MSM Frontier Capital Acquisition Corp. is a SPAC incorporated in the Cayman Islands in January 2025 with no operations and no identified acquisition target. MSM Frontier raised $225M through an IPO of 22.5M units at $10.00 per unit, with proceeds held in a trust account invested in U.S. government securities. The company has 24 months from IPO closing to complete a business combination; if it fails, it liquidates and returns trust funds to public shareholders at approximately $10.00 per share. MSM Frontier's acquisition focus is infrastructure in Nigeria, targeting the power, oil and gas, and cement sectors. The company targets acquisitions with an enterprise value of $500M or greater. The sponsor, Quadriga Industries, received 8,625,000 founder shares for a nominal $25,000, which convert to Class A shares upon deal completion and represent 25% of total shares post-IPO — the standard SPAC promote structure. The management team is centered on Nigerian infrastructure expertise, led by Chairman Muazzam Mairawani, founder of MSM Group, a Nigerian conglomerate spanning oil and gas, fertilizers, cement, power, and logistics, alongside CEO Babatope Adedara, a former senior executive at Dangote Industries and PNC Financial Services. Key advisors include Henry Obih, a former NNPC COO and ExxonMobil executive, and independent directors with backgrounds in Nigerian finance and energy policy.
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