The Board of Directors of Silverlake Axis Ltd (“SAL” or the “Group”) wishes to announce that the Group has established a wholly-owned subsidiary, QR Retail Automation Vietnam Company Limited (“QRV”).
QRV was incorporated on 16 November 2018 in Vietnam with an issued and paid-up share capital of Vietnamese Dong 1,140,000,000, equivalent to USD50,000. The principal activities of QRV are to develop new business opportunities in the local market and to provide application management services and software maintenance support services to local customers.
The establishment of QRV was fully funded by the Group’s internal resources and is not expected to have any material impact on the consolidated net tangible assets and earnings per share of the Group for the current financial year ending 30 June 2019.
None of the Directors or Substantial Shareholders of SAL has any interest, directly or indirectly, in the above transaction, save for their interest arising by way of their directorships in SAL.
By Order of the Board
Kwong Yong Sin
Group Managing Director
29 November 2018
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