Singapore’s CET Technologies Invests $1.2 Million
Singapore’s CET Technologies Invests $1.2 Million in Cadmus
Payment solutions and data management services provider, Cadmus Technology Limited (NZSE: CTL), today announced that CET Technologies Pte Ltd (CET), has entered into a subscription agreement to acquire 16 million new Cadmus shares, for a total of $1.2 million. The acquisition will see CET take a 9.9 percent stake in Cadmus.
The agreement is subject to shareholders’ approval, which will be sought at the AGM scheduled for early October. The share issue price will be based on the average share price for the 35-day period prior to the agreement.
CET is a wholly owned subsidiary of Singapore Technologies Electronics Limited, the electronics arm of Singapore Technologies Engineering, the largest engineering company listed on the Singapore Exchange. Under the agreement, CET is entitled to maintain its current level of investment in Cadmus through any subsequent capital raising activities for a period of 3 years.
Cadmus, New Zealand’s leading manufacturer and exporter of payment terminals, designs and develops innovative point-of-sale payment solutions for merchant businesses worldwide.
The Company has developed its own intellectual property in EFTPOS terminal hardware, industrial design, operating system and software development tool. These allow it to address customer requirements in different payment and POS market segments such as debit, credit, loyalty and pre-paid top-up.
The agreement will also see CET take on a strategic role in assisting Cadmus market its products into targeted Asian countries. CET is already established as one of the region’s leaders in mobile and mobility solutions including retail and remote mobile payment, advanced fleet management systems, as well as wireless solutions for the mobile workforce.
CET plans to leverage Cadmus’ EFTPOS expertise, integrating it with its own in-house designed and developed cetracâ advanced Fleet Management Solution (FMS).
CET is one of the world’s leaders in mobility systems, providing FMS systems and in-vehicle terminals for more than 20,000 vehicles of major fleet owners worldwide. “This agreement, which arose out of our targeting opportunities in the Asia Pacific market, underpins the future growth of the Company,” says Cadmus Chairman, Keith Phillips.
“We view this as a tremendous endorsement of Cadmus’ expertise, product set and intellectual property. It also aligns us with an extremely influential player in the fast-growing Singaporean market, providing us with a long-term shareholder who both shares our vision and will support our expansion plans.”
“CET is proud to have played a major role as the technology partner in kick-starting Singapore’s key initiatives on mobile payment as well as mobile workforce solutions, together with consortium partners such as Citibank, StarHub, Metro, Cathay, MSPS and ERA Realty Network,” says Mr Lau Thiam Beng, General Manager, CET Technologies Pte Ltd.
recognise that Cadmus’ suite of products will augment CET’s
existing range of mobile payment technologies and wireless
connectivity solutions. The synergies will help both CET
and Cadmus expand the gateway into high-growth electronics
payments and financial services industries worldwide.”