PSI booked $67.1 million in revenue for the six months ended June 30, 2023, representing a year-on-year growth of 36 percent. The Business Combination values PSI at a total pre-money enterprise value of approximately $200 million.
The Hong Kong-headquartered logistics firm specialised in cross-border air freight services PSI Group Holdings and AIB Acquisition Corporation, a publicly traded special purpose acquisition company, announced that they have entered into a definitive agreement for a business combination of AIB and PSI.
Upon closing of the proposed Business Combination, both AIB and PSI will become wholly-owned subsidiaries of a newly incorporated Cayman Islands company, PS International Group Ltd. (“Pubco”), and Pubco will be the combined company and expects to list its securities on the Nasdaq Stock Market.
PSI is one of the air freight forwarding specialists in Hong Kong, providing global logistics and supply chain service to clients of various industries, including postal operators, e-commerce merchants, senders and consignees. Founded in 1993, the company is headquartered in Hong Kong with a global network, operating through its subsidiaries, namely Profit Sail Int’l Express (H.K.) Limited and Business Great Global Supply Chain.
The Company booked $67.1 million in revenue for the six months ended June 30, 2023, representing a year-on-year growth of 36 percent.
PSI’s profit margin continues to grow significantly. The gross profit was $7.6 million for the six months ended June 30, 2023, closing a record year-on-year growth of 106% compared to the same period last year. PSI sees strategic priority in growing cross-border e-commerce capacities. The Company is focused on strategic partnership and cooperations in its global network and continued to invest and enhance its smart integrated logistics system.
Yee Kit Chan, chairman of the board of directors of PSI, said: “Signing this business combination agreement with AIB is a pivotal moment for us. The merger is a milestone in our journey to go public in the US, aligning perfectly with our vision in expanding our global presence and enhancing our network in the international logistics arena, making cross-border trade easier and creating more value for our customers and stakeholders globally.”
“We are excited to work with PSI and hope to generate additional value for our shareholders.” Said Eric Chen, chief executive officer of AIB.
The Business Combination values PSI at a total pre-money enterprise value of approximately $200 million.
The boards of directors of both PSI and AIB have unanimously approved the Business Combination, which is expected to be completed in the first quarter of 2024, subject to, among other things, regulatory approvals, the approval by AIB’s shareholders of the Business Combination and satisfaction or waiver of other customary closing conditions.
Following the close of the Business Combination, PSI expects to continue to be led by Yee Kit Chan as chairman of the board of directors of Pubco. Chan is the founder of PSI and has over 40 years of experience in logistic and supply chain operations. Chan also serves as a director of Profit Sail Int’l Express (H.K.) and Business Great Global Supply Chain, the operating subsidiaries of PSI.
AIB Acquisition Corporation is a blank check company, also commonly referred to as a special purpose acquisition company, or SPAC, formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities.