{"id":546786,"date":"2022-05-29T04:00:45","date_gmt":"2022-05-29T04:00:45","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/29\/adq-chimera-launch-middle-easts-first-blank-check-company\/"},"modified":"2022-05-29T04:00:45","modified_gmt":"2022-05-29T04:00:45","slug":"adq-chimera-launch-middle-easts-first-blank-check-company","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/29\/adq-chimera-launch-middle-easts-first-blank-check-company\/","title":{"rendered":"ADQ, Chimera launch Middle East\u2019s first blank-check company"},"content":{"rendered":"

<\/a> Introducing the Middle East\u2019s first SPAC: <\/strong>ADQ and Chimera\u2019s ADC Acquisition Corporation officially began trading in Abu Dhabi on Friday, closing its first day AED 0.5 up at AED 10.50, Bloomberg<\/a>Asharq<\/a> reported. The SPAC managed to raise AED 367 mn (USD 100 mn) in its IPO, selling 36.7 mn shares at AED 10 apiece. The ADX is now the region\u2019s first exchange to set up a legal framework for blank-check firms, after issuing its SPAC regs<\/a> back in February. The blank-check firm will look to merge with one or more \u201cfast-growing, technology-driven businesses with strong management teams and attractive valuations\u201d across the MENA region, ADQ and our friends at Chimera said in a joint statement<\/a>.<\/p>\n

EGY-SPAC when?<\/strong> Egypt has tried to position itself to capitalize on the SPAC fad, and issued a set of regulations aimed at attracting companies to list local blank-firms on the EGX. FRA chief Mohamed Omran even suggested in January that the country\u2019s debut SPAC would launch by February<\/a> though we haven\u2019t heard anything since then \u2014 unsurprisingly perhaps given the war in Ukraine, the tanking US SPAC market, and the poor performance of the EGX.<\/p>\n

Did someone say \u201ctanking US SPAC market\u201d? <\/strong>Some 25 companies that completed SPAC mergers in 2020 and 2021 have issued \u201cgoing-concern\u201d warnings, which indicates that they are likely to go bust within 12 months, the Wall Street Journal<\/a> reports, citing data from Audit Analytics. That\u2019s more than 10% of all the SPACs that listed during the so-called SPAC boom, with many startups \u2014 including several EV makers, scooter-rental company Helbiz, and glass window maker View \u2014 missing their forecasts so far. Shares of companies that listed through SPACs in 2021 alone were down 59.5% on average as of Tuesday, according to analysis from University of Florida researchers.<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

<\/use><\/svg><\/p>\n<\/td>\n\n

EGX30 <\/strong><\/p>\n<\/td>\n

\n

10,201<\/p>\n<\/td>\n

\n

-0.5% (YTD: -14.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CBE)<\/strong><\/p>\n<\/td>\n

\n

Buy 18.55<\/p>\n<\/td>\n

\n

Sell 18.63<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD at CIB<\/strong><\/p>\n<\/td>\n

\n

Buy 18.57<\/p>\n<\/td>\n

\n

Sell 18.63<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Interest rates CBE<\/strong><\/p>\n<\/td>\n

\n

11.25% deposit<\/p>\n<\/td>\n

\n

12.25% lending<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Tadawul<\/strong><\/p>\n<\/td>\n

\n

12,530<\/p>\n<\/td>\n

\n

-0.5% (YTD: +11.1%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

ADX<\/strong><\/p>\n<\/td>\n

\n

9,689<\/p>\n<\/td>\n

\n

+1.5% (YTD: +14.1%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

DFM<\/strong><\/p>\n<\/td>\n

\n

3,297<\/p>\n<\/td>\n

\n

0.0% (YTD: +3.2%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P 500<\/strong><\/p>\n<\/td>\n

\n

4,158<\/p>\n<\/td>\n

\n

+2.5% (YTD: -12.8%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

FTSE 100<\/strong><\/p>\n<\/td>\n

\n

7,585<\/p>\n<\/td>\n

\n

+0.3% (YTD: +2.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Euro Stoxx 50<\/strong><\/p>\n<\/td>\n

\n

3,809<\/p>\n<\/td>\n

\n

+1.8% (YTD: -11.4%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Brent crude<\/strong><\/p>\n<\/td>\n

\n

USD 119.43<\/p>\n<\/td>\n

\n

+1.7%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n

\n

USD 8.73<\/p>\n<\/td>\n

\n

-1.9%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Gold<\/strong><\/p>\n<\/td>\n

\n

USD 1,857.30<\/p>\n<\/td>\n

\n

+0.2%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

BTC<\/strong><\/p>\n<\/td>\n

\n

USD 28,965<\/p>\n<\/td>\n

\n

+0.7% (YTD: -37.3%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

THE CLOSING BELL-<\/strong><\/p>\n

The EGX30 fell 0.5% at Thursday\u2019s close<\/strong> on turnover of EGP 572 mn (32.4% below the 90-day average). Foreign investors were net sellers. The index is down 14.6% YTD.<\/p>\n

