The Board of Directors of Silverlake Axis Ltd (“SAL” or “the Group”) is pleased to announce that the Group has secured 2 contracts to deliver innovative and transformative digital economy solutions and 2 license renewals and maintenance support contracts to 2 of our existing customers during the first six months of financial year 2020.
The contracts are with a leading Bank in Indonesia and another bank in Vietnam for their core banking tactical modernization and enhancement to existing core banking system and are expected to be completed within 12 to 18 months from the signing date. The Group’s software solutions and services deployed for the contracts are from its wholly-owned subsidiaries, namely PT Structured Services, Silverlake Axis MSC Sdn Bhd and Silverlake One Paradigm Sdn Bhd.
The other two license and maintenance contracts are for a leading Bank in Malaysia and a Bank in Pakistan. The maintenance contracts are for terms of 5 years. The Group’s software solutions and services deployed for these contracts are from its wholly-owned subsidiary, Silverlake Symmetri (Malaysia) Sdn Bhd.
The contracts have an aggregate value of approximately RM60 million and are expected to contribute positively to the results of SAL in the current and following financial years. Pursuant to the confidentiality clause stipulated in the contracts, no further details of the contracts will be disclosed. None of the directors or substantial shareholders of SAL has any interest, directly or indirectly, in the above contracts other than through their respective shareholdings in SAL.
By Order of the Board
Andrew Tan Teik Wei
Group Managing Director
13 February 2020
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