June 16, 2023 – Page 2 – Asean Tribune

June 16, 2023

VCI Global Engaged As Sagtec Group Sdn Bhd’s IPO Consultant and Business Expansion Consultant

KUALA LUMPUR, Malaysia, June 13, 2023 (GLOBE NEWSWIRE) — VCI Global Limited (NASDAQ: VCIG) (“VCI Global”, or the “Company”) today announced that its wholly owned subsidiary, V Capital Consulting Limited (“VCCL”) has been appointed as Sagtec Group Sdn Bhd’s (“SAGTEC”) initial public offering (“IPO”) consultant. This is in conjunction with SAGTEC’s proposed listing on the NASDAQ stock market. This IPO advisory mandate entails a USD2 million advisory fee and a success fee of 5% of the market capitalisation of SAGTEC when listed.

As the IPO consultant, VCCL’s scope of work, amongst others, includes:-

review and assist with the reorganization of SAGTEC’s capital structure;
establish capital market strategies to maximize SAGTEC’s value ahead of the listing exercise;
where applicable, review and assist in responding to queries from U.S. Securities and Exchange Commission and NASDAQ; and
prepare and assist in obtaining all requisite regulatory approvals.

VCCL’s consultancy expertise was further sought as SAGTEC also appointed VCCL as its business expansion consultant in connection with SAGTEC’s plans to expand its business into the Southeast Asia region.

On this note, VCCL will conduct feasibility studies and competitive analysis to understand the competitive landscape within the said region. As part of its job scope, VCCL will also be developing customised market strategies that complement SAGTEC’s business goals on the back of the unique dynamics of the Southeast Asia region.

“We are truly honoured to be awarded not one but two consultancy jobs by SAGTEC. We are more than happy to provide our expertise to ensure the successful listing of SAGTEC on NASDAQ,” said Dato’ Victor Hoo, Group Executive Chairman and Chief Executive Officer of VCI Global.

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/.

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements that are subject to various risks and uncertainties. Such statements include statements regarding the Company’s ability to grow its business and other statements that are not historical facts, including statements which may be accompanied by the words “intends,” “may,” “will,” “plans,” “expects,” “anticipates,” “projects,” “predicts,” “estimates,” “aims,” “believes,” “hopes,” “potential” or similar words. Actual results could differ materially from those described in these forward-looking statements due to certain factors, including without limitation, the Company’s ability to achieve profitable operations, customer acceptance of new products, the effects of the spread of Coronavirus (COVID-19) and future measures taken by authorities in the countries wherein the Company has supply chain partners, the demand for the Company’s products and the Company’s customers’ economic condition, the impact of competitive products and pricing, successfully managing and, general economic conditions and other risk factors detailed in the Company’s filings with the United States Securities and Exchange Commission. The forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake any responsibility to update the forward-looking statements in this release, except in accordance with applicable law.

CONTACT INFORMATION:

Issued by Imej Jiwa Communications Sdn Bhd on behalf of VCI Global Limited
For media queries, please contact:

Imej Jiwa Communications Sdn Bhd
Chris Chuah
Email: chris@imejjiwa.com

GlobeNewswire Distribution ID 8857148

June 16, 2023

American Battery Solutions and EVE Energy Establish Master Supply Agreement (MSA) for Prismatic LFP Cells in the TeraStor™ BESS System

MUNICH, Germany, June 16, 2023 (GLOBE NEWSWIRE) — This week at The smarter E Europe exhibition, American Battery Solutions, Inc.’s Energy Storage Solutions division (ABS ESS; exhibitor stand B2.476), manufacturer of the ultra-high-density TeraStor battery energy storage platform, announced a strategic partnership with EVE Energy (EVE), a distinguished global supplier of high-quality battery cells.

Under this agreement for prismatic LFP cells, ABS ESS and EVE have confirmed raw material supply and production capacity that will support a portion of ABS ESS’s impressive plans to deploy over 30 GWh of their innovative energy storage architecture over the next three years. The current terms grant ABS ESS access to more than 100 MWh of manufactured cell capacity per week—which equates to 5 GWh per year—ensuring a steady supply to meet much of the growing demand for their large-scale TeraStor BESS solution.

“Our collaboration has been in progress for the past year, with an initial agreement reached in Q4 of 2022,” said Steven Chen, Vice President of EVE Energy Co. Ltd. “Extended warranty terms were finalized in Q1 of 2023, and we are very happy to announce this partnership now.” In line with ABS ESS’s commitment to providing customers with an unrivaled level of service and support, the agreement enables robust extended capacity and availability guarantees that last up to 20 years for ABS ESS customers.

