Zuma Resources plans Rs350m SPAC to target AI

Mettis Global reported on November 2 that Zuma Resources’ board had approved plans for a Rs350 million special purpose acquisition company, following a meeting on October 30. The proposed Zuma SPAC-I Limited would seek a Pakistan Stock Exchange listing, subject to regulatory and corporate approvals, and pursue acquisitions in technology, artificial intelligence, digital connectivity and other eligible growth sectors.

Zuma Resources plans to distribute SPAC shares to its existing shareholders at no cost, in proportion to their current holdings. The allocation ratio and eligibility date have not been set, and the company has not named an acquisition target or provided a timeline; the share distribution and listing remain conditional on approvals and final legal arrangements.