SINGAPORE: Singapore Exchange unveiled new rules on Thursday to allow special purpose acquisition companies to list in the country.
SGX's rules, effective from Friday, would make it the first Asian bourse to allow blank check companies to list after the frenzy seen in such investment vehicles in the United States since 2020, although the popularity seems to be peaking. SPACs are shell corporations that list on stock exchanges and then merge with an existing company to take that public, offering it shorter listing timeframes and strong valuations.Mr Tan said SGX wants the SPAC process to result in"good target companies" listed on the exchange, providing investors with"more choice and opportunities".
A listing must also have a moratorium on sponsors' shares from IPO to de-SPAC, a six-month moratorium after de-SPAC and for applicable resulting issuers, as well as a further six-month moratorium thereafter on 50 per cent of shareholdings. "SGX will work with the Securities Investors Association to increase retail investors’ understanding of SPACs through collaborative efforts including the conduct of educational programmes.
Source: News Formal (newsformal.com)
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