Serba Dinamik invest in tech SPAC

by PRIYA VASU / pic by TMR FILE 

SERBA Dinamik Holding Bhd through its wholly-owned subsidiary, Serba Dinamik Group Bhd (SDGB), has set up a special purpose acquisition company (SPAC) namely Data Knights Acquisition Corp (DKDC) to invest in data centres and internet technology sector.

UK based Data Knight listed on Nasdaq on May 7, 2021 with SDGB investing RM24 million in the SPAC which raised upto US150 million in capital from the exercise, Serba Dinamik noted in an exchange filing yesterday.

“The Company plans to identify and acquire a business focusing on the data centres and internet technology sectors where its management team has extensive experience,” the statement noted.

The SPAC is led by CEO and Chairman Barry Anderson, who is also the CEO of Present D’Lloyd Technologies, and Chief Financial Officer Firdauz Mokhtar, who serves as a Senior Vice President of Special Project at SDGB.

“Pursuant to this sponsorship, SDHB will be in a good position to benefit from the attractive returns in view of its early entry into the Company while at the same time create opportunities for the group to expand its business activities into the US market with access to a larger pool of investors,” said Serba Dinamik.

The company said the pricing of Data Knight’s initial public offering (IPO) of 10 million shares common stock at $10.00 per unit could offer good returns in time.

Each unit consists of one share of the SPAC’s Class A common stock and one redeemable warrant, which entitles the holder to later purchase one share of Class A common stock at the price of $11.50 per share.

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