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Singapore Government, Temasek Set Up US$1.11 Billion Fund to Support Equity Capital Raising

09/16/2021 | 07:23pm EDT

By P.R. Venkat

Singapore and Temasek Holdings are establishing a 1.5 billion Singapore dollars (US$1.11 billion) fund as part of the government's bid to help high-growth companies raise capital in the city-state.

The fund, Anchor@65, will help high-growth companies raise capital through primary, secondary or dual listings, Singapore Minister for Trade and Industry Gan Kim Yong said Friday.

The fund will also provide companies with financing ahead of initial public offerings.

Separately, an investment arm of Singapore's Economic Development Board will establish a S$500 million IPO fund that will invest in later-stage enterprises that are about two or more funding rounds away from a public listing in Singapore, Mr. Gan said.

"The initiatives will enhance Singapore's attractiveness as a destination for capital raising by local and regional enterprises," he said.

As part of efforts to boost Singapore's role as a finance hub, the country's stock market regulator earlier this month released new rules for special-purpose acquisition companies, or SPACs, to be listed on its main board. The move makes Singapore the first major Asian country to allow SPAC listings.

SPACs are shell companies that first raise money from public investors and list on stock exchanges, then hunt for private companies to merge with.

Write to P.R. Venkat at venkat.pr@wsj.com

(END) Dow Jones Newswires

09-16-21 2123ET

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