Analysis & Comment

Temasek-backed Vertex gets approval to list SPAC in Singapore

FILE PHOTO: A Temasek Holdings logo is seen at their office in Singapore July 8, 2014. REUTERS/Edgar Su

SINGAPORE (Reuters) – Vertex Venture Holdings, which is backed by Singapore state investor Temasek Holdings, said its special purpose acquisition company (SPAC) had received an eligibility-to-list letter from the city-state’s exchange.

Several funds are planning to list SPACs in Singapore, encouraged by new rules introduced by the Singapore Exchange and the easing of some measures that had been viewed as too strict by participants.

Vertex said on Friday it had submitted an application to the Singapore Exchange to list a company called Vertex Technology Acquisition Corporation Ltd (VTAC) as a SPAC.

Vertex plans to make an investment of S$30.0 million ($22 million) in VTAC through the subscription of units and intends to contribute up to S$10.0 million of “at-risk” capital through the purchase of warrants in a private placement concurrent with the listing.

($1 = 1.3592 Singapore dollars)

Source: Read Full Article