Silverlake Axis *Official* (SGX: 5CP)

[Shion]

Silverlake Axis Q4 net profit down 12%, with Covid-19 hampering deal closure

Silverlake Axis Q4 net profit down 12%, with Covid-19 hampering deal closure

https://www.businesstimes.com.sg/co...-down-12-with-covid-19-hampering-deal-closure

FINTECH firm Silverlake Axis saw net profit fall 12 per cent to RM59.1 million (S$19.4 million) for the fourth quarter ended June 30, as the Covid-19 pandemic hampered the timely closing of deals, the firm said in its results release on Tuesday after the market closed.

Revenue for the quarter was down 17 per cent at RM156.8 million. Silverlake said the pandemic affected its ability to close deals in a timely manner "due to changes in customers' priorities" and the lockdown measures.

But it noted that there was no material disruption to its operations in the last financial year, as it continued to deliver on existing contracts and secured new ones.

Silverlake said: "Large deals continue to be a challenge to close due to economic uncertainties. However, the group's customers continue to implement smaller incremental projects and believe that this trend will continue through FY2021."

Earnings per share for the quarter were 2.25 sen, compared with 2.55 sen in the year-ago quarter.

A final dividend of 0.33 Singapore cents per share has been proposed for the quarter, less than half the 0.7 Singapore cent-per-share dividend for the year-ago quarter.

If approved by shareholders at the upcoming annual general meeting, the final dividend will be payable on Nov 17. This would take the total dividend for FY2020 to 0.93 Singapore cents per share, down from the 1.8 Singapore cents for FY2019.

The fourth-quarter results take Silverlake's full-year profit to RM184.7 million, down 25 per cent from the previous year. Full-year revenue was RM663.7 million, down 3 per cent.

Silverlake shares closed up 1 Singapore cent or 3.39 per cent at 30.5 Singapore cents on Wednesday before the results were released.

 

[Shion]

CGS-CIMB upgrades Silverlake Axis to 'add' on potential recovery in earnings for FY21

CGS-CIMB upgrades Silverlake Axis to 'add' on potential recovery in earnings for FY21

https://www.theedgesingapore.com/ca...ake-axis-add-potential-recovery-earnings-fy21

CGS-CIMB analyst Ong Khang Chuen has upgraded his recommendation on Silverlake Axis to “add” from “hold” as he believes the worst is over for the company.

Ong has also increased his target price to 39 cents from 26 cents previously, which represents a 27.9% upside to the counter.

Silverlake Axis posted 4Q20 core net profit of RM22 million ($7.2 million), representing a 61% drop y-o-y, while its FY20 net profit fell 32% y-o-y to RM143 million on August 26.

The company also lowered its dividend payout ratio to 40% in FY20 compared to the 60% paid out in FY19.

While the company’s FY20 core net profit came in lower than expected at 85% of Ong’s full-year forecasts and 89% of Bloomberg consensus forecasts, Silverlake Axis’ order book grew to some RM390 million as at end June from RM320 million as at end March.

“With strong order backlog and lockdown measures easing globally, we expect Silverlake Axis’ project-related revenue to stage a strong rebound in FY21F (+22.5% y-o-y). Recurring revenue segments should also continue to grow at a stable pace; we forecast SILV to achieve topline growth of 9.2% y-o-y in FY21F,” says Ong.

In August, Silverlake Axis also launched its cloud-ready core banking system, Mobius, which can eb made available as a software-as-a-service (SaaS) offering.

Active enquiries for this initiative bolstered the company’s potential order pipeline to around RM1.6 billion currently.

“We believe the SaaS model can help minimise capital outlay required for banks, thus lowering barriers to adoption. We have yet to factor this potential into our model,” Ong adds.

Ong has therefore raised his earnings per share (EPS) estimates for FY21-FY22 by 4.1%-4.9% to “reflect higher project-related revenue assumptions”.

“Upside risks include major core banking contract wins or SILV cashing out on its stakes in Global Infotech. Deferred tech spending by banks in Asean is a key downside risk to our call,” he says.

As at 12.50pm, shares in Silverlake Axis were trading 0.5 cent lower, or 1.6% down, at 30 cents.

 

[Shion]

Silverlake Axis to liquidate wholly owned subsidiary in Japan

Silverlake Axis to liquidate wholly owned subsidiary in Japan

https://www.businesstimes.com.sg/co...to-liquidate-wholly-owned-subsidiary-in-japan

MAINBOARD-listed fintech firm Silverlake Axis announced on Wednesday that its wholly owned subsidiary, Silverlake Japan, will be dissolved by way of a voluntary liquidation by its shareholder.

