blank-cheque-company-with-korea-focus-lists-in-us

Blank cheque company with Korea focus lists in US

The acquisition vehicle, which is sponsored by former Morgan Stanley Asia-Pacific chairman Alasdair Morrison and a Korean partner, raises $50 million in Amex listing.

Anette Jönsson

July 28, 2008

North Asia Investment Corp, a special purpose acquisition company SPAC with a stated strategy to invest in South Korea and China, listed in the US on Thursday after raising $50 million through an initial public offering. The total deal size was less than the $60 million initially targeted, reflecting the current tough environment for new listings.

Like other similar SPACs, the Citi-led deal was bought primarily by US investors û although some European names also participated û and the shares will trade on the American Stock Exchange. Consequently it attracted little attention in Asia. However, the past couple of years has seen a growing number of SPACs, commonly also referred to as ôblank...

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 3 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at [email protected], or +(852) 2122 5222