Post Reply
1-20 of 1508
Sincap Group in RTO deal with Skylink APAC for $42.3 million
Catalist-listed Sincap Group announced that it is acquiring 100% stake in Skylink APAC, a homegrown commercial motor vehicle leasing, hire purchase financing and related maintenance service provider, for $42.3 million in a reverse takeover (RTO) transaction.
Skylink APAC would then obtain its public listing status upon successful completion of the acquisition, supported by the investment by and under the leadership of corporate veteran Teh Wing Kwan.
Sincap was previously in the business of renewable energy semiconductor manufacturing. It traded alumina and thermal coal, as well as mines and sold gypsum in China.
The $42.3 million consideration comprises two parts.
First, a base consideration of $28.3 million, comprising $27.5 million to be satisfied by the allotment and issue of about 122.2 million new Shares at 22.5 cents per share and a balance sum of $0.8 million to be paid in cash on a date within 18 months from date of completion.
Second, a deferred consideration of up to $14.0 million in the form of an earn-out that is dependent on the adjusted accumulated net profit after tax of Skylink APAC for FY2025 and FY2026 (financial years ending Mar 31) of not less than $7.3 million. Up to $12.5 million of the Deferred Consideration will be satisfied by the allotment and issue of about 55.6 million new shares (on a post-share consolidation basis) at the issue price of 22.5 cents. The balance sum of $1.5 million will be payable in cash within 18 months from which the date the deferred shares are issued.
Skylink APAC was incorporated on Mar 4, 2025, to hold three subsidiaries &ndash Skylink Vehicle Rental that owns over 1,200 commercial vehicles to be leased out on a B2B basis Skylink Credit that proviced hire-purchase loans and motor vehicle financing solutions and Skylink Engineering that operates in-house workshops to maintain, repair and maximise the lifespan of the commercial fleet, and to meet safety standards, as well as offer such services to other types of motor vehicles in Singapore.
The group was established by Wesley Shen Wende, Grace Xue Wanqui and Johnson Shen Yongzhong. Wesley and Johnson are CEO and COO of the company. Skylink APAC is part of the larger Skylink Group, which is involved in automobile trading and sales activities under Skylink Auto which, as agreed by the parties, has not been included in the proposed acquisition as it requires differentiated fund-raising strategies.
Teh says: &ldquo I embarked on this undertaking with great care while searching for a viable RTO target that can align the interests of various stakeholders. It is my firm belief that this strategic transformation represents a feasible option for Sincap&rsquo s shareholders as the group charts new corporate and investment strategies.&rdquo
Wesley Shen says: &ldquo The entire team at Skylink APAC is excited by the corporate exercise which will open a dramatic new chapter for our fast-growing company. A listed platform will propel Skylink APAC&rsquo s growth strategies in the leasing of commercial vehicles, providing hire purchase credit and financing solutions, and operationally supported by related engineering and maintenance services.&rdquo
He adds: &ldquo While Skylink Auto is not part of the proposed acquisition, the overall Skylink Group eco-system (Skylink APAC and Skylink Auto) recorded combined revenue of approximately $95 million for FY2024, and continues to grow rapidly.&rdquo
When would Mr.Chu get the counter back for Trading?
Coal price are riding high. Freight cost should not be an issue now.
Coal price are riding high. Freight cost should not be an issue now.
Thanks. Apreciate
tccroy ( Date: 04-May-2021 15:04) Posted:
|
If I don't remember wrongly they have cash flow problem. One of the customer who is a relative owes Sincap.
Roxy1968 ( Date: 04-May-2021 14:20) Posted:
|
Does anyone know why this counter suspended ?
for anyone who cares, why this one halted sia? haha
having some minor volume yesterday and today
The interests earned are lucrative! 7.5 percent! That is huge debt burden for debtor...
colincheong ( Date: 06-Dec-2020 10:08) Posted:
|
Frankly, it not logical to grant customer with 6 months credit.
However, if customer had issue in payment, it is better to extend than collect nothing at all.
Guess this is the only win-win solution.
However, if customer had issue in payment, it is better to extend than collect nothing at all.
Guess this is the only win-win solution.
What is current situation of Artwell , need to read up. Most company do no make money in C19 . Where is the money coming from for Artwell ? DYODD
Sincap defers repayment deadline for at least US$6m owed by firm of CEO' s brother
CATALIST-listed Sincap Group has extended the repayment deadline for at least US$6 million due from Artwell, a company solely owned by the brother of Sincap' s chief executive, to April next year.
