SINGAPORE (July 25): CIMB Research has cut its rating for CSE Global to “reduce”, from “add” previously. In addition, the research house has slashed CSE’s target price to 39 cents, from 56 cents previously.

This comes after CSE’s announcement of a settlement agreement with the US Department of the Treasury’s Office of Foreign Assets Control (OFAC).

CSE will see a one-time charge of US$12.0 million ($16.3 million) in 2Q17F as a result of a potential civil liability for alleged transactions related to Iran or persons located in Iran. The alleged transactions are in violation of the International Emergency Economic Powers Act (IEEPA) as well as the Iranian Transactions and Sanctions Regulations.

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