CSF GROUP PLC
(“CSF” or the “Group”)
CSF, the leading provider of data centre facilities and services in South East Asia and one of the largest providers of data centre services in Malaysia is pleased to announce it has entered into an agreement to acquire the entire issued share capital of Third Wave Sdn Bhd (“TWSB”) for a cash consideration of RM5,000,000 (£1,016,000*) payable over a three year period
TWSB is a fast-growing company focused on providing solutions for network infrastructure, enterprise security and data centre requirements in the telecommunications, education, healthcare, financial and government sectors.
The vendors of TWSB have committed to providing a profit guarantee to CSF of RM3,000,000 (£610,000*) over a three year period commencing on financial year ending 31 March 2012. The audited net assets of TWSB as at 31 December 2010 amount to RM1,150,000 (£234,000*) and its earnings projections, coupled with the expertise and experience of TWSB’s management team in providing networking and connectivity solutions, underpins the consideration payable for the acquisition.
Strategically, the acquisition of TWSB will strengthen the Group’s resources and improve its ability to work alongside telecommunications service providers positioning CSF’s Computer Exchanges as the data centres of choice in the region. CSF will now be able to offer high performance communications infrastructure services coupled with excellent connectivity in addition to the high quality and reliable mechanical and electrical infrastructure we have historically provided.
TWSB is 60% owned by Wong Chow Ming, a substantial shareholder and an executive director of CSF.
* The translation of the financial figures into pro forma amounts in pounds Sterling is indicative and is included solely for convenience. Figures have been translated from Malaysian Ringgits into pounds Sterling at the rate prevailing on 3 January 2012 of RM4.92 : £1.00. This translation should not be construed as meaning that the Malaysian Ringgit amounts actually represent, or have been or could be converted into the stated number of pounds Sterling.
For further information:
Adrian Yong, Chief Executive
+603 8318 1313
Cenkos Securities (Nominated Adviser & Broker)
Ian Soanes or Bobbie Hilliam
+44 (0)20 7397 8900
Buchanan (Financial PR)
Jeremy Garcia / Gabriella Clinkard
+44 (0)20 7466 5000