Singapore, 18 April 2018 – Singapore Exchange Mainboard listed Silverlake Axis Ltd (“SAL” or the “Group”), a leading provider of Digital Economy Solutions and Services to major organisations in Banking, Insurance, Payments, Retail and Logistics industries has today completed the acquisition of the entire issued and paid up capital of Silverlake Digital Economy Sdn Bhd, Silverlake Digitale Sdn Bhd and Silverlake One Paradigm Sdn Bhd (the “Target Entities”). With this completion, each of the Target Entities is now a wholly-owned subsidiary of SAL.
The aggregate Base Consideration for the acquisition of the Target Entities is RM154,915,719 and this was satisfied by way of transfer of 70,108,333 treasury shares of SAL, based on the Agreed Issue Price of S$0.71 per share, to the Sellers in proportion to their respective shareholding interests in the Target Entities.
The 70,108,333 treasury shares were acquired by SAL from the market for an average cost of approximately S$0.60 per share and after this transfer, the number of treasury shares held by SAL is 21,266,267 shares.
This press release should be read in conjunction with SAL’s announcements dated 18 April 2018 released to the Singapore Exchange. Unless otherwise defined, capitalised terms used herein shall have the meanings ascribed to them in the announcement of SAL dated 20 October 2017 (“Proposed Acquisition Announcement”).
About Silverlake Axis
Silverlake Axis Ltd (SAL) provides financial services technology to the Banking, Insurance, Payments, Retail and Logistics industries. Founded in 1989, SAL has built an impeccable track record of successful core banking implementations.
Together with our acquired subsidiaries Merimen Group, Cyber Village, QR Retail Automation Group, Symmetric Payments and Integration, Symmetri Group and associate Finzsoft Solutions (listed on NZX), we have transformed and created value for over 300 customers and their ecosystems. Our geographical presence spans across Asia, Middle East, Central Europe, Australia and New Zealand.
Under Axis Systems Holdings Limited, SAL was listed on the SGX-SESDAQ on 12 March 2003. It was renamed Silverlake Axis Ltd in 2006 following the acquisition of SAACIS, the company that owns the Silverlake Integrated Banking Solution (SIBS) and the listing was transferred to the Mainboard of the Singapore Exchange on 22 June 2011. For more information about SAL, please visit www.silverlakeaxis.com.
Cyrus Capital Consulting
Mr. Lee Teong Sang
Tel: +65-9633 9035
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