Silverlake Japan, which is incorporated under Japanese laws, has ceased its operations, said Silverlake Axis in a regulatory update. It provided system and business outsourcing services and sold software as a resource-sharing third-party processor for credit card companies and banks in Japan.

The liquidation process will commence on Oct 1.

The dissolution of Silverlake Japan will not have any material impact on the net tangible assets or net earnings per share of the company for the financial year ending June 30, 2021, said Silverlake Axis.

None of the directors or substantial shareholders of the company has any interest, directly or indirectly, in the dissolution, other than through their respective shareholdings in the company.

Shares of Silverlake Axis closed on Wednesday at S$0.29, down 0.5 Singapore cent or 1.7 per cent.

 

[Shion]

Silverlake Axis reports 51% higher earnings for 3QFY21​

https://www.theedgesingapore.com/news/results/silverlake-axis-reports-51-higher-earnings-3qfy21
Financial software provider Silverlake Axis has reported revenue of RM140.9 million for its 3QFY21 ended March, down 7% y-o-y. However, earnings increased by 51% in the same period to RM38.7 million, thanks to other income in the form of government subsidies and rental concessions.

The company warns that because of the on-going pandemic, the next few quarters will still be “dominated by the continuing uncertainty”.

However, it claims to see certain bright spots emerging. For one, the industry has come to realise that there is no quick end to the pandemic and they have started to budget and plan for an expansionary future with the virus as the new normal.

While Silverlake Axis’ customers including the banks remain cost-sensitive, they are going ahead with their digital transformation.

The company has also introduced a new pricing strategy as it pivots from upfront license and implementation fee structure to a build-operate-transform-transfer model which gives more revenue visibility over multi-years.

The company is also constantly finding ways it can work with its customers. “Large deals remain a challenge as pressure to conserve and extract efficiencies continue to be a defining theme, however, we are well-positioned to capitalise on incremental enhancements and the next wave of large ticket projects when the situation improves,” the company says.

“Our deal conversion in Q3 FY2021 was equivalent to that achieved in Q2 FY2020 and we see encouraging signs from customer enquiries from our installed base and from new accounts. As a consequence, our deal pipeline remains robust going into Q4 FY2021 without any significant attrition due to macroeconomic conditions,” it adds.

In a separate announcement, Silverlake Axis said it has won contracts from 26 of its existing customers during the third quarter of financial period ended 31 March 2021.

The contracts are mainly to enhance the existing core banking system and to enhance customers’ digital experience. They are expected to be completed within 12 to 18 months from the signing of the contracts.

These customers include 5 large regional banking franchises in Asean, 6 local banks and a government-linked company and a financial service provider in Malaysia, 2 banks in Indonesia, 2 banks in Kenya, a bank in Thailand, Vietnam, China, United Arab Emirates, United Kingdom, Sri Lanka, Maldives and Egypt respectively, a public services agency in Moldova.

Silverlake Axis shares closed May 11 unchanged at 24 cents.

 

[singqian]

hope can board on 0.235...

 

[Shion]

Silverlake Axis stands to benefit from return of tech investment appetite: CGS-CIMB​

https://www.theedgesingapore.com/ca...efit-return-tech-investment-appetite-cgs-cimb
CGS-CIMB Research’s Andrea Choong has maintained her “buy” call on Silverlake Axis and increased her target price on the stock to 35 cents from 31 cents previously.

In a July 12 report, Choong says that Silverlake Axis has been “swept under the radar”, as it has underperformed expectations over the past few quarters as financial institutions (FIs) hold back on capex and tech spending, impacting order win momentum.

She adds, “having endured over a year of stop-and-go movement restriction orders, we think that tides are turning for Silverlake Axis as investment appetites from banks stage a comeback, having adapted to new normal operating conditions, further spurred by the onset of digital banks across the region.”

She also notes that Silverlake Axis is the core banking system (CBS) provider for several digital bank licence applicants in Malaysia.

As such, Choong highlights that the roll out of Mobius, a cloud-based core banking system, is core to the company’s earnings recovery.

She understands that Silverlake Axis is finalising its first order win from a top-tier bank in Thailand, with a contract value of about RM40-50 million ($12.8-$16.1 million).

