Temasek unit now a substantial shareholder of CSE Global

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.