Silverlake Axis Secures Cards and Logistics Solutions Contracts in the People’s Republic of China (“PRC”) for a total value of SGD70 Million
The Board of Directors of Silverlake Axis Ltd (“SAL” or the “Company”) is pleased to announce that SAL has today secured two new contracts in the PRC for a total value of SGD70 million. Under the contracts, SAL will provide cards (credit, debit and loyalty cards) and logistics IT solutions to HNA Group Co. Ltd and its group of companies (“HNA Group”) in the PRC.
In the cards agreement, SAL will grant the HNA Group a perpetual license to use its card processing software as well as implement and provide application support services for a period of 5 years for a total contract value of SGD20 million.In the logistics agreement, SAL will develop and implement the logistics solution using its suite of Application and Software Tools and will provide software support services to the HNA Group over a 3 year period for a total contract value of SGD50 million.
HNA Group is a large multi-industry enterprise group. HNA Group's business scope covers air transportation, airport management, hotel, logistics, real estate, retail, tourism and other related industries.It is also actively developing financial services related businesses. The HNA Group has total assets of approximately RMB148 billion and a total staff of over 60,000 as at end of 2009. HNA Group is a Fortune 500 Enterprise of China.
Mr. Goh Peng Ooi, Executive Chairman of SAL commented, “Although we have implemented core banking so
ftware projects in the PRC in the past, these two contracts with the HNA Group marks our first major breakthrough in our business development in the PRC.
Through our recent acquisitions of Silverlake Solution Limited and QR Technology Sdn Bhd, we have expanded our capabilities and broaden our services to support the IT requirements of top conglomerates like the HNA Group. In this instance, we will be drawing on the expertise of QR Technology Sdn Bhd to fulfill a portion of the logistics agreement.”
Collectively, the two contracts are expected to have a positive impact on the earnings of SAL over the duration of the contracts.None of the directors or substantial shareholders of SAL has any interest, directly or indirectly, in the above contracts.
BY ORDER OF THE BOARD
Kwong Yong Sin
9 February 2010
This announcement has been prepared by Silverlake Axis Ltd (the “Company”) and its contents have been reviewed by the Company’s sponsor, CIMB Bank Berhad, Singapore Branch (the “Sponsor”) for compliance with the relevant rules of Singapore Exchange Securities Trading Limited (the “Exchange”). The Sponsor has not independently verified the contents of this announcement.
This announcement has not been examined or approved by the Exchange and the Exchange assumes no responsibility for the contents of this announcement, including the correctness of any of the statements or opinions made or reports contained in this announcement.
The contact person for the Sponsor is Mr Eric Wong
Telephone number: +65 6337 5115
Address: 50 Raffles Place, #09-01,
Singapore Land Tower, Singapore 048623