Red Sena to wind up, shares to be suspended on Jan 16

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KUALA LUMPUR (Dec 28): The share trading of Red Sena Bhd, a food and beverage special purpose acquisition company (SPAC), will be suspended from Jan 16 next year, after the SPAC failed to secure a qualifying acquisition (QA) by its Dec 10 deadline.

In an exchange filing today, Red Sena said it has received regulatory approval for its voluntary suspension request, which is to facilitate the extraordinary general meeting for the proposed voluntary wind up and liquidation processes.

"If shareholders approve the proposed resolutions, the suspension of trading of the company's shares will continue until the company is de-listed from the official list of Bursa Securities," read the filing.

The SPAC, which was listed on Bursa on Dec 10, 2015, had previously attributed its failure to sign a conditional sale and purchase agreement to concerns with deal certainty and unrealistic valuation.

At the time of writing, shares in Red Sena are unchanged at 50 sen, valuing it at RM500 million.