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Acquisition Of BOSCO
| The Board of Directors of CSE Global Limited ("CSE") is pleased to announced that W-Industries ("WI"), its 100% owned USA subsidiary, has entered into an Asset Purchase Agreement with BOSCO Fabrication LLC, ("BOSCO") under which WI agreed to acquire from BOSCO the business and assets of BOSCO for a consideration of US$2,338,738.84 (approximately S$3.567 million). Based in Lafayette Louisiana USA, BOSCO manufactures custom panel enclosures and custom-built stainless steel and cold steel fabrication for the oil & gas industry.
The consideration for the BOSCO of US$2,338,738.84 was arrived at on a willing-buyer willing-seller basis after taking into account its forecasted profit for FY2007, the net tangible assets of BOSCO as at 30 August 2007 of US$344,976.43 and the past performance of BOSCO. 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 2007. 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 Mok Koon |
| Published: Monday, 10 September 2007 |
| Publication: SGX |
