SINGAPORE :European asset manager Tikehau Capital has applied to list a special purpose acquisition company (SPAC) on the Singapore Exchange, three sources with knowledge of the matter said on Wednesday.
Several funds, including Singapore state investor Temasek-backed Vertex Holdings, are also planning to list SPACs, encouraged by new rules introduced by the exchange and the easing of some measures that had been viewed as too strict by participants.
The SPAC, sponsored by Tikehau Capital and Financiere Agache, a holding company of LVMH luxury goods chief Bernard Arnault, will raise about SUS$200 million (US$150 million), said the sources, who declined to be identified as they were not authorised to speak to the media.
SGX declined to comment, saying listing applications were confidential. There was no immediate response to a query sent to Tikehau Capital during Asia hours. Reuters was not immediately able to contact Financiere Agache.
Last month, SGX became the first Asian bourse to allow SPAC listings since the frenzy surrounding the investment structures started in the United States last year, although the interest is peaking there.
SPACs raise money on stock markets to buy private companies, giving those businesses a quick and cheap route to a listing.
(US$1=1.34807 Singapore dollars)
(Reporting by Anshuman Daga; Editing by Sumeet Chatterjee and Edwina Gibbs)