The Securities and Exchange Commission of Pakistan introduced a regulatory framework for SPACs, Pakistan Today reports.
Under the proposed framework, SPACs would be required to hold capital of not less than Rs10 million. (If the report is accurate, that would be about US$59,000.)
To safeguard the interests of shareholders, SPACs would be required to keep 90 percent of the funds raised through IPO in an escrow account. Those funds can only be utilized for merger or acquisition transactions within a permitted time period of three years. Read more.
