Singapore-listed CSE Global announced that entities managed and controlled by Heliconia Capital Management, a wholly-owned subsidiary of Temasek Holdings, has emerged as a substantial shareholder of CSE.

Stock price 

46 c

52-week range

30 – 59 c

Market cap

S$235 m

PE (ttm)

10x

Dividend yield 

6.0%

1-year return

0.75%

Shares outstanding

511 m

Source: Bloomberg

This was achieved through the acquisition of a 25.03% stake via a married deal with Malaysian-listed Serba Dinamik International.

The S$57.6 million transaction equates to 45 Singapore cents a share, which was also the price at which Serba bought virtually all of its stake in April 2018. Details here. 

(Still Serba Dinamik, an oil & gas player in Malaysia, has some gains to show from the stronger SGD vis-a-vis ringgit and from dividends paid by CSE).

With Heliconia as a key stakeholder, CSE said it hoped to leverage on Heliconia’s network and expertise to support its growth plans.

Through various funds that it manages, Heliconia has invested in leading Singapore enterprises, helping them to further expand and internationalise their business operations.


CSE has ongoing projects awarded by the Singapore Government. While details are hush-hush, the projects are known to revolve around communications, security and automation.

The company actually has historical links to government, being a spin-off (1997) from Singapore Technologies, a group of companies with interests in engineering, technology, infrastructure and lifestyle, property, and financial services. 


Following the acquisition, Heliconia has requested that CSE consider the appointments of Mr Lim How Teck (Chairman of Heliconia) and Mr Derek Lau (Chief Executive Officer of Heliconia) as non-executive directors to the Board of Directors.

The request is currently being reviewed by the Nominating Committee and the Board.

LimBoonKheng1119Mr Lim Boon Kheng (photo), CEO 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.”


Mr Derek Lau, CEO of Heliconia, said, “We are excited by the opportunity to journey with CSE going forward. CSE has done well building up a suite of engineering capabilities and integrated solutions that are highly sought after by their customers executing high value, mission critical projects around the world.

"CSE has also extended its capabilities to new growth areas such as the Smart Cities projects.

"As an incoming shareholder, Heliconia is looking forward to engaging with CSE in its goals to build new capabilities and solutions for a better, smarter and more sustainable post-Covid 19 world.”


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