Vietnam Biofuels Development Joint Stock Company, along with VCI Holdings Limited and International Media Acquisition Corp. (OTC: IMAQ), announced a definitive merger agreement today. The combined entity, expected to be renamed VI Energy, will be publicly listed on the NASDAQ. IMAQ, currently trading at $10.27, has shown relatively low market volatility with a beta of 0.04, according to InvestingPro data.

The merger values the VCI Biofuels Group, a prominent biofuel manufacturer in Vietnam, at an enterprise value of $1 billion, significantly above IMAQ’s current market capitalization of $70.21 million. The deal has received unanimous approval from the boards of all involved parties, pending regulatory and shareholder approvals, among other customary closing conditions. InvestingPro analysis suggests IMAQ is currently fairly valued based on its proprietary Fair Value model.

Navin Sidhu, CEO of VCI Biofuels Group, expressed that the merger aims to expand production capacity, particularly into the sustainable aviation fuel market, which is projected to grow significantly by 2030. He emphasized the strategic advantage of accessing US capital markets for organic expansion and potential acquisitions, anticipating substantial value creation for shareholders and stakeholders. InvestingPro data shows IMAQ maintains a "FAIR" Financial Health score of 2.02, with year-to-date returns of -7.64%. Subscribers can access over 30 additional financial metrics and exclusive ProTips about IMAQ’s growth potential.

Yu-Fang Chiu, Chairperson, CEO, and CFO of IMAQ, highlighted the rigorous selection process that led to the partnership with VCI Biofuels Group, noting their decade-long track record in the biofuel and ethanol market in Vietnam. Chiu sees the merger as a means to equip VCI Biofuels Group with the necessary capital market tools to execute their business plans.

Legal advisors for the transaction include Loeb & Loeb LLP, Ogier, and DaHui Lawyers. More details on the merger will be disclosed in an upcoming Current Report on Form 8-K by IMAQ with the Securities and Exchange Commission (SEC), and a joint registration statement will be filed with the SEC as part of the transaction process.

VCI Biofuels Group has been recognized for its innovative approach to chemicals and ethanol production, with a commitment to environmental management and biofuel processing. The merger is anticipated to further consolidate its position in the renewable energy sector.

This press release contains forward-looking statements regarding the anticipated benefits of the merger, growth projections, and the expected performance of the combined company. These statements are based on current management expectations and are subject to various risks and uncertainties that could cause actual results to differ materially.

The proposed transaction will be subject to approval by IMAQ shareholders, and further information will be made available through proxy statements included in the SEC registration statement. It’s important to note that this news is based on a press release statement and should not be considered an offer or solicitation for the sale of securities.

Vietnam Biofuels set for NASDAQ listing via IMAQ merger By Investing.com

Vietnam Biofuels Development Joint Stock Company, VCI Holdings Limited, and International Media Acquisition Corp. (OTC: IMAQ) announced a definitive merger agreement on 2025-04-09, aiming for a NASDAQ listing. The combined entity, expected to be renamed VI Energy, is valued at an enterprise value of $1 billion, significantly above IMAQ’s current market capitalization of $70.21 million. The merger will expand production capacity, particularly into the sustainable aviation fuel market. Navin Sidhu, CEO of VCI Biofuels Group, and Yu-Fang Chiu, CEO of IMAQ, emphasized the strategic advantage of accessing US capital markets for organic expansion and potential acquisitions. The transaction is subject to regulatory and shareholder approvals.