Sincap may get a new lease of life. On March 18, Sincap announced a reverse takeover (RTO) deal of Skylink Apac, a newly structured entity, to hold related commercial motor vehicle leasing, hire purchase financing and related maintenance service businesses for $42.3 million.
Sincap Group, the former coal trader, was severely impacted by the pandemic as supply chain disruptions hit cash flow. In 2021, the company applied for a voluntary trading suspension after its business was deemed unsustainable.
Adding to its challenges, several directors resigned, and the company failed to hold its annual general meeting (AGM) on time for several financial years. Along with ongoing concerns and compliance issues, Sincap lacked the expertise and resources to pursue new investment strategies.
