KUALA LUMPUR (July 7): Serba Dinamik Holdings Bhd is divesting its 25.2% entire equity interest in Singapore-listed CSE Global Ltd for S$57.67 million (RM177.33 million). 

Serba Dinamik said it had acquired the stake to leverage on CSE Global’s presence and its client base in the oil and gas industry, as well as to strengthen the group’s IT segment. 

“The disposal is timely, as our initial objectives have been met where Serba Dinamik group has achieved the relevant financial targets and international presence. 

“The proceeds arising from the disposal can be deployed into other ventures which will create further value enhancement to Serba Dinamik group,” it said in a filing with Bursa Malaysia.  

Serba Dinamik said the disposal is not expected to have any material gain or loss to the group. 

The original cost of investment in CSE Global was RM170.57 million in April 2018, it added.  

Serba Dinamik’s share price closed seven sen or 3.95% lower at RM1.70 today, bringing a market capitalisation of RM5.73 billion. The counter saw 14.07 million shares traded.