CSE Global raises $24m in share placement exercise

The issue price per share was $0.40.

CSE Global has completed its share placement of 60 million new ordinary shares to raise a total gross proceeds of $24m.

The share placement exercise attracted various institutional and accredited investors with an issue price per share of $0.40, representing a discount of approximately 6.6% to the volume weighted average price of $0.4281 per share based on trades done on SGX-ST.

The placement shares will expand the company’s share base by 9.71% to approximately $678.11m shares.

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Meanwhile, its pro forma net tangible assets as of 31 December 2023 will increase from $0.1996 per share to $0.2162 and its earnings per share will be diluted from $0.366 to $0.334.

In FY2023, CSE Global reported a 30.0% YoY revenue growth to $725.1m while its net profit grew 372.0% YoY to $22.5m. It also recorded order wins of approximately $1b and an order book of $730.6m.

The listing of the Placement Shares on the SGX-ST is set to commence on 26 March 2024, 9 am.