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 ...