Sincap Group to acquire Skylink APAC for $42.3m in reverse takeover

Skylink APAC operates one of Singapore’s largest commercial leasing fleets, with over 1,200 vehicles.

SGX Catalist-listed Sincap Group Limited has announced plans to acquire Skylink APAC Pte. Ltd. for $42.3m.

The acquisition, if completed, will result in Skylink APAC becoming a publicly listed entity and marks a strategic transformation for Sincap, whose shares have been suspended from trading since May 2021.

The transaction is classified as a reverse takeover (RTO) under SGX listing rules and is subject to regulatory and shareholder approvals.

Skylink APAC operates one of Singapore’s largest commercial leasing fleets, with over 1,200 vehicles leased primarily to businesses.

The transaction will be structured through a combination of new shares and cash payments. The base consideration of $28.3m will be settled mainly through the issuance of 122.2 million new shares at $0.225 per share, along with a cash component of $800,000.

An additional deferred consideration of up to $14m will be contingent on Skylink APAC achieving a profit target of $7.3m for the financial years 2025 and 2026. An additional $1.5m in cash will be payable within 18 months following the issuance of deferred shares.

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