VCI Global Makes Waves In The Luxe Resort Scene: Eyes Impiana Villas In Bali & Phuket

VCI Global Ltd VCIG penned a letter of intent to attain leasing rights of Impiana Private Villas Cemagi in Bali and Impiana Private Villas Kata Noi in Phuket from Impiana Sdn Bhd for an undisclosed amount.

Impiana Private Villas Cemagi has six villas spanning more than 604 sq m, accounting for only 8% of its total land area, and offers opportunities for future expansion. 

On the other hand, Impiana Private Villas Kata Noi has 11 villas covering 1,105 sq m, accounting for less than 40% of its land area.

"The acquisitions of Impiana Cemagi and Impiana Kata Noi are strategic investments. The bright prospects basically guarantee good returns on our investment. To optimise the potential value of these two resort properties, we intend to redevelop Impiana Cemagi while Impiana Kata Noi will be refurbished through V Capital Real Estate. More importantly, this is in line with our plans to seek more opportunities in the hospitality segment within the Southeast Asia region, following our recent partnership with YY Group Holding Limited," said Dato' Victor Hoo, Group Executive Chairman and CEO.

This week, the company announced H1 FY23 revenue growth of 108.0% Y/Y to RM44.5 million ($9.5 million) on higher demand across all business segments.

As of June 30, 2023, cash and cash equivalents stood at RM15 million ($3.3 million).

Price Action: VCIG shares are trading lower by 0.54% at $3.65 on the last check Friday.