Apart from an aggressive push into Thailand and Indonesia by beefing up its engagement teams, she thinks that Mobius’ pricing structure is a key client conversion tool, as upfront capital outlay for customers are much lower compared to a traditional product model, with the rest of the billings spread out over coming years.

Her view is that this first deal will be a key catalyst for further order wins, alongside Silverlake Axis’ efforts in converting clients of one of its products reaching end-of-life in 2023 onto this cloud-based platform.

Choong expects the company to record a net profit of RM45 million in 4QFY6/21, which is 15% higher q-o-q and 101% higher y-o-y. This comes on the back of project execution progress and good cost control.

She also sees that “Going into a new financial year, Silverlake Axis aims to have booked about 60% of its budgeted committed revenue stream, tracking well to our forecast revenue of about RM702 million in FY2022.”

The company also projects gross and net profit margins to stay stable at about 60% and mid-20% respectively, as Mobius gains traction. Margin upside will come from software licencing order wins, Choong adds.

Moving forward, operational headwinds, such as investment hesitancy by banks are bottoming out, and sees significant growth prospects from deferred core banking deals coming back into the picture.

Choong also highlights that the company is also not limited in its capacity to carry out project implementation or maintenance during the Movement Control Order (MCO) in Malaysia.

Silverlake Axis closed at 28 cents, 0.5 cent higher or 1.79% up compared to the previous day, with a FY2021 price to book ratio of 2.82 and dividend yield of 2.69%.

 

[starbugs]

Quite fishy. Jumped from 24 to 28.5 for no apparent reason, then a broker issued an upgraded target price, also again for no good reason. Don't be a victim of the pump and dump..

 

[Andrew833]

Quite fishy. Jumped from 24 to 28.5 for no apparent reason, then a broker issued an upgraded target price, also again for no good reason. Don't be a victim of the pump and dump..

Likely to push to 30 cents then BB can sell. It's always BB sell, retail buy. Just don't get stuck.

 

[~sabaisabai~]

today pull back?

 

[Andrew833]

today pull back?

You stuck?

 

[Shion]

Silverlake Axis posts 23% drop in FY2021 earnings to RM143.1 mil​

https://www.theedgesingapore.com/ca...axis-posts-23-drop-fy2021-earnings-rm1431-mil
Silverlake Axis recorded earnings of RM143.1 million ($46.2 million) for its FY2021 ended June period. This is some 23% lower compared to RM184.7 million recorded in FY2020.

Revenue for FY2021 came in at RM626.1 million, 6% lower than RM663.7 million last year. This was due to lower contributions from project related revenue.

Maintenance and enhancement services grew by 3% y-o-y. Softwareas-a-Service (SaaS) revenue for insurance processing was flat, while retail grew at a significant 47% yy-o-y. As planned, Silverlake Japan ceased its operations in 1QFY2021 following the termination of the last customer contract for credit and cards processing in late FY2020.

Recurring revenue segments comprising maintenance and enhancement services, and SaaS remain a key revenue driver for the group and contributed 81% of total group revenue in FY2021. Maintenance revenue grew by 2% y-o-y, as the group secured new contracts and revised maintenance fees for existing contracts. Enhancement services revenue continue to maintain momentum in FY2021 and increased by 4%, with customers relying on the group to modernise their core banking platforms for the digital age.

SaaS Insurance processing revenue decreased marginally by 1%, due to prolonged movement control restrictions as a results of the pandemic. This caused lower claims processing activities, which resulted in lower traffic volume and hence fewer motor accident claims.

Revenue from SaaS for retail has shown significant growth of 47% and the group expects this momentum to continue as it pivots to SaaS offerings to the larger SME market.

Project related revenue comprising software licensing and software project services declined by 19% y-o-y, due to lower contribution from the software licensing and software project services.

Sale of software and hardware products also saw lower revenue contribution as hardware sales are seasonal and dependent on the requirements and specification to support the implementation of new or enhancement of existing systems. The lower sales could also be attributed to the deferment of capital expenditure during the pandemic period as well as the consumer market awaiting for the launch of the latest IBM I series in September 2021.

As cost of sales dropped by 12% y-o-y to RM249.2 million, gross profit came in 1% lower at RM276.9 million.

Other income was 51% lower y-o-y at RM11.5 million, while finance income was 53% lower at RM1.9 million.

During the period, the group recorded a share of loss of a joint venture of RM565, compared to a profit of RM1.4 million a year ago.

As at end-June, cash and cash equivalents stood at RM407.3 million.

The board has declared a final dividend of 0.52 cent per share, higher than that of 0.33 cent per share declared in the preceding year.

