From one-man show to SGX: Skylink eyeing Catalist listing

If deal is completed, it will be the second vehicle company to be listed on SGX in 2025

- Benjamin Lim

Mr Wesley Shen had zero experience in selling any kind of vehicle when he joined the commercial vehicle arm of Toyota dealership Borneo Motors, Hino, in 2012.

He was an aircraft maintenance engineer with lofty ambitions of becoming a millionaire, and had decided to make a career switch to make his dream come true.

Fast forward 13 years, and Mr Shen is now anticipating the listing of his commercial vehicle leasing company Skylink Apac on the Singapore Exchange (SGX).

Sincap Group, a Catalist-listed company which has suspended trading of its shares since 2021, lodged its prospectus on Aug 20 for a reverse takeover (RTO) of Skylink Apac.

The RTO was first announced in March 2025.

Under the sale and purchase agreement, valued at $42.3 million, Sincap will pay $27.5 million in new shares issued at 22.5 cents a share and $800,000 in cash.

The remaining $14 million will be structured as an earn-out, contingent on Skylink achieving a profit target of $7.3 million across financial years 2025 and 2026.

SAC Capital is serving as the financial adviser, sponsor and placement agent for the RTO.

If the deal is successful, Sincap Group will be renamed Skylink Holdings. It is expected to hold an extraordinary general meeting on Sept 11.

Skylink will also be the second vehicle company to be listed on SGX in 2025. Car dealer Vin's Holdings raised $6 million from its initial public offering on the Catalist board in April.

With a fleet of over 1,200 commercial vehicles including vans, light goods vehicles and heavy trucks, Skylink Apac 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.