VCI Global Completes Founder Group Limited’s IPO on Nasdaq, Records US$5.2 Million in Revenue
October 24 2024 - 6:33AM
VCI Global Limited (NASDAQ: VCIG) (Frankfurt: H0T) (“VCI Global” or
the “Company”) is thrilled to announce the successful IPO of its
client, Founder Group Limited’s (NASDAQ: FGL) (“FGL”) on Nasdaq on
October 23, 2024. FGL is a leading Malaysian solar engineering,
procurement, construction and commissioning (EPCC) company that was
spun off from Reservoir Link Energy Berhad, a Bursa Malaysia-listed
company. With expertise in capital market consultancy, VCI Global
facilitated FGL’s entire IPO journey, culminating in its trading
debut on Wednesday, which resulted in a market capitalization
exceeding US$65 million and raised US$4.875 million.
FGL is recognized as the market leader in
Malaysia’s solar EPCC sector, providing end-to-end EPCC solutions
for solar photovoltaic (PV) facilities. With a proven track record
of delivering over 400 Megawatt peak (MWp) solar power plants in
Malaysia, FGL’s expertise spans both large-scale solar projects and
commercial and industrial (C&I) solar projects. These include
utility-scale power plants and smaller-scale installations,
typically rooftop-mounted, designed to generate electricity for
on-site consumption by commercial and industrial properties. With
rapidly growing annual revenues exceeding US$30 million in fiscal
year 2023, and a strategic expansion plan into countries such as
Singapore, the Philippines and Indonesia, FGL is well-positioned to
capitalize on the surging demand for solar energy in Southeast
Asia, where capacity is projected to grow significantly in the
coming years.
As the IPO consultant for FGL, VCI Global played
a crucial role in providing essential guidance and working closely
with various professionals throughout the listing process,
generating approximately US$5.2 million in revenue for VCI
Global.
“We are excited to join the Nasdaq community,
enabling us to scale our operations and deliver innovative solar
solutions. This listing marks a new chapter for us and reaffirms
our commitment to promoting eco-friendly resources and achieving
carbon neutrality in the renewable energy space. We extend our
heartfelt thanks to VCI Global for their invaluable support and
guidance throughout this process,” said Lee Seng Chi, Chairman of
the Board of Directors and Chief Executive Officer of Founder Group
Limited.
“Bringing Founder Group Limited to the global
stage is a significant achievement for us, showcasing our expertise
in capital market consultancy. We are proud to have collaborated
with Lee and his team in reaching this important milestone in their
company’s journey. We anticipate completing two more Nasdaq IPOs by
next quarter, underscoring our commitment to high-growth companies
in Southeast Asia, particularly in Malaysia, where we are
headquartered,” said Dato’ Victor Hoo, Group Executive Chairman and
Chief Executive Officer of VCI Global.
About VCI Global Limited
VCI Global is a diversified holding company
headquartered in Kuala Lumpur, Malaysia. The Company operates
through five core businesses: Capital Market Consultancy, Fintech,
Real Estate, AI & Robotics, and Cybersecurity. In Capital
Market Consultancy, we provide IPO solutions, investor relations
(IR) and public relations (PR) consultancy, and M&A
consultancy. Our Fintech arm offers a proprietary financing
platform. In Real Estate, we offer specialized real estate
consultancy services. The AI business delivers GPU servers, GPU
cloud computing services, AI and large language model (LLM)
solutions, while the Robotics segment focuses on post-harvest
robotics systems. Our Cybersecurity segment provides comprehensive
cybersecurity consultancy services and solutions. Committed to
fostering innovation and delivering exceptional value, VCI Global
has established a strong presence across the Asia-Pacific region,
the United States, Europe, and the Middle East, driving growth and
transformation on a global scale.
For more information on the Company, please log on to
https://v-capital.co/.
About Founder Group Limited
Founder Group Limited is a pure-play, end-to-end
EPCC solutions provider for solar PV facilities in Malaysia. The
company’s primary focus is on two key segments: large-scale solar
projects and commercial and industrial (C&I) solar projects.
The company’s mission is to provide customers with innovative solar
installation services, promote eco-friendly resources and achieve
carbon-neutrality.
For more information on the Company, please visit
https://www.founderenergy.com.my/.
Cautionary Note Regarding Forward-Looking
Statements
This press release contains forward-looking
statements that are subject to various risks and uncertainties.
Such statements include statements regarding the Company’s ability
to grow its business and other statements that are not historical
facts, including statements which may be accompanied by the words
“intends,” “may,” “will,” “plans,” “expects,” “anticipates,”
“projects,” “predicts,” “estimates,” “aims,” “believes,” “hopes,”
“potential” or similar words. These forward-looking statements are
based only on our current beliefs, expectations, and other future
conditions. Because forward-looking statements relate to the
future, they are subject to inherent uncertainties, risks, and
changes in circumstances that are difficult to predict and many of
which are outside of our control. Therefore, you should not rely on
any of these forward-looking statements. Actual results could
differ materially from those described in these forward-looking
statements due to certain factors, including without limitation,
the Company’s ability to achieve profitable operations, customer
acceptance of new products, the effects of the spread of
coronavirus (COVID-19) and future measures taken by authorities in
the countries wherein the Company has supply chain partners, the
demand for the Company’s products and the Company’s customers’
economic condition, the impact of competitive products and pricing,
successfully managing and, general economic conditions and other
risk factors detailed in the Company’s filings with the United
States Securities and Exchange Commission (“SEC”). The
forward-looking statements contained in this press release are made
as of the date of this press release, and the Company does not
undertake any responsibility to update the forward-looking
statements in this release, except in accordance with applicable
law.
CONTACT INFORMATION:
For media queries, please contact:
VCI Global Limitedenquiries@v-capital.co
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