PSA International has followed up its joint CALISTA (Cargo Logistics, Inventory Streamlining and Trade Aggregation) initiative with Crimsonlogic Pte Ltd by buying a majority stake in the latter company
Following its acquisition of shares from Singapore Telecommunications Limited and Civil Aviation Authority of Singapore earlier this year, PSA International Pte Ltd, an existing shareholder of CrimsonLogic Pte Ltd (“CrimsonLogic”), has taken majority control through an additional subscription of shares and share purchase from Enterprise Singapore Holdings Pte Ltd.
With the completion of transaction, PSA now holds 70% of CrimsonLogic, with Enterprise Singapore Holdings retaining 30% of shares. Enterprise Singapore Holdings is a 100% wholly-owned subsidiary of Enterprise Singapore.
Alongside the PSA global network, CrimsonLogic has extensive experience in facilitating trade and cross-border regulatory transactions and will provide the digital layer to support a fully integrated physical-regulatory-financing logistics execution in the global supply chain. CrimsonLogic will also be able to tap the commercial acumen and resources of the PSA group to invest and further strengthen its business positions in emerging and key strategic markets globally.
Tan Chong Meng, Group CEO of PSA, said: “We look forward to supporting CrimsonLogic’s new phase of growth as a world-class company at the forefront of revolutionising next-generation B2B and B2G integrated trade facilitation platforms.
"In alignment with our partner Enterprise Singapore, we aim to work with associated government agencies, cargo owners, logistics service providers and trade finance players to integrate and build a conducive and vibrant community which can work together to revolutionise supply chain fulfilment and orchestration.
"We believe that through collaboration, the solutions created and enabled by CrimsonLogic’s trade facilitation capabilities will deliver higher efficiencies demanded by future supply chain users, as well as complement Singapore’s trade and connectivity aspirations.”
Png Cheong Boon, Chief Executive Officer, Enterprise Singapore, said: “Enterprise Singapore welcomes the investment from PSA to support CrimsonLogic’s next phase of growth. We are confident that with PSA’s leadership and global network, CrimsonLogic will be able to build on its extensive experience and expertise in facilitating trade and cross-border regulatory transactions, to provide a more integrated digital solution in support of the global supply chain.”