Vertex wins nod for SPAC listing in Singapore

by BLOOMBERG

SINGAPORE • Temasek Holdings Pte-backed Vertex Venture Holdings Ltd has become the first blank-cheque company sponsor in Singapore to receive an eligibility-to-list letter from the local exchange.

The firm has incorporated a company called Vertex Technology Acquisition Corp Ltd in the Cayman Islands as a special purpose acquisition company (SPAC), according to a filing to the Singapore Exchange on Dec 24.

The listing is subject to certain conditions, as well as the broader market environment.

Vertex Venture plans to invest S$30 million (RM92.6 million) in the SPAC through the subscription of units and intends to contribute up to S$10 million of “at-risk” capital by purchasing warrants in a private placement, the statement said.

European asset manager Tikehau Capital and Singapore buyout firm Novo Tellus Capital Partners are also among the first to explore blank-cheque company listings in Singapore, after the city-state rolled out a framework in September.