Will the revival of SPACs on Wall Street spur such listings here?

TheStar Sat, Mar 06, 2021 08:40am - 3 years View Original


Former banker Ian Yoong who was a promoter of Red Sena and one of its directors, says he understands that there are a number of parties looking to list SPACs on Bursa Malaysia. Like most of the recently listed SPACs in the US, these promoters are looking to have a technology focused SPAC.

SPECIAL purpose acquisition companies or SPACs have become a hot trend on Wall Street.

The amount of money raised by SPACs in the past 12 months has topped US$120bil, going by Bloomberg data. The fever is spreading closer to home. Indonesia’s Gojek and Tokopedia are considering floating SPACs in the US, instead of taking an initial public offering route.

Last October, the first exchange-traded fund (ETF) dedicated to SPACs called Defiance Next Gen SPAC made its debut on the New York Stock Exchange.

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