PSI Group Holdings and AIB Acquisition said that the two sides have reached a final agreement on the merger. Based on the pre-transaction corporate value, the agreement valued PSI at about 200 million US dollars.
The Zhitong Finance App learned that PSI Group Holdings and AIB Acquisition (AIB.US) said that the two sides have reached a final agreement on the merger. Based on the pre-transaction corporate value, the agreement valued PSI at about 200 million US dollars.
According to information, PSI is headquartered in Hong Kong, China, and is a long-standing global logistics and supply chain solutions provider. For the six months ended June 30, 2023, the company's revenue was $67.1 million, up 36% year over year.
Once the deal is completed, AIB and PSI will become wholly-owned subsidiaries of a new company called PS International Group Ltd., based in the Cayman Islands. The merged entity Pubco plans to be listed on the Nasdaq.
The merger is expected to close in the first quarter of 2024.
Once the deal is completed, PSI is expected to continue to be led by founder Yee Kit Chan as Chairman of Pubco's board of directors. Yee Kit Chan is also a director of Profit Sail International Express (Hong Kong) Limited and Business Great Global Supply Chain Limited (PSI's operating subsidiary).