VCI Global Completes Founder Group Limited’s IPO on Nasdaq, Records US$5.2 Million in Revenue

KUALA LUMPUR, Malaysia, Oct. 24, 2024 (GLOBE NEWSWIRE) -- 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.

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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.

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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.

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