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% wholly-owned 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 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.”
Mr 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.”
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 World’s 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 world’s first cross-border permissioned blockchain (Open Trade Blockchain or OTB) to augment its global trade facilitation platform.
“We are very excited and encouraged by PSA’s 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.”