Egypt’s first SPAC makes its EGX debut: Impact investor Catalyst Partners’ SPAC, Catalyst Partners Middle East (CPME) made its EGX debut yesterday, according to a statement (pdf). The SPAC listed 1 mn shares with a nominal value of EGP 10 per share — bringing its total issued capital to EGP 10 mn.

CPME wants to eventually up its capital to EGP 235 mn by offering 22.5 mn shares — valued at EGP 10 per share — through a private placement on the EGX, the firm’s Chairman Maged Shawky said.

The SPAC is currently studying to acquire six to ten companies, among them are two fintech and NBFS firms that are most ready to be acquired, which CPME targets to take over at least one of them before the end of the year, Shawky told reporters yesterday.

What’s a SPAC again? A special purpose acquisition company is a type of shell company used by investors to acquire firms. SPACs raise money from the public in an IPO and then use the proceeds to merge with or acquire an appropriate company. Check out our explainer for more on how SPACs work.

Remember: CPME became Egypt’s first SPAC, after receiving the greenlight from the Financial Regulatory Authority (FRA) in late September.

Catalyst is also eyeing expansion into regional markets: Catalyst Partners plans to expand into Arab markets either directly or through acquiring companies with operations in target countries, Shawky told Asharq Business.

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