Asia Vision Network and MLAC cancel merger plan
JAKARTA – PT Asia Vision Network (AVN), a subsidiary of PT MNC Vision Network Tbk (IPTV), annuls the merger with Malacca Straits Acquisition Company (MLAC). It was decided after seeing MLAC’s stock price that reaches below USD 10 per share in Nasdaq. Corporate Secretary of MNC Vision Network, Muharzi Hasril, announces the news in the information disclosure, quoted today (20/9).
Special Purpose Acquisition Company (SPAC)-related transactions were once highly appealing for investors in Nasdaq in 2020, when the merger process was initiated between the two. However, this year, SPAC transactions in Nasdaq are heavily overcrowded, thus affecting its stock price.
“After reviewing some roadshows, we agreed not to proceed with the transaction,” Hasril confirms.
In March 2021, IPTV declared a merger plan with MLAC, a publicly listed SPAC in Nasdaq. This corporate action was envisioned to increase the pro forma of the company to USD 753 million. With this plan, AVN was supposed to become the parent company listed in the United States and traded in Nasdaq. (LK/ZH)