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Sale Of 14.5% Of Solution Exchange, Inc.
| The Board of Directors of CSE Global Limited ("CSE") wishes to announce that its wholly owned subsidiary, CSE-Infotech Limited ("CSE-Infotech"), has sold 14.5% or 37,700 shares of 20 Philippines pesos each fully paid in the capital of Solution Exchange, Inc. ("SXI") for a cash consideration of 377,000 Philippines pesos (approximately S$11,000) to the management of SXI.
The consideration was arrived at on a willing buyer and willing seller basis after taking into consideration SXI's capital deficit at 31 December 2003 of 14,465,342 Philippines peso (approximately S$497,000) and its net loss for the financial year ending 31 December 2003 of 11,387,039 Phippines peso. Following the sale, CSE-Infotech's shareholding in SXI is reduced from 49.0% to 34.5% of the total number of issued shares in SXI. Accordingly, SXI will remain an associated company of CSE-Infotech. The proceeds from the sale will be used for working capital purposes. 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 2004. The abovementioned transaction is a non-discloseable transaction under Chapter 10 of the Listing Manual of the Singapore Exchange Securities Trading Limited. None of the Directors or controlling shareholders of CSE has any interest, direct or indirect, in the abovementioned transaction. |
| Published: Tuesday, 4 May 2004 |
| Publication: SGX |