Shares in Silverlake Axis closed at 26 cents on Aug 26.

 

[Shion]

Silverlake Axis reports 72% y-o-y jump in 2QFY2021 earnings​

https://www.theedgesingapore.com/ca...-axis-reports-72-y-o-y-jump-2qfy2021-earnings
Silverlake Axis has reported earnings of RM59.6 million for its 2QFY2021 ended Dec, up 72% y-o-y. Revenue in the same period was up 29% y-o-y to RM206.5 million, led by higher software licensing revenue.

For 1HFY2021 ended Dec 2021, earnings was up 40% y-o-y to RM94.7 million, while revenue was up 16% y-o-y to RM358.5 million.

The company, which provides software for the regional financial services industry, has been trying to increase its proportion of recurring revenue which gives better earnings visibility, versus project-based ones, which tend to be more volatile.

For 2QFY2021, recurring revenue was up 9% to RM144.5 million, which is equivalent to 70% of its total sales.

The company sees an “encouraging” 2HFY2022 and beyond, citing its resilient business model.

“The momentum is accelerating and we are experiencing increased activity from our customers” that’s approaching pre-pandemic levels, the company states.

“We have now reached an inflection point in our key markets, the pandemic has reached an endemic phase and we are cautiously optimistic of the group’s prospects over the medium to long term with a robust pipeline of opportunities being evaluated and the conversion has been encouraging,” says managing director Andrew Tan.

Thus far this FY2022, more than RM300 million worth of new contracts have been closed, “far exceeding” the same time for both FY2020 and FY2021.

While larger deals take a longer time to ink, the company sees “continued success: closing smaller ones.

Silverlake Axis shares closed Feb 14 at 27 cents, down 1.82% for the day and 6.9% year to date.

 

[Shion]

Silverlake Axis offers to buy back up to 9.1% of shares at S$0.33 each​

https://www.businesstimes.com.sg/co...s-to-buy-back-up-to-91-of-shares-at-s033-each
FINTECH company Silverlake Axis is offering to buy back up to 242.4 million shares - representing around 9.1 per cent of the total number of its shares in issue - at S$0.33 each in cash, as part of an off-market equal access offer.

The buyback will enhance shareholders' value as it reduces the number of shares in circulation, hence raising the earnings per share of the company, it said in a bourse filing on Monday (Mar 14).

The offer also provides shareholders "an opportunity to realise their investments in the shares at a premium over recent market prices of the shares without incurring transaction costs", it added.

The offer price of S$0.33 per share represents a 17.9 per cent premium to its last transacted price of S$0.28 on Mar 11, being the latest date on which the shares were traded prior to the release of the announcement.

It is also a 13.8 per cent premium to the volume-weighted average price of S$0.29 for the 1-month period up to Mar 11.

The offer is part of the company's existing share purchase mandate approved and adopted at its annual general meeting held in October 2021.

Silverlake Axis is committing S$80 million towards the share purchase, which it will fund using internal resources and/or external borrowings.

It does not expect the offer will result in a material adverse effect on the working capital requirements or the gearing levels of the company, or result in the company being delisted.

The purchased shares under the offer will be cancelled or held by the company as treasury shares, or partly cancelled and partly kept as treasury shares, it said.

The company also noted that its substantial shareholder, Zezz FundQ, is not participating in the offer. Zezz FundQ, which owns around 68.6 per cent of Silverlake Axis, is wholly-owned by the company's executive director and group executive chairman Goh Peng Ooi.

As such, participating shareholders are entitled to tender for an additional 166.2 million shares for acceptance under the offer.

Details of the offer, including the offer period, will be provided in the offer letter, which will be dispatched in due course, the company said.

Shares of Silverlake Axis closed up S$0.005 or 1.8 per cent at S$0.28 on Friday.

 

[Shion]

PhillipCapital starts Silverlake Axis at 'buy' with TP of 38 cents​

https://www.theedgesingapore.com/ca...apital-starts-silverlake-axis-buy-tp-38-cents
PhillipCapital has initiated “buy” on Silverlake Axis (SAL), a Singapore-listed customised software solutions and core banking systems provider.

The brokerage has also given the company a target price of 38 cents, which is pegged to an FY2022 P/E of 20x. The target price is also an 11% upside to peer valuations of around 18x P/E, writes analyst Glenn Thum in his June 6 report.

