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To Acquire 50% Of OneRex Pte Ltd
| The Board of Directors of CSE Systems & Engineering Ltd ("CSE" or the "Company") is pleased to announce that the Company has agreed to form a 50%/50% joint-venture ("JV") with pFission Investment Pte Ltd (the "pFission"). The two partners, pFission and CSE will provide the funding of up to S$8.0 million equally. CSE will fund this investment by internal resources.
The joint venture "OneRex" Pte Ltd (an acronym for One Real Estate eXchange) will (1) Construct network infrastructure for condominiums JV will construct for developers a high-speed wire (fiber. Cat5) or wireless Intranet/Internet broadband network for condominiums. (2) Host a virtual mega-store to sell and service the needs of condominium residents JV will provide hosting, developing and maintaining e-commerce applications and facilities at the virtual mega-store. The e-merchant would enjoy seamless high-speed access through the broadband infrastructure. (3) Provide broadband access to the world and the virtual mega-store JV will provide fiber optics link direct to the home. Residents will have broadband access to the Internet. They can enjoy the convenience of e-shopping, e-education, and e-entertainment in the virtual mega-store and benefit from the cost savings generated through this demand aggregation. OneRex will proceed with its plans as soon as the Infocomm Development Authority of Singapore (IDA) approves its application for licences. pFission, incorporated in March this year, will spearhead Pidemco Land's investments and ventures in the e-business arena. The Group plans to leverage on its experience as well as knowledge in property to invest and develop new e-services related to the property sector. By Order of the Board Tan San-Ju Submitted by Tan San-Ju, Secretary on 28/7/2000 to the SGX |
| Published: Friday, 28 July 2000 |
| Publication: SGX |
