Silverlake Axis delayed special dividend to 2H17 post-sale of GIT shares

Proceeds amounted to $267.7m.

Silverlake Axis has fully disposed of itsintended allocation-for-sale Global InfoTech Co Ltd (GIT) shares and is to record a SGD267.7m gain while receiving SGD0.04/share in terms of proceeds.

RHB notes that the proceeds transfer is to take longer than expected due to the procedures involved, but expect this to be completed by 2HFY17.

Moving forward, the research house sees maintenance and enhancement services a key growth driver.

"This segment is likely to be the key growth driver for FY17 (Jun), as banks prefer to focus on smaller projects in this tough macro-environment and cost-cutting period," it said.

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