||Singapore : Crimsonlogic Embarks on Next Growth Phase Psa Becomes Majority Shareholder
||Following its acquisition of shares from Singapore Telecommunications Limited and Civil Aviation Authority of Singapore earlier this year, PSA International Pte Ltd (PSA), 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% whollyowned subsidiary of Enterprise Singapore.
Alongside the PSA global network, CrimsonLogic with its extensive experience in facilitating trade and cross-border regulatory transactions will provide the digital layer supporting 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.
Mr Tan Chong Meng, Group CEO of PSA, said, We look forward to supporting CrimsonLogics new phase of growth as a world-class company at the forefront of revolutionising nextgeneration 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 CrimsonLogics trade facilitation capabilities will deliver higher efficiencies demanded by future supply chain users, as well as complement Singapores trade and connectivity aspirations.
Mr Png Cheong Boon, Chief Executive Officer, Enterprise Singapore, said, Enterprise Singapore welcomes the investment from PSA to support CrimsonLogics next phase of growth. We are confident that with PSAs 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.
Mr Eugene Wong, Chairman of CrimsonLogic, said, After 30 successful years, CrimsonLogic is ready to enter the next phase of our transformation since launching the Worlds first Single Electronic Window in 1988. Just last month, our subsidiary Global eTrade Services (GeTS) continues to break new grounds in technology through the roll-out of the worlds first crossborder permissioned blockchain (Open Trade Blockchain or OTB) to augment its global trade facilitation platform. We are very excited and encouraged by PSAs increased commitment to CrimsonLogic. Looking forward, we will be able to leverage the network, experience and domain knowledge of both organisations to better drive trade, logistics and digital government initiatives globally.
In recent years, new technology has transformed the way business is being transacted and accelerated the pace of disruptions across global industries. At the same time, the urbanized and internet-savvy consumer is demanding more customised products and one-stop solutions. In response, businesses are rapidly reconfiguring production and supply chains to enable shorter product cycles, with better logistics orchestration to provide high reliability in fulfilment.
PSA as a global port operator has been gearing up efforts to collaborate with multi-modal logistics stakeholders to create value differentiators in the global supply chain, starting with its existing network of marine terminals. The Group has also reached out to transportation network partners with multi-modal capabilities, such as its investment in China United International Railway Containers (CUIRC) to operate and co-develop Chinas largest inland railway network for closer integration with port operations. More recently, PSA acquired 60% of Ashcroft Terminal, an inland port facility east of the Port of Vancouver.
In April 2018, PSA in collaboration with Global eTrade Services (GeTS) Asia Pte Ltd, a fullyowned subsidiary of CrimsonLogic, had launched CALISTA an initialism for CArgo Logistics, Inventory Streamlining & Trade Aggregation; a digital platform which will enable the effective cross-integration of physical, regulatory and financial processes, to help shippers and logistics service providers better coordinate cargo logistics.
BACK TO TOP