Silverlake Axis 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.