Silverlake Axis continues to sell down Global Infotech stake

SILVERLAKE Axis has reduced its stake in financial information software provider Global Infotech (GIT) from 18.53 per cent to 17.79 per cent, it said in a Singapore Exchange filing on Thursday evening.

It sold one million shares for 63.85 million yuan (S$13 million) in total on Thursday by block trade on ChiNext of the Shenzhen Stock Exchange, where GIT is listed, it said, noting that the 63.85 yuan per share price was 4.5 per cent below GIT's market price of 66.86 yuan at the time of the sale.

But it said that the sale would let it "realise the returns" on its investment in GIT, adding that the Silverlake Axis group would book an estimated gain of about 31.13 million yuan on the disposal.

It said that it intends to use the disposal proceeds for general working capital, special dividends, paying off debt and other business opportunities "as and when they arise".

Silverlake Axis shares fell two Singapore cents to S$0.65 on Thursday before its announcement.