Asia Special Situation Acquisition Corp.
Asia Special Situation Acquisition Corp. is a blank check company. The Company was formed for the purpose of acquiring control of one or more unidentified operating businesses, through a capital stock exchange, asset acquisition, stock purchase or other similar transaction, including obtaining a majority interest through contractual arrangements. The Company will only acquire a business or businesses that, upon completion of its initial business combination, will be the Company’s majority-owned subsidiaries and will not be investment companies. It will not acquire a minority interest in any operating business. Asia Special Situation Acquisition Corp. seeks to identify acquisitions that are either located in Asia, provide products or services to consumers located in Asia, or invest in Asia. The Company is in development stage. As of December 31, 2007, the Company had not commenced any operations.
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Yesterday the Australian stock market closed marginally higher despite a big lead from United States markets. The banking sector was pulled down by Commonwealth Bank as it tried to sell shares to institutional investors for A$2 billion capital raising. The benchmark S&P/ASX200 index had gained 14.4 points, or 0.4 per cent, to 3570.6 points, while the broader All Ordinaries index was up 16.1 points, or 0.46 per cent, at 3515.0 points. Commonwealth Bank's termination of the share placement and rising bad debts has hit the confidence of the banking sector.
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