“Following the increase in enquiries and requests for proposals from existing and potential customers for core IT replacements and digital banking upgrades since early 2017, the Group’s efforts in responding to these enquires and requests for proposals have resulted in a number of new contracts secured in the last 8 months. Based on our current order book for projects, we expect to see an improvement in project related licensing and services revenue in the second half of FY2018,” commented Dr. Raymond Kwong, Managing Director of the Group.
The Group is continuing to repatriate from China the remaining proceeds amounting to about RM189.4 million (net of capital gain tax) from the sale of GIT shares in FY2017. Two special dividends have been declared from the sale proceeds. Subject to favourable market conditions, the Group could further monetise a portion of its remaining investment of 9.24% in GIT.
The Group’s balance sheet remained strong with a large net cash position of RM562.4 million as of 30 September 2017. Backed by its financial strength, the Group is evaluating suitable acquisition opportunities to expand its portfolio of Fintech and Insuretech software products and services to address the growing demand for transformational digital banking and insurance offerings. The Group recently proposed the acquisition of three SPEs from its ultimate controlling shareholder to advance its Fintech transformation.
This press release should be read in conjunction with SAL’s Q1 FY2018 results announcement released on 10 November 2017 to the Singapore Exchange.
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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