sustainability Sdn Bhd

    Executive Director
    RAM Solutions Sdn Bhd

    chris@ram.com.my

  • Promod Dass

    Deputy Group Chief Executive Officer
    RAM Holdings Berhad

    Executive Director
    RAM Sustainability Sdn Bhd

    Chief Executive Officer
    RAM Solutions Sdn Bhd

    promod@ram.com.my

  • Julie Ng

    Chief Executive Officer
    RAM Rating Services Berhad

    julie@ram.com.my

  • Chong Kwee Siong

    Technical Director
    RAM Rating Services Berhad

    Executive Director
    RAM Solutions Sdn Bhd

    kschong@ram.com.my

  • Kevin Lim

    Group Chief Financial Officer
    RAM Rating Services Berhad

    kevin@ram.com.my

  • Gladys Chua

    Chief Executive Officer
    RAM Sustainability Sdn Bhd

    gladys@ram.com.my

  • Siew Suet Ming

    Deputy Chief Executive Officer
    RAM Rating Services Berhad

    Chief Rating Officer
    RAM Rating Services Berhad

    suetming@ram.com.my

  • Sazalina Kamarudin

    Chief Compliance & Legal Officer
    RAM Rating Services Berhad

    sazalina@ram.com.my

  • Choo Chian Yuh

    Chief Digital Officer
    RAM Rating Services Berhad

    choocy@ram.com.my

Anti-Bribery & Anti-Corruption

RAM Holdings Berhad and its subsidiary companies (collectively “RAM Group” or “RAM”) adopt a zero-tolerance policy against all forms of bribery and corruption. RAM is committed to conduct business at the highest level of integrity and ethics. The Anti-bribery & Anti-corruption Policy, Code of Ethics & Conduct, and No-gift Policy were implemented to set the boundaries on the business dealings and interaction involving RAM and its counterparties. RAM also has a Whistleblowing Policy that set out the procedures to address legitimate concerns raised on any misconduct, illegal activities, unethical or inappropriate behaviour committed by its employee. Should you have any complaint on any misconduct, you may file your complaint at complaint@ram.com.my.

Annual Report

2022  2021  2020 

Publications

Publications Description Frequency
RAM Economic Outlook This half-yearly publication provides updates on our short-medium-and long-term outlook on the domestic economy. Half-yearly
RAM Views Features comments on the current issues and events influencing the domestic economy. Ad hoc
Bond Market Monthly A monthly snapshot of the performance of the Malaysian primary fixed-income market Monthly
Economic Insight This publication aims to set the scene ahead of major economic data releases (on inflation and trade, among others), with specialised analyses and forecasts. Monthly
Publications Description Frequency
CreditPulse RAM Ratings’ CreditPulse encompasses our outlook on the credit market and key industries in Malaysia. This annual publication has gained much recognition vis-à-vis our market-shaping opinions. It also provides insights on specific debt issuers within RAM Ratings’ universe, in the context of our views on the prospects of the relevant economic sectors. Annual
Banking Insight

The annual Banking Insight publication (formerly known as the Banking Bulletin) is highly sought after and represents RAM Ratings’ outlook and thought leadership on the Malaysian banking industry. As the leading provider of financial institution ratings, our deep insights and analysis are underscored by our extensive coverage of the banking sector and broad market experience. This publication also features a separate report for the Islamic series entitled the Islamic Banking Insight.

Annual
Banking Scoreboard

Published annually, the Banking Scoreboard facilitates peer comparison of key commercial banks in Malaysia across numerous financial metrics. The financial indicators and data presented allow easy benchmarking among banks, together with trend analysis for each entity. Readers will also find a separate publication for the Islamic banks in Malaysia.

Annual
Banking Quarterly Roundup This quarterly commentary provides a snapshot of the average performance of key domestic banking groups. The quick overview encompasses their most recent quarterly results and the overall banking system’s latest financial indicators. Quarterly
StandPoint Commentary As the name suggests, the StandPoint Commentary offers RAM Ratings’ views on current issues and events pertaining to specific industries in the domestic economy. Released on an ad hoc basis, this publication aims to keep our readers abreast of the latest topics in the market. Ad hoc
Corporate-Default & Ratings-Performance Study Published annually, RAM Ratings’ Corporate-Default & Ratings-Performance Study is renowned for tracking the ratings performance of the Malaysian bond market; it also examines default experience over a 5-year period. In addition, it addresses rated corporates’ credit trends in terms of notched ratings, supported by a comprehensive analysis of rating-migration patterns. This study provides evidence on the consistency and quality of our ratings, and underlines the high standards and analytical rigour that shape our rating decisions. Bi-annual
Rating Criteria & Methodology RAM Ratings’ Rating Criteria & Methodology provides transparency on and a better understanding of our rating approach, methodology and criteria, rating factors, and rating policy, among others. As our rating spectrum expands, we will keep you informed of our new criteria and methodology. Ad hoc
Quarterly results commentaries Consistent with RAM Ratings’ monitoring process for all our rated debt issues, the Quarterly Commentary provides an updated performance review and outlook on the public-listed entities within our portfolio. As and when quarterly results are published
RAM League Tables Released on a quarterly basis, the RAM League Tables feature lead managers’ league tables for corporate bonds and sukuk issues, in terms of both programme value and number of issues. At the same time, there will be a summary of activity in the rated bond market during that specific period. Quarterly
Sukuk Snapshot Sukuk Snapshot is designed as a quick reference point for sukuk data and trends. This quarterly publication aims to serve the needs of market practitioners, enabling them to monitor global and Malaysian sukuk market developments. Quarterly
Sukuk Reflections Sukuk Reflections is a publication to showcase trending topics or ideas from leading industry experts and is aimed at catalysing thought leadership by combining RAM’s expertise in rating sukuk. Ad hoc
Asset Monitoring Report A half-yearly summary report for investors of securitized transactions, detailing monthly performance of the underlying asset portfolio and rated notes. Half-yearly
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