Skylink opens at 24.5 cents following reverse takeover by Sincap
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Skylink Apac is the third-largest among motor vehicle leasing companies in Singapore.
PHOTO: ST FILE
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SINGAPORE - Skylink Holdings has made its debut on the Singapore Exchange (SGX) at 24.5 cents on Sept 17.
The counter ended the trading day at 25 cents, with 10.8 million shares changing hands.
In a statement, Skylink chief executive officer Wesley Shen said: “Our Catalist listing provides us with greater visibility and access to the capital markets to fund our growth strategies, which, in turn, will deliver long-term sustainable value to shareholders.”
The Catalist company was revived from a reverse takeover of home-grown commercial vehicle specialist Skylink Apac by Sincap Group.
The deal was approved on Sept 11 by Sincap shareholders.
Following this, Sincap was renamed Skylink Holdings, which said on the same day that the reverse takeover drew “strong interest” from prominent funds such as Asdew Acquisitions and ICH Capital.
The acquisition of Skylink Apac was completed on Sept 15 with a $42.3 million price tag, comprising a $28.3 million base consideration and a $14 million deferred consideration, contingent on Skylink hitting profit targets for financial year 2025 and financial year 2026.
With a fleet of more than 1,200 commercial vehicles, including vans, light goods vehicles and heavy trucks, Skylink is the third-largest among motor vehicle leasing companies in Singapore.
It runs three main businesses – leasing; financing for clients taking on loans for their vehicles; and an engineering arm comprising maintenance repair and overhaul services, and engineering solutions to meet customers’ customisation needs.
The company reported $15 million in revenue for financial year 2024, up 80 per cent from the previous year’s $8.3 million.
Gross profit tripled from $1.7 million in 2023 to $5.1 million in 2024, while its loan book for its credit business ballooned from $24.2 million to $65.4 million.
Sincap listed on the Catalist board in 2012 and was engaged in alumina and coal trading.
It was hit by the Covid-19 pandemic, which disrupted its supply chains, leading to its voluntary suspension in 2021 after its business was deemed unsustainable.
Skylink is the second car company to list on the SGX in 2025. Car dealer Vin’s Holdings raised $6 million from its initial public offering on Catalist in April. THE BUSINESS TIMES
