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You are here: Home / Archives for Special purpose companies

Special purpose companies

Blank-check company IPOs moving ahead despite government shutdown

January 23, 2019 channelnewsasia Leave a Comment

REUTERS: A corner of the market for initial public offerings (IPO) is evading the freeze on stock market flotations inflicted by the U.S. government shutdown, putting the spotlight on listings that usually stay under most investors' radar."Blank-check" companies, which launch IPOs to raise money for acquisitions, are taking advantage of their unique structure to proceed without the approval of the Securities and Exchange Commission (SEC), which has been paralyzed by the longest government shutdown in U.S. history.With other stock market debuts on hold while the SEC remains largely closed, this is enabling these companies, also known as special purpose acquisition vehicles (SPACs), to have the IPO limelight all to themselves."Right now, SPACs are a way for investors to participate in the IPO market when there is no other market," said Gregg Noel, head of the West Coast capital markets practice of U.S. law firm Skadden, Arps, Slate, Meagher & Flom LLP.Most firms rely on the SEC to … [Read more...] about Blank-check company IPOs moving ahead despite government shutdown

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Europe plans ‘special vehicle’ to maintain companies’ ties to Iran, avoid U.S. sanctions

September 25, 2018 thestar Leave a Comment

By Farnaz Fassihi The Wall Street Journal Tues., Sept. 25, 2018 UNITED NATIONS—The European Union said late Monday that it would establish a special payment channel to allow European and other companies to legally continue financial transactions with Iran while avoiding exposure to U.S. sanctions. The move is a direct rebuke of President Trump’s policy on Iran and his decision to withdraw from the nuclear deal in May, and sets the stage for a confrontation between the U.S. and Europe in the days ahead at the U.N. General Assembly, where Iran is among the prominent themes. EU foreign-policy chief Federica Mogherini and Iran’s Foreign Minister Javad Zarif made the announcement of a “special purpose vehicle” jointly, in English and Farsi, after a meeting at the U.N. of the parties still committed to the deal—Iran, EU, U.K., France, Germany, Russia and China. “We are not backing down [on the Iran nuclear agreement],” said … [Read more...] about Europe plans ‘special vehicle’ to maintain companies’ ties to Iran, avoid U.S. sanctions

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Malaysia Rail Link: ECRL deal has no clause for Jho Low-linked companies

June 10, 2018 thesundaily Leave a Comment

PETALING JAYA: Malaysia Rail Link Sdn Bhd, the project and asset owner of the East Coast Rail Link (ECRL), has denied that contracts it signed with Chinese contractor China Communications Construction Co Ltd (CCCC) and the Export-Import Bank of China came with a clause to nominate an unrelated company to buy 70% of Putrajaya Perdana Bhd for US$244 million (RM971 million) as well as 90% of Loh & Loh Corp Bhd for US$71 million (RM282.6 million). In a statement released today, MRL called the information in an article in a business weekly headlined "Jho Low's Handiwork" baseless and an irresponsible allegation. The article sought to establish links between Low Taek Jho (Jho Low) and the negotiations for Suria Strategic Energy Resources Sdn Bhd's RM9.4 billion pipeline projects and the ECRL among others. Putrajaya Perdana and Loh & Loh are companies linked to Jho Low. "There is no contract between and MRL that stipulates this clause. Neither does this clause appear in the loan … [Read more...] about Malaysia Rail Link: ECRL deal has no clause for Jho Low-linked companies

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TNB signs two PPAs for solar projects

March 19, 2018 robert Leave a Comment

PETALING JAYA: Tenaga Nasional Bhd (TNB) has signed two large-scale solar (LSS) photovoltaic power purchase agreements (PPAs) to set up two facilities with a total capacity of about 60Mwac. In a filing with Bursa Malaysia today, TNB said the PPAs were signed following a competitive bidding exercise organised by the Energy Commission in the first quarter of 2017 to develop, among others, the transmission-connected LSS projects. The two PPAs were signed with special purpose companies TNB Bukit Selambau Solar Sdn Bhd and RE Gebeng Sdn Bhd, which were set up by the successful bidders namely TNB and RE Gebeng. The PPA with TNB Bukit Selambau is for 30Mwac and the proposed location of the facility is Kuala Muda, Kedah with commercial operation date scheduled for Dec 31, 2020 while the PPA with RE Gebeng is for 29.916Mwac and the proposed location is Kuantan, Pahang with commercial operation date scheduled for Feb 3, 2020. The special purpose companies will design, construct, own, operate and … [Read more...] about TNB signs two PPAs for solar projects

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What’s new in business news: November 20, 2013

November 20, 2013 robert Leave a Comment

New income taxes will take effect this year, govt bond to help fund rice plan & Thai firm's Dawei concession taken away. TAXES  New income taxes will take effect this year The cabinet took action yesterday to make sure the revised personal income tax structure takes effect during the 2013 tax year, to be filed next year. There is a delay in the bill being passed into law. The tax cuts are aimed especially at middle-income earners, to boost domestic consumption. The restructuring will cut government revenue in the 2013 fiscal year by 27 billion baht. The top tax rate falls slightly, to 35% of taxable income from 37%, the tax exemption for annual income below 150,000 baht remains in place. The new personal income tax rates will expand the previous five tax brackets to seven brackets. The new tax rates will be: 5%, 10%, 15%, 20%, 25%, 30% and 35%. The existing tax rates are 5%, 10%, 20%, 30% and 37%. The new 5% rate will be applicable to those earning between 150,000-300,000 baht … [Read more...] about What’s new in business news: November 20, 2013

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