Blank cheque firm Eureka Acquisition has raised $50 million in its initial public offering in the US while Saison International has disbursed loans to two Mongolian banks.
Asia-focused SPAC Eureka Acquisition raises $50m in US IPO
Eureka Acquisition, a special purpose acquisition company (SPAC) that targets businesses in Asia, including China, has raised $50 million in its initial public offering (IPO) in the US.
In its filing with the US Securities and Exchange Commission (SEC), the Shanghai-based blank cheque offered 5 million units at $10 apiece. It also granted the underwriters a 45-day option to purchase up to an additional 750,000 units at $10 each to cover over-allotments.
The units began trading on the Nasdaq under the ticker symbol “EURKU” on July 2, 2024.
Eureka Acquisition did not specify a target industry for a business combination. It said it will initially focus on Asia and may consummate a business combination with an entity located in China.
The blank cheque company is led by Dr Fen Zhang, founding partner of Hercules Capital Group, where he was in charge of the large-scale alternative financing solutions for major commercial endeavours.
Saison International invests $14m in two Mongolian banks
Saison International, the international headquarters of Credit Saison Co. Ltd., one of Japan’s largest nonbank financial companies, has disbursed loans totalling $14 million to Golomt Bank and M bank.
These are Saison International’s first investments in Mongolia.
Golomt Bank is one of Mongolia’s leading commercial banks while M bank is wholly owned by MCS Group, one of Mongolia’s largest conglomerates.
The investments have been made through Saison Investment Management Private Limited (SIMPL), the cross-border lending arm of Saison International.