Serba Dinamik buys stake in Singapore's technology firm for RM170.6m

PETALING JAYA: Serba Dinamik Holdings Bhd continued on the acquisition trail with the purchase of a 24.84% stake in Singapore's technology firm CSE Global Ltd for S$57.67 million (RM170.57 million) cash.
CSE provides total integrated industrial automation, telecommunications and environmental solutions projects in US, Asia Pacific, Europe, Middle East and Africa.
Serba Dinamik told the stock exchange that the acquisition is part of the group's overall strategy to expand its geographical footprint in the areas where CSE Global has presence, particularly the US, Mexico, Australia and New Zealand.

The group said its wholly owned subsidiary Serba Dinamik International Ltd has entered into eight separate conditional share sale and purchase agreements for the acquisition. The purchase consideration has been satisfied entirely in cash through bank borrowings.
Serba Dinamik expects the acquisition to contribute positively to its consolidated earnings and earnings per share in the future.
On Thursday, it also announced the acquisition of a 49% stake in UAE-based pumps supplier Al Sagar Engineering Group LLC and Al Sagar National Establishment for 10 million dirhams (RM10.54 million) cash.
Serba Dinamik shares jumped 21 sen or 6.4% to close at RM3.51 today with 4.88 million shares done.