“Our target P/E of 20x is 15% higher than the historical average PE of 17.5x. In our view, Silverlake should trade at a higher premium to its historical P/E with the introduction of Mobius and resumption of bank IT spending post pandemic,” he adds.

To Thum, SAL’s Mobius cloud-based banking software is the differentiator to the company’s business. The software, which was launched in 2020, allows banks to roll over new digital products in a targeted and timely manner. Banks can utilise the Mobius with its existing core banking software and propel them to new digital products.

Mobius’ potential uses include new digital products in credit cards, debit cards, personal loans and deposits.

Mobius’ cloud-based nature also means banks are able to avoid purchasing and managing hardware assets.

To be sure, SAL recently signed a deal with one of the largest banks in Thailand and is continuing to see increasing inquiries in the region.

On this, Thum expects SAL’s Mobius software to generate almost RM100 million ($31.3 million) worth of orders over the next two years.

In his report, Thum also likes SAL’s prospects as the company had generated stable recurring revenue from its flagship banking software, Silverlake Integrated Banking Solution (SIBS) as well as maintenance and enhancement, in spite of the pandemic.

During the Covid-19 pandemic, the company’s recurring maintenance and enhancement revenue contributed to 72% of its revenue for the FY2021, and grew at a CAGR of 4%.

“With the opening of borders and economies in Asean, we should expect Silverlake’s customers to increase their IT spending to accelerate their digitalisation plans to grow,” Thum says.

Silverlake’s long track record and proven client base in Southeast Asia is also a positive factor for investors, in the analyst’s view.

Its core banking platform is being used by three of the five largest Southeast Asian-based financial institutions. The company has also largely retained all its clients since bringing them on board its platform.

Furthermore, SAL’s project pipeline is at a healthy RM1.7 billion, with a record-high order backlog of RM450 million, representing a growth of 50% y-o-y. “This should keep them busy for the next one to two years,” Thum says.

“Silverlake is beginning to close more deals and is witnessing an uptick in inquiries about its financial services market solutions and capabilities. Silverlake should be able to secure its foothold in Asean and look to expand into other regions,” he adds.

As core banking is evolving to meet the challenges of significant shifts in the banking industry, especially in digital banking, SAL is in good place to benefit from these shifts.

The way Thum sees it, “it is essential to provide enabling technologies that increase business agility and reduce operational costs in order to adapt to these changes”.

However, key risks, according to the analyst, include a weakening economy, which could see a slowdown in spending. Increasing competition is yet another risk to SAL’s prospects.

“While Silverlake is the banking solutions provider for 40% of the 20 largest banks in Southeast Asia, it is relatively small compared to the global players in the industry. These global players have gained contracts in Malaysia and Southeast Asia, a trend that is expected to continue as key banking systems reach the end of their life cycle in the coming years,” Thum says.

Shares in Silverlake Axis closed 0.5 cent lower or 1.59% down at 31 cents on June 6, or an FY2022 P/B of 2.2x and dividend yield of 3.2%.

 

[Shion]

Silverlake Axis makes privatisation offer at 36 cents per share​

https://www.theedgesingapore.com/news/offer/silverlake-axis-makes-privatisation-offer-36-cents-share

Silverlake Axis, on Aug 26, announced that it is offering 36 cents per share to its shareholders in a bid to take the company private. The 36 cents will be paid in cash, which represents a premium of 28.1% over the volume-weighted average price (VWAP) per share for the one-month period including Aug 23. The consideration also represents a premium of 25.0%, 31.9% and 31.9% over the VWAP per share for the three-, six- and 12-month period respectively.

Alternatively, Silverlake Axis 5CP 0.00% ’ shareholders may opt to receive a mix of 30 cents in cash and one new redeemable preference share in the capital of the offeror. The redemption amount for each new share in the offeror is 18 cents.

The offeror, E2I Pte. Ltd. and its shares will not be listed on any securities exchange. The shares will be mandatorily redeemed by E2I five years after its issuance at the redemption amount.

About the offeror

E2I was incorporated on July 10 this year to undertake the offer. It has an issued and paid-up share capital of $2 comprising two ordinary shares, both owned by Zezz FundQ Pte. Ltd.

Goh Peng Ooi, the group executive chairman and founder of Silverlake Axis, his daughter Shiou Ling and Ng Lip Chi, Lawrence, are directors of E2I. Shiou Ling is also the executive director and deputy CEO of Silverlake Axis. E2I does not own any shares in Silverlake Axis.

