2023-12-28 02:53:46 ET
- PSI Group Holdings (PSI) and AIB Acquisition ( NASDAQ: AIB ) said that they have entered into a definitive agreement for a business combination, that values PSI at a total pre-money enterprise value of approximately $200 million.
- Based in Hong Kong, PSI is a long-established global logistics and supply chain solution provider. The company booked $67.1 million in revenue for the six months ended June 30, 2023, representing a year-on-year growth of 36%.
- After the closure, AIB and PSI will become fully-owned subsidiaries of a new Cayman Islands company called PS International Group Ltd. Pubco, the merged entity, has plans to list its securities on the Nasdaq Stock Market.
- The business combination is expected to be completed in the first quarter of 2024.
- Pursuant to the closure, PSI expects to continue to be led by founder Yee Kit Chan as Chairman of the board of directors of Pubco. Chan also serves as a director of Profit Sail Int’l Express (H.K.) Limited and Business Great Global Supply Chain Limited, the operating subsidiaries of PSI.
For further details see:
PSI Group plans to go public through merger with AIB Acquisition