Baker Tilly in The Business Times: A new avenue for fundraising
Above from left: Max Loh, EY Asean IPO leader, Singapore and Brunei Managing Partner, Ernst & Young LLP, Joshua Ong, Managing Partner & Practice Leader, Capital Markets & IPO, Baker Tilly Singapore, Benjamin Ong, Partner, Head of Corporate Finance, Deal Advisory, KPMG Singapore.
Singapore, 13 October 2021 – In the Business Times’ article, “A new avenue for fundraising”, Special Purpose Acquisition Companies (SPACs) have been in the spotlight in recent years, with several high-profile companies attempting to use this vehicle to list on a stock exchange.
Baker Tilly Singapore’s Managing Partner & Practice Leader of Capital Markets & IPO, Joshua Ong, aired his views on the growing interest, regulations, and the future of SPACs. An outline of Joshua Ong’s views reads:
On the growing interest of SPACs
"While SPACs have generated much interest in recent years, the ability to seek out quality companies to be acquired by a SPAC is critical in sustaining long-term interest. I believe there will much interest from investors keen on SPACs that are able to access promising Asian companies. The success of these high-profile companies going public via SPAC should generate confidence for more companies in the region to follow suit," said Joshua Ong.
On the rules and regulations surrounding SPACs
"Clear rules and regulations surrounding the SPAC, business combination, and disclosure requirements are needed to protect investors' interest. However, the level of regulation has to be a delicate balance in order to maintain the attractiveness of SPACs," said Joshua Ong.
On the sustainability of SPACs
“The sustainability of SPACs is very much dependent on the quality of the companies going public via SPAC, the maturity of the investment community, and an effective regulatory framework. The ability to achieve an equilibrium and alignment of the various stakeholders' interest may be challenging, but it is a good alternative. However, my take is that traditional IPO will remain to be the mainstream for companies seeking to tap the capital markets," Joshua Ong noted.
-Ends-
MEDIA ENQUIRIES:
Zen Chen
Senior Executive, Marketing Communications
Baker Tilly
+65 6336 2828
zen.chen@bakertilly.sg
NOTES TO EDITORS:
About Baker Tilly Singapore
Baker Tilly Singapore (“Baker Tilly”) is a full-service accounting and advisory firm that offers industry-specialised services in assurance, tax, deal advisory, governance and risk, restructuring and recovery, outsourcing and corporate secretarial. We are one of the 10 largest accountancy and business advisory firms in Singapore and a member of Baker Tilly International, a top 10 global network of independent accounting and business advisory firms in 148 territories with 37,000 professionals. As of December 2020, the combined worldwide revenue of independent member firms is reported at US$4.04 billion.
Disclaimer
Baker Tilly TFW LLP trading as Baker Tilly is an independent member of Baker Tilly International. Baker Tilly International Limited is an English company. Baker Tilly International provides no professional services to clients. Each member firm is a separate and independent legal entity, and each describes itself as such. Baker Tilly TFW LLP is not Baker Tilly International’s agent and does not have the authority to bind Baker Tilly International or act on Baker Tilly International’s behalf. None of Baker Tilly International, Baker Tilly TFW LLP, nor any of the other member firms of Baker Tilly International has any liability for each other’s acts or omissions. The name Baker Tilly and its associated logo is used under licence from Baker Tilly International Limited.
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