Singapore-based Vistas Media Capital, aiming to secure $100 million for its film and digital content ventures in India, concluded a $10 million funding arrangement with Kitara Capital, a global investment group headquartered in the Middle East.
After explosive growth in the US, the craze surrounding special purpose acquisition companies, or SPACs, is now heading to Asia. Analysts believe that Southeast Asia, where the tech startup scene has thrived on economic growth and a need to boost financial inclusion, could very well be the next hotspot for SPAC acquisitions.
SPACs are blank-check shell corporations set up by investors with the sole purpose buying and reverse merging with a private company. Their growth has so far been mostly centered around the US with US-based SPACs raising more than US$64 billion through initial public offerings (IPOs) so far this year, representing 37% of global deal volumes, Refinitiv data show.
Thursday 03/04/2021 11:39:00 AM
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ArabFinance: Anghami Inc., the leading music streaming platform and service in the Middle East and North Africa, plans to expand in Egypt after it becomes the Middle East’s first tech company to list in New York with plans to merge with Nasdaq-listed SPAC Vistas Media Acquisition Company, the company said in a press release.
The merger deal, which is expected to close in the second quarter (Q2) of 2021, implies a pro-forma enterprise value of $220 million.
The combined company will operate under the Anghami name and will trade under the new “ANGH” symbol.
SHUAA Capital and the Singapore-based Vistas Media Capital have gathered commitments of a combined $40 million, as SHUAA committed $30 million, while Vistas committed $10 million.