Dubai-based investment bank Shuaa Capital is liquidating its Nasdaq-listed $100 million special purpose acquisition company, amid uncertain market conditions.
The company’s board has approved the liquidation of the Spac vehicle set up last year, Shuaa said in a regulatory filing on Monday, to the Dubai Financial Market, where its shares are traded.
Shuaa has decided “not to proceed further with finding a target entity considering current market conditions”, it said.
Shuaa Partners Acquisition Corp I was listed on Nasdaq in March last year.
The first of three planned Spac vehicles by Shuaa, it was launched following the investment bank’s participation in the Anghami transaction that involved the listing of the music streaming company in New York through a Spac merger.
Shuaa Spac was looking to acquire technology and tech-enabled financial services growth businesses based in the Middle East, North Africa and Turkey region, the company said at the time.
A Spac is a vehicle with no commercial operations and is formed with the intention of raising funds through an initial public offering and then acquiring an existing company.
Spacs have lighter disclosure requirements than IPOs and have been increasingly used over the past two years to take fast-growing companies public quickly.
However, slowing global growth and mounting geopolitical tensions have given rise to uncertainty in global equity markets that has dented the appetite for Spac deals.
In the UAE, ADC Acquisition Corporation, a Spac set up by Abu Dhabi holding company ADQ and private investment firm Chimera Investments, has seen more success.
ADC agreed to acquire Abu Dhabi-based United Printing and Publishing, in what was the region's first Spac merger deal, the company said in a filing to the Abu Dhabi Securities Exchange in September.
UPP received Dh1.1 billion ($299 million) of new cash from ADC under the deal, which valued UPP at Dh600 million, ADC said at the time.
FFP EXPLAINED
What is Financial Fair Play?
Introduced in 2011 by Uefa, European football’s governing body, it demands that clubs live within their means. Chiefly, spend within their income and not make substantial losses.
What the rules dictate?
The second phase of its implementation limits losses to €30 million (Dh136m) over three seasons. Extra expenditure is permitted for investment in sustainable areas (youth academies, stadium development, etc). Money provided by owners is not viewed as income. Revenue from “related parties” to those owners is assessed by Uefa's “financial control body” to be sure it is a fair value, or in line with market prices.
What are the penalties?
There are a number of punishments, including fines, a loss of prize money or having to reduce squad size for European competition – as happened to PSG in 2014. There is even the threat of a competition ban, which could in theory lead to PSG’s suspension from the Uefa Champions League.
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How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
Miguel Cotto world titles:
WBO Light Welterweight champion - 2004-06
WBA Welterweight champion – 2006-08
WBO Welterweight champion – Feb 2009-Nov 2009
WBA Light Middleweight champion – 2010-12
WBC Middleweight champion – 2014-15
WBO Light Middleweight champion – Aug 2017-Dec 2017
TRAP
Starring: Josh Hartnett, Saleka Shyamalan, Ariel Donaghue
Director: M Night Shyamalan
Rating: 3/5
