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Acquisition Of 30% PI-CSE Systems & Engineering (Malaysia) Sdn Bhd
| The Board of Directors of CSE Global Limited ("CSE") is pleased to announced that CSE has entered into a Sales and Purchase Agreement with Progressive Impact Technology Bhd ("PIT") under which CSE agreed to acquire from PIT 30% of PI-CSE Systems & Engineering (Malaysia) Sdn Bhd ("PI-CSE") for a consideration of M$2,109,250 (approximately S$0.948 million). Upon completion, PI-CSE will become a wholly owned subsidiary of CSE.
The consideration for the 30% of PI-CSE of M$2,109,250 was arrived at on a willing-buyer willing-seller basis after taking into account the forecasted profit for FY2004, the net tangible assets of PI-CSE as at 31 May 2004 of M$3,314,040 and the past performance of PI-CSE. CSE proposes to finance the acquisition from the 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 2004. 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. |
| Published: Monday, 12 July 2004 |
| Publication: SGX |
