The Board of Directors of Silverlake Axis Ltd. announced that the Group has established a wholly-owned subsidiary, Merimen Automotive Group Sdn Bhd. Merimen Auto was incorporated on 3 January 2018 in Malaysia. The principal activity of Merimen Auto is an investment holding company for the commercialization of software-as-a-service solutions for the automotive industry. The establishment of Merimen Auto was fully funded by the Group's internal resources and is not expected to have any material impact on the consolidated net tangible assets and earnings per share of the Group for the current financial year ending 30 June 2018.