VCI Global Engaged As Sutera Kental’s IPO Consultant

Rhea-AI Summary

VCI Global's subsidiary, VCCL, appointed as IPO consultant for Sutera Kental's listing on NASDAQ. VCCL to receive a $2 million services fee and a 5% success fee. Sutera Kental recorded sales of $2.1 million in its first year. KMH has a gross development value of over $100 million. IPO will facilitate growth and strengthen sustainability.

Positive

• VCCL appointed as IPO consultant for Sutera Kental's listing on NASDAQ
• Sutera Kental recorded sales of $2.1 million in its first year
• KMH has a gross development value of over $100 million
• IPO will facilitate growth and strengthen sustainability

Negative

• None.

KUALA LUMPUR, Malaysia, Aug. 29, 2023 (GLOBE NEWSWIRE) -- VCI Global Limited (NASDAQ: VCIG) (“VCI Global”, or the “Company”) today announced that its wholly owned subsidiary, V Capital Consulting Limited (“VCCL”) has been appointed as Sutera Kental Sdn Bhd’s (“Sutera Kental”) initial public offering (“IPO”) consultant. This is in conjunction with Sutera Kental’s proposed listing on the NASDAQ stock market (“NASDAQ”). Apart from the US$2 million services fee, this IPO advisory mandate entails a success fee equivalent to 5% of Sutera Kental’s fully-diluted shares on the enlarged market capitalisation basis.

Sutera Kental is in the business of bereavement care products and services. Within the very first year of its operations, the company managed to record sales equivalent to approximately US$2.1 million. Sutera Kental owns and operates Kuantan Memorial Hall (“KMH”) which is the only privately run columbarium in the heart of the city of Kuantan, Malaysia. KMH sits on a 2.38-acre parcel of land with a gross development value of over US$100 million.

As the IPO consultant, VCCL’s scope of work includes, amongst others:

1. review and assist with the reorganisation with respect to Sutera Kental’s capital structure;
2. establish capital market strategies to maximise Sutera Kental’s value in preparation of the listing exercise;
3. prepare roadmap and relevant requirements for the listing exercise;
4. advise and assist Sutera Kental during the listing process; and
5. review and assist on the queries from U.S. Securities and Exchange Commission and NASDAQ.

“We are undeniably humbled to be playing a major role in Sutera Kental’s journey to be listed on NASDAQ by providing our expertise in financial related consultancy and advisory related services to ensure its successful listing,” said Dato’ Victor Hoo, Group Executive Chairman and Chief Executive Officer of VCI Global.

“We continually challenge innovation by leveraging modern technology to create a truly unique memorable experience and are on the verge of a breakthrough in delivering this experience in bereavement care. The IPO will facilitate this growth and strengthen the Group’s sustainability in the years to come,” said Steve How, Chairman and Group CEO of Sutera Kental.

About VCI Global Limited

VCI Global is a multi-disciplinary consulting group with key advisory practices in the areas of business and technology. The Company provides business and boardroom strategy services, investor relation services, and technology consultancy services. Its clients range from small-medium enterprises and government-linked agencies to publicly traded companies across a broad array of industries. VCI Global operates solely in Malaysia, with clients predominantly from Malaysia, but also serves some clients from China, Singapore, and the US.

For more information on the Company, please log on to https://v-capital.co/.

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. 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:

Issued by Imej Jiwa Communications Sdn Bhd on behalf of VCI Global Limited

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Imej Jiwa Communications Sdn Bhd
Chris Chuah
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