Temasek unit now a substantial shareholder of CSE Global

Published Tue, Jul 7, 2020 · 02:43 PM

GLOBAL technology solutions provider CSE Global on Tuesday announced that Heliconia Capital Management, an investment firm owned by Temasek Holdings, has emerged as its substantial shareholder following the acquisition of a 25.03 per cent stake through a married deal with Serba Dinamik International Ltd.

Following the acquisition, Heliconia has requested that CSE consider appointing its chairman and chief executive Lim How Teck and Derek Lau as non-executive directors to the board of directors.

Lim Boon Kheng, chief executive of CSE, said: "We welcome Heliconia as a strategic investor. The emergence of Heliconia as a substantial shareholder is a strong testament to our business proposition and track record. The Group will be in a stronger position to expand our businesses both in the Singapore and overseas markets with a strong institutional shareholder base."

Shares of CSE closed at S$0.460 on Tuesday, up 1.5 Singapore cents or 3.37 per cent. (see amendment note)

Amendment note: An earlier version of this article incorrectly stated that shares of CSE closed up 15 Singapore cents on Tuesday. The article has been amended to reflect this change.