VCI Biofuels to Go Public via Merger with International Media Acquisition Corp

NEW YORK, April 10, 2025 /PRNewswire/ -- The Vietnamese ethanol production company, Vietnam Biofuels Development Joint Stock Company and its affiliates (together, "Vietnam Biofuels" or "VNB"), VCI Holdings Limited ("VCI" and together with VNB, the "VCI Biofuels Group") and International Media Acquisition Corp. (OTC: IMAQ) ("IMAQ") are pleased to announce today that they have entered into a definitive merger agreement (the transactions contemplated thereunder, the "Transaction"). Vietnam Biofuels is a manufacturer of bio-ethanol in Vietnam and specializes in producing ethanol products with a focus on fuel ethanol. As a result of the Transaction, the combined company is expected to be renamed VI Energy and the combined entity is expected to be publicly listed on the NASDAQ.

VCI Biofuels Group Highlights

VCI Biofuels Group is a seasoned operator in the biofuel manufacturing industry in Vietnam, producing fuel ethanol, solvent alcohol, and food alcohol. Established in 2014, VCI Biofuels Group has established a track record in environmental management, recycling, and biofuel processing. Upon closing, the Transaction will position VCI Biofuels Group to further expand its business and execute on its growth strategy.

IMAQ management believes that VCI Biofuels Group is well-positioned to capitalize on the demand for biofuel locally in Vietnam and internationally. IMAQ management believes that VCI Biofuels Group's established bio-ethanol factory combined with the Vietnamese government's mandate for ethanol blending in gasoline, potentially presents a compelling opportunity for significant growth.

Transaction Overview

The Transaction values VCI Biofuels Group at an implied enterprise value of $1 billion. The Board of Directors of VNB, VCI and IMAQ have unanimously approved the proposed Transaction, subject to, among other things, regulatory approvals, the approval by IMAQ's stockholders of the Transaction and satisfaction or waiver of other customary closing conditions.

This strategic merger is designed to provide the VCI Biofuels Group with access to capital markets, support its growth strategy and further strengthen its position in the sector.

Navin Sidhu, VCI Biofuels Group CEO, stated, "With the merger we intend to grow our production capacity and continue to not only be a leader in Vietnam's biofuel and ethanol industry, but Asia's. Upon completion and with adequate funding, we plan to immediately implement one of our post-merger strategies by tapping into the profitable and currently underserved market for sustainable aviation fuel, which is expected to reach $325 billion by 2030.

With access to the dynamic US capital markets and the multitude of financing options it brings, we believe that the group will be in a very strong and enviable position to expand organically while leveraging on acquisition growth that could add tremendous value for shareholders and all stakeholders alike."

Yu-Fang Chiu, Chairperson, CEO and CFO of IMAQ, commented, "Finding the right partner is never easy—whether in life or in business. Over the course of three years, IMAQ has evaluated numerous companies, and we are pleased to announce that we have chosen the "one". We believe that the VCI Biofuels Group is well positioned in the renewable energy sector, with a track record of a decade in Vietnam's biofuel and ethanol market. By entering into this merger agreement, we aim to provide VCI Biofuels Group with the tools and access to the capital markets they need to continue executing their plans in the near future. We believe this merger offers a compelling opportunity for our investors to become part of an exciting company that creates value for stakeholders."

Advisors

Loeb & Loeb LLP, Ogier and DaHui Lawyers are serving as legal advisors to International Media Acquisition Corp.

Additional information about the proposed Transaction, including a copy of the merger agreement, will be available on a Current Report on Form 8-K, to be filed by International Media Acquisition Corp. with the Securities and Exchange Commission ("SEC") and available at www.sec.gov. In connection with the proposed Transaction, the parties intend to jointly file a registration statement, which will include a proxy statement and a prospectus, with the SEC.