Following a period of slowdown in IT expenditures by banks in 2016, the Group is seeing an improvement in the demand for software projects in 2017. As customers start to prioritise IT capital expenditures for digital banking, the Group is likely to benefit from higher demand for project related services. “Since the beginning of the year, we have been more active in responding to requests for proposals and is engaging existing and potential customers for core IT replacements and digital banking upgrades. Based on our current order books for projects, we expect to see an improvement in project related licensing and services revenue in FY2018,” commented Dr. Raymond Kwong, Managing Director of SAL.
The reduction in the Group’s stake in GIT from 20.01% to 9.24% raised approximately RM502.8 million in proceeds, net of capital gain tax. The Group expects the majority of these proceeds to be repatriated from China in FY2018 and will deploy the proceeds towards payment of special dividends as well as acquisitions to expand its portfolio of Fintech and Insuretech software products and services to address the growing demand for transformational digital banking and insurance offerings.
This press release should be read in conjunction with SAL’s Q4 and FY2017 results announcement released on 25 August 2017 to the Singapore Exchange.
About Silverlake Axis
Silverlake Axis Ltd (SAL) provides financial services technology to the Banking, Insurance, Payment, 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 Ltd 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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