CSE Global sells subsidiary for $15.5m
It will focus on its core business.
CSE Global has entered into a sale and purchase agreement with IMR Power Pte Ltd (IMR) to dispose off its 66% shareholdings in its subsidiary, Power Diesel (PD), for a cash consideration of $15.5m.
CSE’s rationale for the disposal is to allow it to focus on its core businesses – process controls and communication and security. CSE has also stated the proceeds will be used for general working capital purposes.