OCBC Investment Research in an Apr 10 research report says: "CSE Global (CSE) announced that it has accepted an offer from Hitachi Ltd for all its 59,789,000 shares (30.94% stake) in Malaysia-listed financial solutions provider eBworx Bhd (eBworx).
"If Hitachi's acquisition of eBworx goes according to plan, CSE would receive about $21.5 million in cash in exchange for its stake in eBworx. The proposed transaction is not expected to have any material impact on CSE's consolidated net tangible assets per share or earnings per share for FY2012.
"As we believe that there are little synergies between the two companies, the sale should help CSE unlock shareholder value and redeploy cash to its core businesses. Fair value estimate of 80 cents. MAINTAIN HOLD."
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