Investors

Acquisition Of Shares In Hankin Acquisition Corp. And Its Subsidiary

The Board of Directors of CSE Global Limited ("CSE") is pleased to announce that the Company has entered into a Sales and Purchase Agreement with David Chou, Mavahalli Sampathu, Harshad Modi, Yu Chou, Tony Tian Chou and Shou Hsian Liu ("Vendors") under which CSE is to acquire from the Vendors all the shares in Hankin Acquisition Corp. and its subsidiary ("Hankin") for a consideration of US$4.9 million (approximately S$7.1 million). Hankin, based in New Jersey USA, designs and installs high temperature thermal process and incineration systems in the United States, Asia, Europe and South America. Hankin's main product lines include multi hearth, fluid bed, shaft kiln and rotary kiln furnace systems, usually on an installed basis, to mining and municipal clients.

The consideration for Hankin of US$4.9 million was arrived at on a willing-buyer wiling-seller after taking into account its forecasted profit for FY2008, the net tangible assets of Hankin as at 30 September 2008 of US$0.89 million (approximately S$1.29 million) and the past performance of Hankin.

CSE proposes to finance the acquisition from internally generated funds and bank borrowings.

The transaction above is not expected to have any material impact on the net earnings per share and net tangible assets per share of CSE for the financial year ending 31 December 2008.

None of the substantial shareholders of CSE or Directors has any interest, direct or indirect, in the acquisition.

This is a non-disclosable transaction under Chapter 10 of the Stock Exchange Securities Trading Limited Listing Manual.


By Order Of The Board

Tan San-Ju
Company Secretary
3 October 2008