CSE Global

[¯|_(ツ)_/¯]

brought@45cents
https://links.sgx.com/FileOpen/_Form_3_-...eID=623119

Wear mask and keep your distance, please.

[weijian]

brought@45cents
https://links.sgx.com/FileOpen/_Form_3_-...eID=623119

Wear mask and keep your distance, please.

Not withstanding the dividends, but it seems like Serba Dinamik didn't make much money on this for the past few years. I had thought that Serba Dinamik would have provided some sort of validation to CSE Global in general, as they themselves are an engineering outfit as well.

Most mid-cap listed engineering firms have CEOs with engineering background. For CSE Global, it is an outlier as the CEO was an accountant and then CFO. I guess with CSE Global as a serial acquirer, maybe an accounting background would actually give better asset allocation capabilities.

[¯|_(ツ)_/¯]

cse@54
1H2021 result with 1.25 cents dividend
https://links.sgx.com/FileOpen/CSE_Globa...eID=678250

https://drive.google.com/open?id=1YHVKMQ...9R8cKbUYxm
Stay home and stay safe, everyone.

[BlueKelah]

cse@54
1H2021 result with 1.25 cents dividend
https://links.sgx.com/FileOpen/CSE_Globa...eID=678250

https://drive.google.com/open?id=1YHVKMQ...9R8cKbUYxm
Stay home and stay safe, everyone.

nice cash cow that will keep on churning out dividends for years to come

[weijian]

Chairman Lim is 76 years old, has a 0.007% stake in the company and has been on the BOD since AFC97. But despite the 9year hard rule for ID, he has decided to offer his valuable long services to the company via the NEID designation.

But it seems like the other NEIDs are not of the same tune and they (Temasek) have abstained from the voting. And with the abstain, (Ex)Chairman Lim can now enjoy his retirement.

RE-ELECTION OF DIRECTOR – RESOLUTION 3

Mr Lim Ming Seong had signified his consent to continue in office and will upon re-election as a Director of the Company, be re-designated as Non-Executive Non-Independent Director as Mr Lim has served on the Board for more than 9 years. If re-elected, Mr Lim will continue to be the Chairman of the Company and the appropriate changes such as the appointment of a Lead Independent Director and changes to the composition of the board committees will be announced after the AGM

Number of valid votes “For” : 47,663,059 (44.59%)
Number of valid votes “Against” : 59,236,781 (55.41%)
Total number of valid votes received : 106,899,840

Based on the results, the Chairman declared the ordinary resolution not carried. As the resolution was not carried, Mr Lim Ming Seong will retire from his office as a Director at the conclusion of the AGM.

https://links.sgx.com/FileOpen/CSE_Globa...eID=804673

[Shrivathsa]

CSE global announcement that arbitration proceedings will result in payment of 8 million and will affect results, half year profit is 15 million. 

https://investors.sgx.com/company-disclo...DNHZ8QHODP

[smallcaps]

today CSE Global's first share buyback since 2021:
5 mil shares at 44 to 46.5 cents

[weijian]

"Circular deals" have been in vogue of late (especially in the AI sphere) but they are relatively rare on the local scene. So Company has revealed that Amazon is a customer. And Amazon's investment holding unit has been issued free warrants expiring 5 years from now, that are contingent upon them been invoiced ~1.5bil USD. For context, in the last FY24, CSE Global had a revenue of ~660mil USD.

CSE Global issues 63 million warrants to Amazon unit, tied to US$1.5b spending target

Mainboard-listed systems integrator CSE Global has entered into an agreement to issue 62,968,580 new warrants to a wholly owned subsidiary of Amazon.

The warrants, announced on the Singapore Exchange (SGX) on Tuesday (Nov 11), will fully vest on the condition that Amazon and its affiliates make qualifying payments for products and services totalling to US$1.5 billion.

The warrants will be issued to Amazon NV Investment Holdings, which currently does not hold any shares in the company.

https://www.businesstimes.com.sg/compani...ing-target

[weijian]

Well, that is one INDEPENDENT director who just quit (although one doesn't need to quit to show independence).