In a Friday bourse filing, Sincap said that repayment from Artwell, which buys coal from the company, from September onwards will be deferred. Artwell will repay US$6 million by April 28, 2021 instead. Artwell' s sole director and shareholder is Chu Min Fang, the brother of Sincap' s executive chairman and CEO, Chu Ming Kin.
After repaying the US$6 million, Artwell will continue to pay at least US$1 million per month on the 28th of each month. An interest of 7.5 per cent per annum will continue to accrue on all outstanding amounts.
Sincap' s announcement comes after the bourse queried the company in April about its ability to remain a going concern. In its annual report for FY2019 ended December, Sincap had 252.1 million yuan (S$51.4 million) in current trade receivables, of which 225.3 million yuan were due from a related party.
In assessing that the company remains a going concern, Sincap in the Friday filing said that repayment from Artwell has been prompt in the past, that Mr Chu Ming Kin has a " good relationship" with the company and that he has personally flown to meet his brother to discuss the repayment schedule.
Artwell had asked Sincap for a deferment of six months till April 2021, as it has faced disruptions in its operations caused by the pandemic. Chinese coal output fell " drastically" as workers could not return to power plants.
Separately, a group of shareholders have provided letters of undertaking to Sincap to provide continuous financial support for the company is able to meet its obligations. These shareholders are Mr Chu Ming Kin, Chen Jianming, Huang Qingquan, Sze Wai Bun Raymond, Wang Xiaoling and Zhu Shiyan.
Mr Chu has extended S$121,887 to the company in the form of an interest-free loan and has provided a verbal confirmation to the company and the board that he will provide a further S$200,000 as interest-free loans to the company by Dec 15, 2020.
" The board has considered and have determined that the group will be able to continue operating as a going concern, on the basis that with Mr Chu Ming Kin' s investment of S$321,887, the group will be able to meet its debt obligations for the next 12 months," Sincap said in its filing.
Trading in shares of Sincap has been halted since Dec 2.
Based on their HY June 20, their revenue dropped sharply due to Covid19. However their NTA is RMB 13 cent which is still in the positive territory. They are dragged down by debtors due to default payment. Another word, the company may propose rights issue or shares placement in the near future to enhance the working capital...
This should not have happen at all if company have strick control. Brother or no brother business is business. How Sure can get back all the money from that company ?
show will start soon, hopefully next week haha
tccroy ( Date: 04-Dec-2020 18:38) Posted:
|
He is confident Sincap can turn around and expecting by April 2021 Sincap will receive repayment of 6 million dollars by their customers.
Goodgoing ( Date: 04-Dec-2020 18:10) Posted:
|
Oh my... Director sell personal share, then loan money to company, free interest. 😂
Please read about Artwell Minerals Resources . Trade Receivables
Artwell has committed to a fixed minimum monthly repayment of US$1 million under a repayment schedule starting 28 March 2020 (the &ldquo Repayment Schedule&rdquo ) until the outstanding trade receivables balances (the &ldquo Outstanding Amount&rdquo ) is settled in full. The outstanding amount bears an interest of 7.5% per annum. Artwell has managed to meet the minimum repayment amount committed to under the Repayment Schedule since March 2020. Artwell has repaid US$4.6 million since March 2020, the amount that remains outstanding as at 30 June 2020 is US$27.7 million. At present, there is no indication of default by Artwell.
Artwell has committed to a fixed minimum monthly repayment of US$1 million under a repayment schedule starting 28 March 2020 (the &ldquo Repayment Schedule&rdquo ) until the outstanding trade receivables balances (the &ldquo Outstanding Amount&rdquo ) is settled in full. The outstanding amount bears an interest of 7.5% per annum. Artwell has managed to meet the minimum repayment amount committed to under the Repayment Schedule since March 2020. Artwell has repaid US$4.6 million since March 2020, the amount that remains outstanding as at 30 June 2020 is US$27.7 million. At present, there is no indication of default by Artwell.
he is not even SSH, i am more interested in finding out who bought him out
colincheong ( Date: 03-Dec-2020 08:55) Posted:
|
Fat hope .
Unless the company had a story to tell. IT might chiong from there.
Unless the company had a story to tell. IT might chiong from there.
Meaning price will chiong after lifting of trading halt