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Serba Dinamik sells its 25.2 pct stake in Singapore-listed CSE Global

KUALA LUMPUR, July 7 --  Serba Dinamik  Holdings Bhd (SDHB) has sold its entire 25.2 per cent equity interest in Singapore-listed technology company CSE Global Ltd in the open market for RM177.33 million.

The energy services group said the disposal was timely as its initial objectives had been met, whereby it had achieved the relevant financial targets and international presence.

"The initial objective of SDHB (for) acquiring CSE Global was to, among others, leverage on CSE's global presence and its client base in the oil and gas industry as well as to strengthen SDHB group's information technology segment,” SDHB said in a statement to Bursa Malaysia.

CSE Global, which provides industrial automation, telecommunications and environmental solutions projects, operates in a network of 41 offices in 17 countries. 

SDHB said the proceeds from the disposal could be deployed into other ventures which would create further value enhancement.

The actual utilisation had not been determined, but the proceeds were expected to be used within 12 months from the completion of the disposal, it added.

SDHB acquired the stake in CSE Global in April 2018 for RM170.57 million.

-- BERNAMA

 

 

 

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