Mr Tan has a disagreement with Temasek (the controlling shareholder) but he is also on the board of other TLCs (SMRT) and a few gov regulatory boards like Gambling Regulatory Authority and A*STAR. In addition, he is/was lead ID in listed companies like Straits Trading and Banyan Group, and these 2 companies have controlling shareholders in dominant executive roles who are known to be "mavericks" (Madam Chew and Mr Ho Kwon Ping).

The resignation comes ~3months after Temasek first requested a strategic review and also the revelation of a EOI to do a transaction (PR in italics below):

The Company is undertaking the Strategic Review following a request received from its controlling shareholder (as defined under the Listing Manual of the Singapore Exchange Securities Trading Limited), Heliconia Capital Management Pte Ltd, and the receipt of a nonbinding, preliminary indicative expression of interest from a party (the “EOI”) to discuss a potential strategic transaction in relation to the Company.

Resignation of Independent Non-Executive Director

Mr Tan Chian Khong has tendered his resignation as Lead Independent Director with effect from 2 June 2026 and has accordingly stepped down as Chairman of the Audit and Risk Committee and the Nominating Committee (the "NC").

The Board wishes to thank Mr Tan Chian Khong for his valuable contributions over the last seven years and wishes him well in his future endeavours.

Are there any unresolved differences in opinion on material matters between the person and the board of directors, including matters which would have a material impact on the group or its financial reporting? Yes

If yes, please elaborate. Difference of views with regard to working with controlling shareholders.

https://links.sgx.com/1.0.0/corporate-an...96212079da

[weijian]

Well, that is one INDEPENDENT director who just quit (although one doesn't need to quit to show independence).

Mr Tan has a disagreement with Temasek (the controlling shareholder) but he is also on the board of other TLCs (SMRT) and a few gov regulatory boards like Gambling Regulatory Authority and A*STAR. In addition, he is/was lead ID in listed companies like Straits Trading and Banyan Group, and these 2 companies have controlling shareholders in dominant executive roles who are known to be "mavericks" (Madam Chew and Mr Ho Kwon Ping).

The resignation comes ~3months after Temasek first requested a strategic review and also the revelation of a EOI to do a transaction (PR in italics below):

The Company is undertaking the Strategic Review following a request received from its controlling shareholder (as defined under the Listing Manual of the Singapore Exchange Securities Trading Limited), Heliconia Capital Management Pte Ltd, and the receipt of a nonbinding, preliminary indicative expression of interest from a party (the “EOI”) to discuss a potential strategic transaction in relation to the Company.

Resignation of Independent Non-Executive Director

Mr Tan Chian Khong has tendered his resignation as Lead Independent Director with effect from 2 June 2026 and has accordingly stepped down as Chairman of the Audit and Risk Committee and the Nominating Committee (the "NC").

The Board wishes to thank Mr Tan Chian Khong for his valuable contributions over the last seven years and wishes him well in his future endeavours.

Are there any unresolved differences in opinion on material matters between the person and the board of directors, including matters which would have a material impact on the group or its financial reporting? Yes

If yes, please elaborate. Difference of views with regard to working with controlling shareholders.

https://links.sgx.com/1.0.0/corporate-an...96212079da

More details have been revealed from SGX RegCo's query on the resignation of Lead ID Mr Tan Chian Khong.

Just a quick timeline of the chairman changes:
April2024: Long serving non independent chairman (not Temasek affiliated) not re-elected in AGM. Temasek affliated NINED Mr Tan Teck Koon redesignated to NI chairman.
April2025: Lead ID re-elected to the BOD in the AGM for next 3 years. Probably his last term as he will lose his independence in the next election.
Dec2025: Mr Tan Teck Koon resigned to allow his fellow Temasek affiliated Mr Lai (the current chairman)

Temasek themselves did a revamp in Sept2025 and therefore, a series of new decisions had probably been made in the subsequent months (eg. rumours of Capitaland Investments merging with Mapletree Investments). It is with this context that Mr Lai took over in Dec2025 and then a strategic review request + potential transaction came in.

As usual, Prof Mak has an article on this. And expect more from him soon...

CSE Global's response to SGX RegCo: https://links.sgx.com/FileOpen/CSE_Respo...eID=893426
Prof Mak's view: https://governanceforstakeholders.com/20...t-matters/