Raymond Tong and Hoon Chi Tern from the Capital Markets Practice of Rajah & Tann Singapore contributed an article titled “Singapore SPAC Framework and Opportunities” published in India Business Law Journal, a leading legal magazine in the region, on 23 September 2021.
With effect from 3 September 2021, special purpose acquisition companies (“SPACs“) are allowed to list on the Mainboard of the Singapore Exchange Securities Trading Limited (“SGX-ST Mainboard“), providing companies with an attractive alternative capital fund raising route. SPACs, also known as blank cheque companies, have no commercial operations, revenue-generating businesses or assets. They are formed to raise capital through initial public offerings (IPOs) on securities exchanges with the sole objective of acquiring another company for a business combination, also known as a de-SPAC transaction.
The article discusses the relevance of the new SGX SPACs listing regime for Indian businesses, key requirements of the listing regime, including the admission criteria, listing requirements and key safeguards to protect the interests of minority shareholders of SGX SPACs.
For more information, click here to read the full Authored Publication.
