Investors

Update On Corporate Development By An Associated Company, Ebworx Berhad

Further to our announcement dated 2 March 2012, we wish to announce that the Board of Directors ("Board") of our associated company in Malaysia, eBworx Berhad ("eBworx"), had on 5 April 2012, received a Notice of Conditional Take-Over Offer ("Notice") from Maybank Investment Bank Berhad ("Maybank IB") acting on behalf of Hitachi, Ltd ("Hitachi"), on Hitachi's intention to undertake a conditional take-over offer to acquire the entire issued and paid up share capital of the ordinary shares of RM0.10 each in eBworx (excluding treasury shares held by eBworx) ("Shares") not already owned by the Hitachi for a cash offer price of RM0.90 per share ("Offer") .

CSE Global (Asia) Limited ("CSE Asia"), a wholly owned subsidiary of CSE Global Limited, had on 5 April 2012 provided an undertaking to accept the Offer for all the 59,789,000 Shares held by CSE Asia, representing 30.94% of the entire issued and paid up share capital of eBworx (excluding treasury shares held by eBworx) to Hitachi.

eBworx's shareholders funds as at 31 December 2011 was RM70.9 million (approximately S$29.0 million) and its net profit for the financial year ended 31 December 2011 was RM11.8 million (approximately S$4.8 million).

The proceeds from the proposed sale of approximately S$21.5 million will be used for working capital purposes. The proposed sale will not have any material impact on the consolidated net tangible assets per share and earnings per share of the Company and its subsidiaries for the financial year ending 31 December 2012.

This is a non-discloseable transaction under Chapter 10 of the Listing Manual.

None of the Directors or controlling shareholders of the Company has any interest, direct or indirect, in the abovementioned transaction.

Where appropriate, further announcements will be made in due course.


By Order Of The Board

Tan San-Ju
Company Secretary
5 April 2012