Blank cheque company with Korea focus lists in US

The acquisition vehicle, which is sponsored by former Morgan Stanley Asia-Pacific chairman Alasdair Morrison and a Korean partner, raises $50 million in Amex listing.

North Asia Investment Corp, a special purpose acquisition company SPAC with a stated strategy to invest in South Korea and China, listed in the US on Thursday after raising $50 million through an initial public offering. The total deal size was less than the $60 million initially targeted, reflecting the current tough environment for new listings.

Like other similar SPACs, the Citi-led deal was bought primarily by US investors û although some European names also participated û and the...

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