VCI Global Limited Proposes Acquisition of Resort Properties in Bali and Phuket
06 October 2023 - 11:30PM
VCI Global Limited (NASDAQ: VCIG) (“VCI Global”, or the “Company”)
has entered into a letter of intent to acquire the leasing rights
of Impiana Private Villas Cemagi, Bali and Impiana Private Villas
Kata Noi, Phuket from Impiana Sdn Bhd, through its subsidiary, V
Capital Real Estate Sdn Bhd.
Impiana Private Villas Cemagi comprises 6 villas
covering over 604 sq m, which accounts for only 8% of its total
land area, providing opportunity for future expansion when
required. Impiana Private Villas Kata Noi in turn has 11 villas
covering 1,105 sq m, covering less than 40% of its land area.
Growth potential at these two internationally
renowned tourism hotspots is astounding. Thailand’s hospitality
industry is expected to reach USD$19 billion by 2028, giving a
5-year compound average growth rate of almost 30%. For Phuket
itself, the 9.2 million tourist arrivals in 2022 have surpassed
pre-Covid levels. Nevertheless, arrivals are expected to surge
further with an anticipated 30% growth to 12 million in 2023. The
Thailand government has already implemented developments of
supporting infrastructures to cater for this surge in arrivals such
as the expansion of Phuket International Airport. Upon completion
of the expansion by 2027, the airport will be able to handle 18
million passengers annually. All these will lead to higher
occupancy rates and increased revenue for the local tourism
industry.
Market research organisations have valued
Indonesia’s travel and tourism sector at US$7.5 billion to US$8.0
billion in 2023, increasing to between US$10 billion to US$11
billion by 2027. This implies the sector is expected to experience
a compound annual growth rate of 6% to 8%. With the largest segment
of this sector being the hotels market, accounting for US$4.3
billion in 2023, such anticipated high growth will undoubtedly
benefit Bali, being Indonesia’s thriving tourism sector’s focal
point. Bali itself contributes approximately 20% of Indonesia’s
total accommodation offerings.
“The acquisitions of Impiana Cemagi and Impiana
Kata Noi are strategic investments. The bright prospects basically
guarantee good returns on our investment. To optimise the potential
value of these two resort properties, we intend to redevelop
Impiana Cemagi while Impiana Kata Noi will be refurbished through V
Capital Real Estate. More importantly, this is in line with our
plans to seek more opportunities in the hospitality segment within
the Southeast Asia region, following our recent partnership with YY
Group Holding Limited,” said Dato’ Victor Hoo, Group Executive
Chairman and Chief Executive Officer of VCI Global.
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 LimitedFor media queries,
please contact:
Imej Jiwa Communications Sdn
BhdChris ChuahEmail: chris@imejjiwa.com
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