Singapore buyout firm Novo Tellus Capital Partners is considering setting up a special purpose acquisition company to list in the city-state as regulators prepare to authorize the vehicles in the local market, people with knowledge of the matter said.

The technology and industrials-focused private equity firm has had preliminary discussions with banks, said the people, who asked not to be identified as the process is private. The company is awaiting official exchange guidelines before making a final decision, the people said.

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