ABS ESS selected EVE cells for their market acceptance and exceptional reliability. Both of the following recent announcements from ABS ESS used EVE-sourced cells in their related studies:

TeraStor BESS system reliability analysis, conducted by Reliant Labs, confirming an unrivaled predicted 99.999% (5-nines) reliability
TeraStor 9540A module-level testing, demonstrating efficacy of architected safety features

“ABS ESS is excited to join forces with EVE in our mission to deliver reliable energy storage solutions that enable a sustainable energy future,” said Rick Cwiakala, Vice President of Operations. “Through this strategic partnership and MSA, we are well-positioned to meet much of the growing demand for the TeraStor and for our additional forthcoming systems that are purpose-built for execution of further energy storage scenarios.”

ABS ESS maintains flexibility in its supply chain, with the ability to source additional new and future cells from EVE and other high-quality suppliers. The extended warranty options and flexible energy assurance plans demonstrate the company’s commitment to delivering revolutionary energy storage solutions at the highest quality and greatest total lifetime value to customers. For more information on American Battery Solutions’ Energy Storage Division and the 7.2 MWh (600MWh/acre) TeraStor, please visit https://www.americanbatterysolutions.com/ess/ess-home.

About American Battery Solutions’ Energy Storage Solutions Division
American Battery Solutions, Inc.’s Energy Storage Solutions division is a pioneering provider of advanced energy storage solutions. The company designs, develops and manufactures cutting-edge systems, empowering customers to harness the full potential of renewable energy and optimize energy management. With a steadfast commitment to value, reliability, sustainability and innovation, the ABS ESS team of industry veterans aims to revolutionize the energy storage landscape.

Contact
ESS Media Relations
American Battery Solutions
2 Cabot Road, Hudson, MA 01749 USA
ess_media@americanbatterysolutions.com

About EVE Energy
Founded in 2001 and listed in Shenzhen in 2009, EVE Energy has developed into a global player in the battery cell market. The company’s research institute has obtained over 5,870 national patents in China, with 60 doctors and more than 3,100 interdisciplinary R&D engineers in materials, electrochemistry, structure design and electronic circuit design on staff. The company launched a carbon reduction roadmap, saved a total of 2,533 tons of standard coal, reduced 16,000 tons of annual CO2 emissions and was named a “National Green Factory.” For more information about EVE Energy’s prismatic LFP cell technology, please visit https://www.evebattery.com/en/prismatic-lfp-cell.

GlobeNewswire Distribution ID 8859562

June 16, 2023

Junta pilot and trainee killed in Myanmar military helicopter crash

A junta helicopter crashed near an air force base in Myanmar’s capital Naypyidaw, killing the pilot and a trainee, local media reported Friday.

The military confirmed Thursday’s crash, thought to have been caused by sudden engine failure, but did not give the names and ranks of the dead.

Local news reports, quoting anonymous military sources, named the pilot/instructor as Maj. Min Thu Aung but only said the trainee was a woman without naming her.

One local told RFA the army sent an investigation team to the site of the helicopter crash on the Bago mountain range.

“It crashed on the Bago Plateau on the edge of Lewe township [in Naypyidaw] and bordering Taungdwingyi township [in Magway region],” said the resident who didn’t want to be named for security reasons.

“Military vehicles came to the area but could not reach the crash site. We saw a lot of helicopter traffic.”

The junta said in a statement that they were working to transport the bodies to the nearest military hospital.

In March last year, a military helicopter crashed during bad weather in a forest in Chin state’s Hakha township, injuring some military council air force officers and some education workers.

That helicopter was Russian-made and Thein Tun Oo, the executive director of the Thayninga Institute for Strategic Studies, a think tank group made up of former military officers, said at the time it was a durable design but probably crashed due to bad weather.

The make of the helicopter that crashed this week is not yet known.

Russia is the biggest arms supplier to Myanmar, selling U.S.$406 million worth of military equipment to the junta since the Feb. 1, 2021 coup, according to a report last month by Tom Andrews, the United Nations Special Rapporteur on the situation of human rights in Myanmar on May 17.

China, Singapore and India sold at least a combined $600 million-worth of weapons to Myanmar over the same period, he said.

Translated by RFA Burmese. Edited by Mike Firn.

