VCI Global Announces New Material Contract With Reveillon Group for IPO Consulting Services

KUALA LUMPUR, Malaysia, Feb. 05, 2024 (GLOBE NEWSWIRE) -- VCI Global Limited (NASDAQ: VCIG) (“VCI Global”, or the “Company”) is pleased to announce its engagement by Reveillon Group Sdn Bhd (“Reveillon Group”), a Malaysian company operating in the food and beverage as well as the entertainment industry, as its initial public offering (“IPO”) consultant. The projected revenue from this consulting service is expected to fall within the USD $4 million to USD $8 million range, subject to the valuation of the IPO. The anticipated IPO for Reveillon Group, aiming to list on Nasdaq, is expected to be completed in 2024/2025.

Reveillon Group, a vertically integrated food and beverage company with multiple brands and chain of outlets in Malaysia’s vibrant hospitality industry, manages and operates restaurants, lounges, bars, and other refreshment venues. In addition to its diverse portfolio of establishments, Reveillon Group provides production, sales, and distribution services for a wide range of food, as well as alcoholic and non-alcoholic beverages.

In this engagement, apart from offering consultancy services related to equity structure and capital market strategy, VCI Global will play a crucial role in coordinating with external professionals, including underwriters, auditors, and lawyers, to ensure the successful execution of the IPO exercise. VCI Global will also provide assistance in obtaining regulatory approvals and offer recommendations on compliance matters and internal controls.

“We are pleased to be selected by Reveillon and look forward to working with the team to provide them with the experience and resources to help them grow and mature. We are eager to share our experiences with Reveillon Group, contributing to the success of their upcoming IPO exercise and further solidifying our position as a trusted IPO consultant,” said Dato’ Victor Hoo, Group Executive Chairman and Chief Executive Officer of VCI Global.

About VCI Global Limited

VCI Global Limited has established itself as a world-class multi-disciplinary consultancy group in the areas of business, technology, and marketing consultancy. Our dedicated team of consultants possesses extensive expertise in capital markets, investor/public relations, marketing, real estate, and technology consultancy, ensuring the fulfilment and surpassing of clients’ requirements and objectives. Our commitment to excellence ensures that our valued clients receive not only expert advice, but a comprehensive partnership aimed at achieving their business goals and staying ahead in today’s competitive business environment.

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About Reveillon Group

Reveillon Group is a vertically integrated food and beverage (F&B) company that primarily engages in managing, operating, and owning a diverse portfolio of F&B establishments, including restaurants, lounges, bars, and other refreshment venues. The company additionally offers production, sales and distribution services for a diverse array of food, as well as alcoholic and non-alcoholic beverages. Reveillon Group’s integrated strategy underscores the production, sale, and distribution of high-quality food and beverage offerings.

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. 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.

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