The Board of Directors of Silverlake Axis Ltd (“SAL” or the “Group”) wishes to announce that the Group has established a wholly-owned subsidiary, Affinities Village Sdn Bhd (“AFV”).
AFV was incorporated on 22 February 2018 in Malaysia. The principal activity of AFV is to provide innovative insurance and financial services ecosystem solutions including offering software-as-a-service and licensing of fintech and insurtech platforms as well as management and engagement of communities participating on such platforms.
The establishment of AFV was fully funded by the Group’s internal resources and is not expected to have any material impact on the consolidated net tangible assets and earnings per share of the Group for the current financial year ending 30 June 2018.
None of the Directors or Substantial Shareholders of SAL has any interest, directly or indirectly, in the above transaction, save for their interest arising by way of their directorships and/or shareholdings in SAL.
BY ORDER OF THE BOARD
Kwong Yong Sin
Group Managing Director
27 February 2018
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