June 16, 2023

VCI Global Marks Debut into Artificial Intelligence (“AI”) and Big Data Industries Through Partnership with Fusionex

KUALA LUMPUR, Malaysia, June 16, 2023 (GLOBE NEWSWIRE) — VCI Global Limited (NASDAQ: VCIG) (“VCI Global”, or the “Company”) today announced that it has entered into discussions with the Fusionex Group (“Fusionex”) to establish a mutually beneficial exclusive collaboration between both parties.

This partnership envisages VCI Global providing AI and big data consulting services to its clients. With a primary focus on Southeast Asia, while keeping opportunities open worldwide, VCI Global has selected Fusionex as its technology partner. The global AI market, estimated to be valued between USD110 billion and USD120 billion in 2022, presents immense potential for growth. Furthermore, industry projections indicate that the Asia Pacific market is poised to grow at a compound average rate of 35% to 40% from 2022 to 2030.

Leveraging Fusionex’s Analytics GIANT solution, VCI Global aims to deliver value and strategic guidance to its clientele. With its expertise in analytics, Big Data, machine learning, and AI, the multi-award-winning data technology market leader, Fusionex, empowers its clients in managing invaluable insights from the vast amounts of data available.

“Economies are frantically bridging gaps between businesses and the fast-evolving technologies such as artificial intelligence, that are made available to markets. This collaboration is thus ideal as whilst tapping on Fusionex’s expertise, we subsequently are able to offer our consulting expertise to our vast network of members,” said Dato’ Victor Hoo, Group Executive Chairman and Chief Executive Officer of VCI Global.

“AI represents the most revolutionary and promising field of technology, playing a vital role in the development of all sectors and industries. The transformative power of AI promises to usher in a new era of efficiency, automation, productivity, strategic planning, and decision-making, unlocking unprecedented opportunities for growth and innovation in these areas. The partnership with VCI Global serves as an impetus to augment their offerings with our technology solutions and expertise,” said Jacob Isaac, Managing Director (New Technologies) of Fusionex.

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 Fusionex
Fusionex is an established multi-award-winning data technology leader specializing in Analytics, Big Data Management, IR 4.0, Internet of Things, Machine Learning and Artificial Intelligence. Its state-of-the-art offerings are focused on helping clients unlock value and derive insights from data.

Featured on Forbes, Bloomberg, Gartner, Frost & Sullivan, IDC, Forrester, Edison, and Huffington Post, Fusionex is one of the largest Big Data Analytics company and market leader in ASEAN, bringing state-of-the-art, innovative, and breakthrough data-driven platforms to its stable of clientele (including Fortune 500, FTSE companies, large conglomerates, as well as a wide array of small and medium enterprises [SMEs]) that spans across the United States, Europe, as well as Asia Pacific. Fusionex is also a MDEC Global Acceleration and Innovation Network (GAIN) company.

Gartner’s report on Modern Analytics and Business Intelligence shortlisted and commended Fusionex’s data technology platform. In addition, Fusionex has been identified as a Major Player in IDC’s MarketScape Report for Big Data & Analytics. Fusionex is the only ASEAN-based company to be featured in both reports, cementing its credentials in the data technology market for this region.

To learn more about Fusionex, visit www.fusionexgroup.com.

Cautionary Note Regarding Forward-Looking Statements

CONTACT INFORMATION:

Issued by Imej Jiwa Communications Sdn Bhd on behalf of VCI Global Limited
For media queries, please contact:

Imej Jiwa Communications Sdn Bhd
Chris Chuah
Email: chris@imejjiwa.com

GlobeNewswire Distribution ID 8859470

June 16, 2023

Canada freezes ties with China development bank

Canada has frozen ties with China’s Asian Infrastructure Investment Bank after the bank’s Canadian communications head resigned, explosively accusing the organization of having “one of the most toxic cultures imaginable” on his personal Twitter account.

Chrystia Freeland, Canada’s finance minister and deputy prime minister, told reporters on Wednesday, the Canadian government would “immediately halt all government-led activity at the bank,” while it reviewed the allegations and Canada’s “involvement” with the AIIB.

Bob Pickard, the Canadian director-general for communications of the Beijing-headquartered AIIB, said he flew to Tokyo on Wednesday, two days after formally resigning, out of concern for his personal security.

“I’ve been advised not to set foot in China anytime soon. From a country where the two Michaels were kidnapped by the government, we’re maybe a little more sensitive or concerned about such things,” he said in a phone call to Reuters, referring to two Canadians arbitrarily detained in China for nearly three years from 2018 to 2021.

The Party holds the cards

“The Communist Party hacks hold the cards at the Bank. They deal with some board members as useful idiots. I believe that my Government should not be a member of this PRC instrument. The reality of power in the bank is that it’s CCP from start to finish,” Pickard wrote in a tweet.

