KUALA LUMPUR: Bukit Jalil Global Acquisition 1 Ltd (Bujau), a special-purpose acquisition company (SPAC), which successfully listed on the Nasdaq capital market on June 28, is now seeking to focus on merger and acquisition (M&A) opportunities with companies valued at close to RM1bil with promising growth prospects.
Bujau chief executive officer Neil Foo said the SPAC’s M&A strategy involved targeting companies with a market value of over US$200mil (RM907.2mil), showcasing high growth potential.
“We are now ready to identify business combination opportunities in both the United States and Asia.
“Through strategic mergers, share exchanges and asset acquisitions, we aim to foster growth, innovation and value creation,” he said during Bujau’s bell-ringing ceremony to celebrate the successful completion of its initial public offering (IPO).
Science, Technology and Innovation Minister Chang Lih Kang, who graced the ceremony, believes it to be a very meaningful occasion, not only for the organisers but also for Malaysians and the technology and innovation industry as a whole.
Chang said Bujau’s listing served as a testament to Malaysia’s technology companies and the supportive environment provided for entrepreneurs.
“As Malaysia has emerged as a key player in the microchips and electrical and electronics (E&E) sectors, we boast a strong ecosystem that supports high-impact and high-value industries.
“It has attracted major global players to set up their operations here, capitalising on our skilled workforce, favourable business environment and robust infrastructure.
“Malaysia’s expertise in these sectors has positioned us as a hub for cutting-edge technologies and innovation,” he said during his speech as the guest of honour.
Chang believes Bujau, as a SPAC with aspirations to invest in potential business ventures in Asia, including Malaysia, holds immense potential in driving the growth of tech and innovative companies.
Through strategic investment or M&As, Bujau can facilitate the expansion of companies and provide them with the necessary resources and access to global markets, he said.
“It is our hope that Bujau’s success will not only attract more investors to Malaysia but also serve as a blueprint for other technology companies in the country,” Chang added.
Bujau raised about US$57.5mil (RM260mil) from its IPO. This surpassed expectations by 15% as it officially commenced trading on the Nasdaq on June 28, 2023.
