Silverlake Axis completes SunGard Ambit acquisition for USD12mil

Capitalised terms used herein shall have the definition ascribed to them in the announcements made by the Company dated 29 May 2013, 6 June 2013, 12 June 2013 relating to the placement of 100,000,000 new ordinary shares in the capital of the Company (the “Placement Shares”) at a price of S$0.75 for each Placement Share (the “Placement”) and 18 September 2015 relating to the Proposed Acquisition of SunGard Ambit (Singapore) Pte. Ltd (“SAS”), unless otherwise stated or the context otherwise requires.

The Board is pleased to announce that pursuant to the terms of the Agreement, the Proposed Acquisition has been completed on 1 October 2015. Following the completion of the Proposed Acquisition, SAS has become a wholly-owned subsidiary of the Company.

Further to the announcement dated 31 March 2015 in connection with the use of the proceeds of the Placement and the Company’s financial year ended 30 June 2015 results’ announcement dated 24 August 2015 for the remaining balance of the proceeds of the Placement of RM85.0 million, the Company wishes to announce that out of the net proceeds of the Placement, US$12.0 million (equivalent to RM52.7 million using exchange rate of 4.39) has been disbursed and utilised in relation to the completion of the Proposed Acquisition. The remaining net proceeds from the Placement of RM32.3 million are currently being placed as fixed deposits with financial institutions.

The aforesaid utilisation of the net proceeds of the Placement is in accordance with the intended use of proceeds previously disclosed in the Company’s announcement dated 29 May 2013.

The Company will continue to make periodic announcements on the utilisation of the balance of the net proceeds from the Placement as and when such proceeds are materially disbursed.

By Order of the Board

Dr. Raymond Kwong
Group Managing Director
1 October 2015

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