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Sale Of I-magination Berhad
BackNov 21, 2005
| The Board of Directors of CSE Global Limited ("CSE") wishes to announce that the Group has granted a 60-day call option to I-magination Group Pte Ltd to purchase 896,000 ordinary shares of MYR1.00 each fully paid in the capital of I-magination Berhad ("IMB"), an associate company of the Group. The sale price payable in cash will be S$2,400,000 if the option is exercised in the first 30 days and it will be S$2,440,000 if the option is exercised in the last 30 days. After the sale, CSE will cease to be a shareholder of IMB.
The sale price was arrived at on a willing buyer and willing seller basis after taking into consideration CSE's share of net tangible asset value in IMB as at 30 September 2005 of S$959,370 and CSE's share of profits in IMB for the nine months ended 30 September 2005 of S$223,960.14. The sale will not have a material impact on the net tangible assets per share and the earnings per share of CSE for the financial year ending 31 December 2005. None of the Directors or controlling shareholders of CSE has any interest, direct or indirect, in the abovementioned transaction. |
| Published: Monday, 21 November 2005 |
| Publication: SGX |
