Silverlake Axis offloading Silverswitch to Dialog Innovation

SINGAPORE: The Board of Directors of Silverlake Axis Ltd have announced that the company and Elite Capital Limited have entered into a sale and purchase agreement with Dialog Innovation Ventures for the proposed disposal of their entire respective interests in the share capital of Silverswitch to Dialog Innovation.

Silverlake Axis has decided to dispose of its interest in Silverswitch as the project was not profitable and Silverswitch no longer had any business operations and has been dormant since July 2017.

The proposed disposal is not expected to have any material impact on the net tangible assets and earnings per share of Silverlake Axis for the financial year ending 30 June 2019.

Mr Goh Peng Ooi, the Executive Chairman of the Silverlake Axis (SAL) Group and the ultimate controlling shareholder of the company, is also a director and holds 100 percent of the shareholding of Elite Capital.

On 26 December 2007, Silverlake Axis Ltd announced that it had entered into an agreement with EC Switch Sdn Bhd (now known as Dialog Innovation Ventures), Elite Capital Limited (Elite) and Silverswitch (now known as ePetrol Silverswitch)to acquire a 24.5 percent interest in Silverswitch, with the remainder being taken-up by DIV (65 percent) and Elite (10.5 percent).
It was also disclosed that Silverswitch had obtained certain non-exclusive licences of proprietary software from each of the Company and DIV to develop a cashless payment solution. Following the investment, Silverswitch became an associated company of the company. [the_ad id=”32940″]

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