Enquiries and requests for proposals from existing and potential customers for core IT replacements and digital banking upgrades have remained firm in late 2017. Given its continued efforts in responding to requests for proposals, the Group expects to secure additional software projects in FY2018. In view of the Group’s current order book for projects and its scheduled execution programme, revenue contribution from project related revenue segments is expected to improve in 2H FY 2018.
In addition to the continuing focus on core banking software, the Group is constantly evaluating suitable companies for acquisition to expand its portfolio of Fintech and Insuretech software products and services to address the growing demand for transformational digital banking and insurance offerings from its customers.
The Group has on 20 October 2017 announced the proposed acquisition of three Silverlake Private Entities and the related circular has been despatched to the shareholders on 9 February 2018 together with the notice of Special General Meeting ("SGM"). If this proposed acquisition is approved by shareholders on SGM to be held on 1 March 2018, the Group is expected to have a significantly larger financial technology platform with the scope, scale and operating leverage needed to strategically expand in an evolving market and strengthen its position as an innovation accelerator in the rapidly changing financial ecosystem.
On 11 January 2018, SAL monetised a portion of its remaining investment in GIT and holds the remaining 39.59 million GIT shares. “The proceeds from sale of GIT shares in FY2017 totalling about RM502.8 million (net of withholding tax) have been fully repatriated from China. We are currently repatriating the proceeds from the recent sale of GIT shares,” commented Dr. Raymond Kwong, Managing Director of the Group. “In our effort to return a portion of the gains to shareholders, the Group has paid three special dividends from the GIT sale proceeds. In addition, the Board is proposing a fourth special dividend with the Q2 FY2018 results,” added Dr. Kwong.
This press release should be read in conjunction with SAL’s Q2 FY2018 results announcement released on 13 February 2018 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, Australia, Central Europe, Middle East 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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