ASMA Capital’s Asia-focused Global SPAC Partners files for $200m IPO

FILE PHOTO: A view of the exterior of the Nasdaq market site in the Manhattan borough of New York City, U.S., October 24, 2016. REUTERS/Shannon Stapleton/File Photo

ASMA Capital Partners has filed for a $200-million IPO on Nasdaq of Global SPAC Partners, which will seek acquisitions in the Middle East, North Africa (MENA) and South and Southeast Asia.

A special purpose acquisition company (SPAC) is a company without operations which is formed only to raise capital to acquire other businesses. SPACs are also called blank check companies.

The SPAC isn’t limited by industry, but its directors are likely to use their “significant experience” to invest in sectors with “relatively secure and predictable returns,” such as infrastructure and utilities, the prospectus filed to the US Securities and Exchange Commission Tuesday said.

“We will consider companies in a wide range of industries, but generally will seek to acquire a simple, high-quality business that generates predictable cash flows that can be estimated within a reasonable range over the long term,” the prospectus said. “We will prefer targets that have low sensitivity to macroeconomic factors, with minimal commodity exposure and/or cyclical risk.”

The proposed maximum offer price is $10.00 a share; the offering will have 230 million units if the overallotment option is exercised.

Glazer Capital, Sea Otter Securities Group and Mint Tower Capital Management will be anchor investors and have expressed interest in acquiring $50 million of shares, or $57.5 million if the overallotment option is exercised.

Bryant B. Edwards, the SPAC’s CEO, was previously the chief operating officer of Twelve Seas, a Nasdaq-listed SPAC that raised $207 million in 2018 and acquired a UAE-based oil services player Brooge Energy in 2019, the prospectus said.

Abu Bakar Chowdhury, who has been a managing director and the CFO of ASMA Capital since 2013, will be chairman of Global SPAC Partners, the prospectus said.

ASMA Capital is a Bahrain-based multi-fund asset management firm, with shareholders including the Islamic Development Bank of the Kingdom of Saudi Arabia, Saudi Arabia’s Public Pension Agency, Saudi Arabia’s Public Investment Fund, Bahrain’s Ministry of Finance and Brunei’s Ministry of Finance.

ASMA Capital’s IDB Fund II has $750 million of committed capital and plans to invest in power and energy, transportation and logistics, telecom infrastructure, water and waste, and education and healthcare.

 

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.