Archive for March, 2013

Australaysia Resources Investing Globally in Mining Sector

March 4th, 2013
Datuk Yusli Mohamed Yusoff

Datuk Yusli Mohamed Yusoff

The fourth special purpose acquisition company (SPAC) to be listed on Bursa Malaysia, Australaysia Resources and Minerals Bhd, is about to expand into the international mining business from Asia to South America.

The company’s draft prospectus states that it hopes to raise gross cash of between RM157.5 million and RM315 million ($50.9 million and $101.81 million) from its IPO from its sale of between 210 million and 420 million shares.

The head of the SPAC will be Datuk Yusli Mohamed Yusoff, who will be the executive chairman. Other members of the board of directors are:  Australians David George Savage and David Kent McAdam, Irishman Brian Egan, South American Carlos Armando Ballon Barraza, and Malaysian Lim Hun Soon.

A SPAC is a company that has no operations of income-generating business at the time of their IPO. Rather, they have their IPO in order to raise the money they need to purchase operating companies or other businesses.