Stake changes: Morgan Stanley, Temasek, NTUC Income hold VTAC interests

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Singapore substantial shareholder changes: Vertex Technology Acquisition Corp. (VTAC), Morgan Stanley, Mitsubishi UFJ Financial Group, NTUC Income and Temasek Holdings.

VTAC became Singapore’s first listed special purpose acquisition company (SPAC) last week, when it made its trading debut

Vertex Technology Acquisition Corp. (VTAC), Morgan Stanley and MUFJ

Morgan Stanley obtained a deemed interest in 2 million units, or 5 percent, of Vertex Technology Acquisition Corp. (VTAC) on 20 January, based on a controlling interest in the entity which has the right to rehypothecate or dispose of the units, according to a filing to SGX Tuesday. Rehypothecation is when a lender uses an asset provided as collateral as collateral for a new loan.  

In addition, also on 20 January, Morgan Stanley obtained a deemed interest in another 1.2 million units of VTAC, bringing its interest to 8 percent, a separate filing Tuesday said.

Mitsubishi UFJ Financial Group is deemed interested in the VTAC units held by Morgan Stanley as it has a more than 20 percent interest in the U.S.-based bank, a separate filing Tuesday said.

Temasek Holdings

Temasek Holdings, Singapore’s state-owned investment company, holds a 36.5 percent deemed interest in VTAC, via indirect wholly owned subsidiary Venezio, indirect 51 percent-owned subsidiary Fullerton (Private) Ltd. and indirect subsidiary Vertex Venture Holdings, according to a filing to SGX Tuesday.

NTUC and Fullerton Fund Management

NTUC Income Insurance Co-operative holds a direct interest in 2.6 million VTAC units, or a 6.5 percent stake, acquired for S$13 million under a cornerstone subscription agreement entered into by Fullerton Fund Management, according to a filing to SGX Tuesday. 

Fullerton Fund Management is deemed interested in the 2.6 million VTAC units, but doesn’t have a direct interest in them as NTUC Income Insurance Co-operative is its client, but Fullerton Fund Management has the authority to dispose of the units, resulting in the deemed interest, a separate filing to SGX said.

National Trades Union Congress (NTUC), NTUC Foundation, NTUC Income Holdings and NTUC Enterprise Co-operative each have a deemed interest in the 2.6 million VTAC units, according to separate filings to SGX Tuesday.

In 2017, insurer NTUC Income appointed Fullerton Fund Management to manage its then around S$23 billion in assets, with NTUC Income reportedly receiving a significant minority stake in Fullerton.

Seviora Holdings is also deemed interested in the 2.6 million VTAC units as Fullerton Fund Management is the wholly owned subsidiary of FFMC Holdings, which is 51 percent-owned by Seviora Holdings, according to a filing to SGX.