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. It is public knowledge that Malaysia will be increasing the renewable energy’s share of the installed power generation capacity to 40% by 2035. Indonesia is not far behind with its target of 31% by 2050. Vietnam is a fast-developing country, aiming to increase the renewable’s share 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.
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/.
About Reservoir Link Energy Bhd (“Reservoir Link”)
Reservoir Link was incorporated in Malaysia under the Companies Act 1965 on 2 December 2014 as a public company under its present name and deemed registered under the Companies Act 2016.
Reservoir Link is an investment holding company whereas its subsidiaries are primarily involved in the provision of oil and gas well related services, which include well perforation, leak repair, testing, wash and cement as well as wireline. Reservoir Link is also involved in providing improved oil recovery services, laboratory studies & expert interpretative services on flow assurance & formation damage and provision of sand management solutions.
More recently, Reservoir Link added to its list of services the provision and implementation of solar photovoltaic projects for residential, commercial, and industrial properties, large scale solar photovoltaic plants which include supply and installation of solar mounting systems and other engineering works involving civil, structural, mechanical and electrical engineering works.