Skylink opens at S$0.245 following reverse takeover by Sincap
The homegrown commercial vehicle specialist was injected into the Catalist counter in a S$42 million deal
[SINGAPORE] Skylink Holdings made its debut on the Singapore Exchange (SGX) on Wednesday (Sep 17), marking the second vehicle company listing for the bourse operator in 2025.
The counter opened at S$0.245 on Wednesday, trading under the stock code XZB. As at 10 am, it was trading at S$0.245, with almost 6 million shares changing hands.
In a statement on Wednesday, 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 homegrown commercial vehicle specialist Skylink Apac by Sincap Group.
The deal was approved on Sep 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 Monday, with a S$42.3 million price tag comprising a S$28.3 million base consideration and a S$14 million deferred consideration, contingent on Skylink hitting profit targets for FY2025 and FY2026.
Sincap listed on the Catalist board in 2012 and was engaged in alumina and coal trading. It was hit by the pandemic, which disrupted its supply chains, leading to its voluntarily suspension in 2021 after its business was deemed unsustainable. It last closed at S$0.005 on May 3 before its suspension the next day.
