Indonesia’s PT Asia Vision Network (AVN) announced its plans to go in for listing through a merger with NASDAQ-listed SPAC Malacca Straits Acquisition Company (MLAC).
AVN, a wholly-owned subsidiary of MNC Vision Networks Tbk (IPTV), has submitted a draft to the US Securities and Exchange Commission on the same.
The business combination is subject to customary closing conditions, including the approval of its parent company’s shareholders, and is expected to be completed in the third quarter of 2021, the company said.
Following the transaction, AVN is expected to be listed on NASDAQ as a new Indonesian US-listed holding company.
The SPAC route has emerged as a popular alternative to IPOs for companies in Asia, as it provides a quicker path to the US capital markets, with lesser regulatory scrutiny, and more certainty on valuation.
More recently, besides Southeast Asian ride-hailing unicorn Grab, Singapore-based online real estate portal PropertyGuru was also said to be looking at adopting the SPAC route for a proposed listing in the US.
“Today, I am very excited to announce this huge milestone of IPTV. We are pleased to partner with Malacca Straits to create a far greater opportunity for the company’s growth,” IPTV president director Ade Tjendra said.
“Together with Malacca Straits, we are determined to bring Indonesian’s fastest-growing OTT and streaming business to be listed on NASDAQ, the deepest capital market in the world. Furthermore, with this significant step forward, we believe it will accelerate the growth of the company with its unique business model,” he added.
AVN is the holding company for Vision+, Indonesia’s OTT media business and MNC Play, the third-largest fixed broadband and Fiber Optic Pay-TV operator in Indonesia, which is part of MNC Group, Southeast Asia’s largest integrated media group.
Malacca Straits is a blank check company that undertook its initial public offering on July 17, 2020.