VCI Global Engaged As Sutera Kental’s IPO Consultant
29 August 2023 - 10:00PM
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:
- review and assist with the reorganisation with respect to
Sutera Kental’s capital structure;
- establish capital market strategies to maximise Sutera Kental’s
value in preparation of the listing exercise;
- prepare roadmap and relevant requirements for the listing
exercise;
- advise and assist Sutera Kental during the listing process;
and
- 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
For media queries, please contact:
Imej Jiwa Communications Sdn
Bhd Chris Chuah Email: chris@imejjiwa.com
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