The Board of Directors of Silverlake Axis Ltd (“SAL” or the “Group”) wishes to announce that the Group has established a wholly-owned subsidiary, Merimen Automotive Group Sdn Bhd (“Merimen Auto”).
Merimen Auto was incorporated on 3rd January 2018 in Malaysia. The principal activity of Merimen Auto is an investment holding company for the commercialization of software-as-a-service solutions for the automotive industry.
The establishment of Merimen Auto 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 2018.
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
23 January 2018
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