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PSA International is majority shareholder of CrimsonLogic
PSA International has become the majority shareholder of CrimsonLogic through an additional subscription of shares and share purchase from Enterprise Singapore’s wholly-owned subsidiary Enterprise Singapore Holdings.
This follows PSA's acquisition of shares from Singtel and the Civil Aviation Authority of Singapore earlier this year.
With the completion of the transaction, PSA now holds 70 per cent of CrimsonLogic, with Enterprise Singapore Holdings retaining 30 per cent of shares.
Alongside the PSA global network, CrimsonLogic 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.
Tan Chong Meng, Group CEO of PSA, said: "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."
Eugene Wong, chairman of CrimsonLogic, said that the company is "ready to enter the next phase" of its transformation.
Just last month, its subsidiary Global eTrade Services (GeTS) rolled out the world's first cross-border permissioned blockchain to augment its global trade facilitation platform, he said.
"We are very excited and encouraged by PSA's increased commitment to CrimsonLogic," he added.
CrimsonLogic partners governments and businesses to innovate sustainable world-class solutions, products and services in Trade, Legal and Digital Government.