Alset International: Alset SPAC incorporated ahead of potential Nasdaq SPAC listing

U.S. one-dollar currency notes; taken September 2018.U.S. one-dollar currency notes; taken September 2018.

Alset International said Wednesday that Alset SPAC Group was incorporated in the U.S. state of Delaware on 14 January as an investment holding company for the group’s investments related to special purpose acquisition companies (SPACs). 

Alset SPAC Group’s indirect subsidiary, Alset Capital Acquisition Corp., is preparing for a SPAC listing on Nasdaq, the filing said.

SPAC is essentially a “blank check” company, which raises funds in a public offering and seeks businesses or other assets to acquire later.

Alset SPAC Group is a 45 percent owned associate of Alset International, with 45 percent held by AEI and 10 percent held by Alset Investment, the filing said. 

Chan Heng Fai, the executive chairman, executive director and CEO of Alset International, is also the executive chairman and controlling shareholder of AEI, which is Alset International’s controlling shareholder, the filing said. Alset Investment is wholly owned by Chan Heng Fai, the filing said.

Alset SPAC has a wholly owned subsidiary, Alset Acquisition Sponsor LLC, known as Alset Sponsor, which has providing sponsorship to SPACs as its business, the filing said.

Alset Sponsor, in turn, has a wholly owned subsidiary, Alset Capital Acquisition Corp., which is mainly engaged in arranging a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses, the filing said.

Alset International is involved in land development, home building and property management.