Two SPACs are set to start trading in Singapore this week, in a test of an alternative to the U.S. for the increasingly popular vehicles, Bloomberg reports. The challenge now for the city-state is to attract others and cement its position as one of the earliest Asian markets to embrace SPACs. Singapore-domiciled companies raised a record $1.3 billion in U.S. initial public offerings.
The blank check firms going public in Singapore have two years to complete an acquisition, subject to a 12-month extension. The financial hub will be competing with Hong Kong to attract SPAC listings this year, after that city also rolled out a framework last month. Read more.
