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SECP Agree to Introduce Special Purpose Acquisition Companies

Islamabad: To make obtaining funds for mergers and acquisitions easier, the Securities and Exchange Commission of Pakistan (SECP) is considering introducing the idea of a special purpose acquisition company (SPAC).

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SPACs are a novel idea for the Pakistani capital market, yet they are widely used in countries like the USA, Canada, Malaysia, and others.

According to the SPAC structure, a business consists of a collection of people or professionals who raise money from the public and use that money for the purpose of a merger or acquisition transaction within a given time frame.

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At least 90% of the funds raised must be maintained in an escrow account run by a custodian, and the purchase or merger must be completed within the allowed time limit of two years. Investments that are allowed may be made with the money in the escrow account.

Every merger or acquisition must receive special resolution approval from the shareholders. When two entities combine, the merged entity is immediately listed, and when an entity is acquired, the SPAC lists the acquired entity.

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The aforementioned adjustments are anticipated to create a regulatory framework that is more favorable for the primary market’s role in the economy’s capital formation.

Please check out the Al Sadat Marketing website to find out what’s going on.

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