Zezz FundQ is a controlling shareholder of Silverlake Axis. It has 603 million ordinary shares in the company and 8.3 million redeemable convertible preference shares in the company. Goh, owns 100% of the ordinary shares held by Zezz FundQ while Merit Sigma Pte. Ltd. owns 100% of the redeemable convertible preference shares (Merit Sigma RCPS).

The directors of Zezz FundQ are the elder Goh, Shiou Ling, Kim Kenny and Ng. Merit Sigma is wholly-owned by Asean private equity fund Ikhlas Capital Singapore Pte. Ltd. The directors of Ikhlas Capital are Nazir Razak, Kim, Gita Wirjawan, Cesar Purisima and Mok Cheok Meng Tony. The directors of Merit Sigma are Tay Ek Ming and Elaine Bee Choo Tan

As at Aug 26, Zezz FundQ owns 1.86 billion shares, or 74.07% of the shares in Silverlake Axis. The number does not include treasury shares. Goh owns a direct stake of 630,400 shares, or 0.03% of the total stake in Silverlake Axis.

Offer rationale

According to Silverlake Axis, the trading volume of its shares has been low with an average daily trading volume of about 435,309 shares over the one-month period. Over the past three, six and 12 months to Aug 23, the company’s shares were trading at a volume of 674,255 shares, 947,576 shares and 754,290 shares respectively. Each of these represents less than 0.04% of the total number of shares in the company.

As such, the cash consideration presents shareholders with a “clean cash exit opportunity” to realise their investment.

The consideration is about 2.7 times the company’s net asset value (NAV) per share of 13.5 cents or 45.1 sen as at June 30.

The company will be delisted and privatised upon the successful completion of the offer. The delisting and privatisation of Silverlake Axis will give E2I and the company greater control and flexibility to utilise and deploy its available resources.

In addition, Silverlake Axis says it will be able to save on compliance costs and human resources associated with maintaining its listed status.

For the FY2024 ended June 30, Silverlake Axis reported earnings of RM103.3 million ($31 million), 39% lower y-o-y. Revenue inched up by 2% y-o-y to RM783.5 million although gross profit fell by 9% y-o-y to RM410 million.

Shares in Silverlake Axis closed at 30 cents on Aug 23. The company called for a trading halt on the morning of Aug 26.

 

[Shion]

No increase of offer consideration for Silverlake Axis' privatisation exercise, says offeror​

https://www.theedgesingapore.com/ne...n-silverlake-axis-privatisation-exercise-says

Following Silverlake Axis 5CP ’ privatisation offer on Aug 26, the offeror, E2I Pte. Ltd, has announced that it does not intend to increase the offer consideration, according to a bourse filing on Sept 24.

The offer considerations are either 36 cents in cash for each offer share, or a combination of 30 cents in cash and one new redeemable preference share in capital of the offeror, for each offer share. The redemption amount for each new share in the offeror is 18 cents.

The filing notes that the offer remains open for acceptance until 5.30pm on Oct 7, or such later dates may be announced from time to time by or on behalf of the offeror.

E2I, was incorporated on July 10 this year to undertake the offer. It has an issued and paid-up share capital of $2 comprising two ordinary shares, both owned by Zezz FundQ Pte. Ltd.

Goh Peng Ooi, the group executive chairman and founder of Silverlake Axis, his daughter Shiou Ling and Ng Lip Chi, Lawrence, are directors of E2I.
Shiou Ling is also the executive director and deputy CEO of Silverlake Axis. E2I does not own any shares in Silverlake Axis.

Zezz FundQ is a controlling shareholder of Silverlake Axis. It has 603 million ordinary shares in the company and 8.3 million redeemable convertible preference shares in the company. Goh, owns 100% of the ordinary shares held by Zezz FundQ while Merit Sigma Pte. Ltd. owns 100% of the redeemable convertible preference shares (Merit Sigma RCPS).

The directors of Zezz FundQ are the elder Goh, Shiou Ling, Kim Kenny and Ng. Merit Sigma is wholly-owned by Asean private equity fund Ikhlas Capital Singapore Pte. Ltd. The directors of Ikhlas Capital are Nazir Razak, Kim, Gita Wirjawan, Cesar Purisima and Mok Cheok Meng Tony. The directors of Merit Sigma are Tay Ek Ming and Elaine Bee Choo Tan.

Shares in Silverlake Axis closed flat at 37 cents on Sept 24.

 

[endlssorrow]

Silverlake Axis on Monday (Oct 7) evening said it has lost its free float and may be delisted, good luck brothers