Red Sena Bhd is seeking acquisitions. Red Sena Bhd which is en route to a listing on the Main Market of Bursa Malaysia on December 10, 2015, believes now is the right time as it offers the special purpose acquisition company (SPAC) an opportunity to find a suitable target for acquisition in the food and beverage (F&B) sector. "We offer a unique landscape for investors to participate in the F&B sector.

They think the timing of our IPO is not bad. Some even think of purchasing more shares," Joseph Tan Eng Guan, Chief Executive Officer of Red Sena, said in an interview last week. Red Sena plans to raise MYR 400 million from its IPO.

Out of this amount, MYR 368 million or 92% of the total will be placed in a cash trust account (CTA) to acquire operating companies or assets in the branded packaged F&B business. After the IPO, Red Sena has to utilise at least 80% or MYR 294.4 million of the proceeds raised for its qualifying acquisition (QA), it is eyeing operating companies or assets in Malaysia, Thailand, Indonesia, the Philippines, Vietnam and Singapore.