Temasek-backed Vertex wins nod for SPAC listing in Singapore

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SINGAPORE, Dec 26 (Bloomberg): Temasek Holdings Pte-backed Vertex Venture Holdings Ltd. has become the first blank-check 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 Corporation Ltd. in the Cayman Islands as a special purpose acquisition company, 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 ($22 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-check company listings in Singapore, after the city-state rolled out a framework in September. - Bloomberg