The Securities and Exchange Commission of Pakistan (SECP) has amended the Public Offering Regulations, 2017 to introduce a regulatory framework for Special Purpose Acquisition Companies (SPAC). Under the proposed regulatory framework, SPAC shall be a public limited company having a paid-up capital of not less than Rs10 million. Those funds can only be utilized for merger or acquisition transactions within a permitted time period of three years. Article continues after this advertisementThe escrow funds can be invested in permitted investments. Each merger or acquisition transaction shall be approved by the shareholders by way of a special resolution.

Source: Pakistan Today September 21, 2021 13:07 UTC