Pegasus Asia is only in preliminary talks on a potential business combination, with no binding agreement on substantive terms, the special purpose acquisition company (SPAC) said in a filing to SGX Monday.
“The company wishes to emphasise that no decision has been made as to whether to proceed and there is no certainty or assurance that a transaction will proceed or take place,” Pegasus Asia said.
On Friday, Bloomberg reported, citing people familiar with the matter, that Kacific Broadband Satellites was in advanced talks to go public via a SPAC deal, with Pegasus Asia the leading contender. Kacific provides high-speed internet access via satellite. If a deal is completed, it would be the first SPAC deal in Singapore, and it was projected to give Kacific a valuation of around US$1 billion, the report said.
Pegasus Asia said Monday that any deal would be subject to completing due diligence, negotiating terms and other approvals.