Vietnam Biofuels to Merge and List on NASDAQ with IMAQ Deal

Vietnam Biofuels Development Joint Stock Company and its affiliates, collectively known as VCI Biofuels Group, have signed a definitive merger agreement with International Media Acquisition Corp. (IMAQ) to publicly list on NASDAQ. The transaction, valued at $1 billion, will lead to the formation of a combined entity to be named VI Energy. The merger aims to provide VCI Biofuels access to capital markets and support its growth strategies in both domestic and international biofuel markets. VCI Biofuels, established in 2014, is a Vietnamese industry leader in producing bio-ethanol, with a strong focus on environmental management and recycling processes. The merger is expected to allow the group to capitalize on Vietnam's ethanol blending mandates and forthcoming market opportunities in sustainable aviation fuel. IMAQ, a blank check company, views VCI Biofuels as a well-placed entity in the renewable energy sector with significant growth potential. Legal advisors involved include Loeb & Loeb LLP, Ogier, and DaHui Lawyers. The merger remains subject to regulatory approval and shareholder votes but proposes a significant opportunity for both parties to diversify and strengthen their market hold, particularly with ambitions to expand into the sustainable aviation fuel market valued at $325 billion by 2030.