Red Sena set to close down after company fails to secure QA

PETALING JAYA: Red Sena Bhd, the first food and beverage special purpose acquisition company (SPAC), has proposed to liquidate its business after several failed attempts to secure a qualifying acquisition (QA) within the permitted time frame.

This would make it the third unsuccessful SPAC to be delisted from Bursa Malaysia out of five companies that have tried their luck down the SPAC route since the introduction of this investment model in late 2009.