VCI Global Limited & Founder Energy Begins Process to Form Strategic Alliance to Explore Clean Energy Industry

KUALA LUMPUR, 9 MAY 2023 – GlobeNewswire – VCI Global Limited (NASDAQ: VCIG) (“VCI Global”, or the “Company”) announced that it has signed a non-binding memorandum of understanding (“MOU”) with Reservoir Link Energy Bhd’s 51% owned subsidiary, Founder Energy Sdn Bhd (“FESB”) to possibly form a strategic alliance, which would tap into the respective unique strengths of VCI Global and FESB. Such strengths would be applied to explore and venture into new market opportunities in the clean energy industry to procure, manage and develop clean energy projects within the Southeast Asia region.

VCI Global and FESB, will negotiate the terms of a definitive agreement that would provide the terms for collaboration and cooperation in areas which are mutually beneficial through knowledge sharing and the tendering for new contracts in the clean energy industry. The Company believes that a strategic alliance with FESB will enable further development of each party’s resources.

“An alliance with FESB would enable us to move into a growing industry where its potential has yet to be fully realised. Most countries are still in the infancy stage. Indonesia is not far behind with its target of 31% by 2050. Vietnam is a fast-developing country, aiming to increase to 32% by 2030. Given these countries’ quest to optimise usage of clean energy to generate electricity, an alliance with FESB would be timely for VCI Global”, said Dato’ Victor Hoo, Chairman and Group Director of VCI Global.

“We are undoubtedly honoured to be in the process of forming an alliance with VCI Global. Given our entrenched presence in the renewable energy space, this potential alliance augurs well for our renewable energy arm. Looking ahead, we will strategically be on the lookout for more opportunities to widen our offerings in the renewable energy space including the Southeast Asia region given its vast potential. We are also open to other renewable alternatives in light of the growing uptake in renewables,” said Thien Chiet Chai, Executive Director of Reservoir Link Energy Bhd.