|
Ocean Group signs deal to open SPAC in booming US markets
The Ocean Group has signed an agreement with US-based investment funds Pat Lavecchia and Lilia Clemente, Deustche Bank and Maxim Group to establish Viet Nam Lotus Holding, a Special Purpose Acquisition Corporation (SPAC) worth US$100 million.
Organisations that are SPAC are currently experiencing a boom in the US markets thanks to the stability they offer in their investment.
A SPAC is created for the sole purpose of raising equity capital through an initial public offering (IPO) to acquire or merge with an existing operating business.
The groups reached the agreement on Tuesday during the official visit of Prime Minister Nguyen Tan Dung to the US.
Ha Van Tham, the representative of Ocean Group in this visit, said that the company would list shares in the US markets before doing investment in Viet Nam, in accordance with rules of the US Securities Commission.
It will also focus on key industries in the country like banking, finance and energy.
He added that the company would help US investors access the Vietnamese market and that the group was providing a great chance to mobilise capital from this well-known market.
Ocean Securities, a subsidiary of Ocean Group, signed deal with Womble Carlyle Sandridge & Rice, the fifth largest law firm in US, to implement the consultancy for Vietnamese enterprises when their shares are listed in US stock exchanges.
Recently, State Securities Commission joined force with three US-based financial institutions to introduce this model to Vietnamese enterprises.
According to data from American financial firm Chardan Capital Markets, $21.5 billion has been raised from 156 auctions of SPACs on US stock exchanges since 2004.
VNS
|
