Red Sena still on the lookout for a qualifying acquisition

PETALING JAYA: Special Purpose Acquisition Company (SPAC) Red Sena Bhd is still on the lookout for a qualifying acquisition (QA) more than a year after being listed.
In its bid to find the right QA, first SPAC in the food and beverage(F&B) industry, which was listed in December 2015, has scrutinised at least 50 companies in SouthEast Asia thus far.
Ian Yoong, Business Development Director of the company said Red Sena is confident of finding the right QA and closing the deal before the next AGM, which is to be held in February next year.
Of the five regional markets it has studied, Red Sean has found Vietnam to be desirable as it sees potential growth there.
The expiration of Red Sena's QA acquisition period is on December 10, 2018.
SPAC's are given a period of 3 years from the IPO listing to acquire a QA with the proceeds of the IPO.