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Temasek-Backed Vertex Gets Nod to List SPAC in Singapore

Vertex Venture Holding said its special purpose acquisition company (SPAC) received a letter from the Singapore exchange saying it was eligible to list.


Singapore
The focus on S-Reits comes as interest rates look set to rise globally. Photo: 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.

 

  • Reuters with additional editing by Kevin Hamlin

 

 

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Kevin Hamlin

Kevin Hamlin is a financial journalist with more than 40 years of experience covering Asia. Before joining Asia Financial, Kevin worked for Bloomberg News, spending 12 years as Senior China Economy Reporter in Beijing. Prior to that, he was Asia Bureau Chief of Institutional Investor for ten years.

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