The Board of Directors of Silverlake Axis Ltd (“SAL” or the “Group”) wishes to announce that the Group has on 30 August 2016, established a wholly-owned subsidiary, Merimen Technologies (Vietnam) Company Limited (“Merimen Vietnam”).
Merimen Vietnam was incorporated in Vietnam with an issued and paid-up share capital of Vietnamese Dong 1,000,000,000, equivalent to USD44,934. The principal activity of Merimen Vietnam is to provide the general insurance industry with collaborative workflows and information networking systems delivered on Software-as-a-Service platform.
The establishment of Merimen Vietnam 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 2017.
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
5 September 2016
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