In late June, Hong Kong-based private-equity executive Kenneth Ng listed Malacca Straits Acquisition Co on Nasdaq, raising US$144 million ($197 million). The company has no assets and Ng has never run a listed firm before. With its new-found cash, Malacca Straits is targeting Southeast Asian businesses in media, renewable energy and healthcare. Yet, the Nasdaq listing went unnoticed in Hong Kong and across Southeast Asia. Malacca Straits is a blank-cheque company commonly known as a SPAC, or Special Purpose Acquisition Corporation.

Have a premium account? Sign in to continue reading.

Unlimited access to all stories from $99.9/year*

The latest reporting and analysis from business and investments to news and views on social issues.


  • Simultaneous logins across all devices
  • Instant access to past digital issues
  • Unlimited access to The Edge Malaysia
  • *For annual subscription plan only. T&Cs apply