In the green: <\/strong>EFG Hermes (+3.0%) and CIB (+0.5%).<\/p>\n

In the red: <\/strong>Palm Hills Development (-8.9%), GB Auto (-8.3%) and MM Group (-7.6%).<\/p>\n","protected":false},"excerpt":{"rendered":"

Introducing the Middle East\u2019s first SPAC: ADQ and Chimera\u2019s ADC Acquisition Corporation officially began trading in Abu Dhabi on Friday, closing its first day AED 0.5 up at AED 10.50, BloombergAsharq reported. The SPAC managed to raise AED 367 mn (USD 100 mn) in its IPO, selling 36.7 mn shares at AED 10 apiece. The […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7210],"tags":[299,581,350,72,119,122,439],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-546786","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-adq","tag-adx","tag-chimera-investment","tag-enterpriseam","tag-financial-markets","tag-planet-finance","tag-spacs","wpautop","entry"],"acf":{"mongo_id":"f9626930-294c-4bc8-9239-ccddb1897742","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[546762],"teaser":"","voice_url":""},"yoast_head":"\nADQ, Chimera launch Middle East\u2019s first blank-check company - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/29\/adq-chimera-launch-middle-easts-first-blank-check-company\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"ADQ, Chimera launch Middle East\u2019s first blank-check company\" \/>\n<meta property=\"og:description\" content=\"Introducing the Middle East\u2019s first SPAC: ADQ and Chimera\u2019s ADC Acquisition Corporation officially began trading in Abu Dhabi on Friday, closing its first day AED 0.5 up at AED 10.50, BloombergAsharq reported. The SPAC managed to raise AED 367 mn (USD 100 mn) in its IPO, selling 36.7 mn shares at AED 10 apiece. 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The fund purchased shares in CIB, Fawry, Abu Qir Fertilizers, Mopco, and Alexandria\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/4\/223.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":543619,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/09\/abu-dhabi-ports-shares-surge-on-adx-following-ipo-dubais-shuaa-wants-to-spac\/","url_meta":{"origin":546786,"position":1},"title":"Abu Dhabi ports shares surge on ADX following IPO + Dubai\u2019s SHUAA wants to SPAC","author":"enterpriseam admin","date":"9 February 2022","format":false,"excerpt":"Shares in Abu Dhabi Ports jumped as much as 17% on its ADX debut yesterday, marking the latest success for Gulf listings, Bloomberg reports. The company, which is majority-owned by Abu Dhabi sovereign wealth fund ADQ, raised USD 1.1 bn from its IPO ahead of its debut on the Abu\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":542955,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/25\/abu-dhabi-issues-spac-regs-as-it-eyes-gulfs-first-blank-check-listing\/","url_meta":{"origin":546786,"position":2},"title":"Abu Dhabi issues SPAC regs as it eyes Gulf\u2019s first blank-check listing","author":"enterpriseam admin","date":"25 January 2022","format":false,"excerpt":"The ADX is one step closer to welcoming the GCC\u2019s first SPAC: The UAE\u2019s securities regulator has approved the Gulf\u2019s first regulatory framework for special purpose acquisition companies (SPACs), the Abu Dhabi Media Office said yesterday. The Abu Dhabi Securities Exchange (ADX) could see its first SPAC listing this year,\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":542982,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/26\/chimera-closes-usd-10-bn-venture-capital-fund\/","url_meta":{"origin":546786,"position":3},"title":"Chimera closes USD 10 bn venture capital fund","author":"enterpriseam admin","date":"26 January 2022","format":false,"excerpt":"Our friends at the UAE\u2019s Chimera closes fundraising for one of the largest funds in VC history: Our friends at Abu Dhabi-based investment firm Chimera Capital have closed their second venture capital fund at USD 10 bn, according to a company press release (pdf). The Alpha Wave Ventures II fund\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":586563,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/14\/ades-international-aramco-trading-reportedly-push-saudi-ipos\/","url_meta":{"origin":546786,"position":4},"title":"ADES International, Aramco Trading reportedly push Saudi IPOs","author":"enterpriseam admin","date":"14 May 2023","format":false,"excerpt":"Gulf IPOs are down this year amid a decline in oil prices","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/5\/717.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":543518,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/06\/swvl-receives-funding-boost-ahead-of-nasdaq-spac-merger-anghami-starts-trading\/","url_meta":{"origin":546786,"position":5},"title":"Swvl receives funding boost ahead of Nasdaq SPAC merger + Anghami starts trading","author":"enterpriseam admin","date":"6 February 2022","format":false,"excerpt":"The EBRD is backing Swvl ahead of Nasdaq debut: Egypt-born, UAE-based mass transit app Swvl has new investors on board as it gears up to go public on the Nasdaq via a SPAC merger, the firm announced on Wednesday. The European Bank for Reconstruction and Development (EBRD) and Teklas Ventures,\u2026","rel":"","context":"In "IPO"","block_context":{"text":"IPO","link":"https:\/\/enterpriseam.com\/egypt\/category\/business\/ipo-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/2\/61.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/546786","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=546786"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/546786\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/546762"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=546786"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=546786"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=546786"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=546786"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=546786"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}