He added, “I saw with my own eyes the extent to which Communist Party hacks occupy key positions in the bank, like an in-house KGB or Gestapo or Stazi.”

The AIIB said in a statement, “Mr. Pickard’s recent public comments and characterization of the Bank are baseless and disappointing.”

The Wall Street Journal reported having seen an email by Jin Liqun, the bank’s president and a former Chinese deputy finance minister, which said to staff on Wednesday, “We acknowledge the uncertainty these comments can cause for all of us that work at AIIB. We hope that you will join us in wishing Bob well for the future.”

Jin has been busy burnishing the AIIB’s reputation, distancing the bank from the likes of Beijing’s Belt and Road Initiative, which is seen by many critics as simply an extension or a tool of China’s foreign policy.

“We are proud of our multilateral mission and have a diverse international team representing 65 different nationalities and members at AIIB, serving our 106 members worldwide, many of whom have been with us since our formation in 2016,” the AIIB’s official statement on Pickard’s resignation said.

The allegations and the reaction by the Canadian government are likely to be an embarrassment to the AIIB, which has been representing itself as a transparent alternative to multilateral organizations such as the Asian Development Bank, the World Bank and the International Monetary Fund.

It also underscores tensions between the West and China over international development lending, with China frequently being forced to deny accusations of “debt diplomacy” involving its Belt and Road initiative.

But Austin Strange, a specialist in China’s international-development finance at the University of Hong Kong, told the Wall Street Journal in a separate report that unless further member-states raise similar concerns it is unlikely there will be any major consequences for the bank.

‘Nothing but a lie’

The Chinese embassy in Ottawa told Reuters in an email: “The claim that ‘AIIB is controlled by the Communist Party of China’ is nothing but a lie”.

A spokesperson for the Chinese embassy in Canada said in a statement that Pickard’s comments were purely “a sensational publicity stunt.”

Meanwhile, Pickard told the Financial Times from Tokyo, “These people are like an invisible government inside the bank and this is what I can’t be part of.”

Although the response from the AIIB has been measured, Pickard claims that China’s wumao bots – state-sponsored internet commentators – have been accusing him online of variously being an “Imperialist” and a “spy,” but nobody has suggested that such messages are coming from the AIIB itself.

Zichen Wang, a senior Beijing-based reporter for Xinhua, in his widely read Pekingnology blog on Friday noted inconsistencies in Pickard’s statements about the inner workings of the AIIB, and also noted that some AIIB employees said in media reports that Pickard’s claims “came as a surprise.”

Wang further cited the fact that India is AIIB’s biggest beneficiary despite the fact that “China-India ties have dived after the unfortunate 2020 border clash, which killed 20 Indians and 4 Chinese soldiers,” as evidence of the bank’s independence from China’s foreign policy.

Edited by Mike Firn.

June 16, 2023

US given ‘unimpeded access’ to Papua New Guinea bases in defense agreement

The United States military has been given unrestricted access to deploy forces from and develop key Papua New Guinea bases, according to details of a defense cooperation agreement signed last month.

The full text of the Defense Cooperation Agreement (DCA), which has been reviewed by RFA-affiliated news service BenarNews, shows that U.S. forces will be able to station troops and vessels at six ports and airports, including the Lombrum Naval Base and Port Moresby Jacksons International Airport.

Washington will have “unimpeded access” to the facilities, which may be used for mutually agreed activities such as training, transit, maintenance and refueling of aircraft, including aircraft conducting “intelligence, surveillance, and reconnaissance activities.”

The bases may also be used for “staging and deploying of forces and material,” bunkering vessels, security assistance, humanitarian and disaster relief. Some facilities, or parts of them, can be used exclusively by U.S. forces, which have permission to refurbish them, according to the document.

U.S. authorities have also been given exclusive rights to exercise criminal jurisdiction over American personnel in the country – a contentious provision that is likely to cause concern among certain groups in the Pacific island nation.

Papua New Guinea retains civil and administrative jurisdiction over U.S. personnel for “acts and omissions” outside the official course of duty.

The agreement signed on May 22 is part of Washington’s efforts to counter Beijing’s growing influence in the Pacific and experts say it significantly expands U.S. strategic capabilities in the region.

“As far as I know, the US doesn’t have a similar agreement already in place with other South Pacific countries – this would be the most forward-leaning,” said Mihai Sora, director of the Aus-PNG Network at the Australia-based Lowy Institute.

He said a useful comparison would be the US-Philippines DCA, which grants a similar level of access for the U.S. there.

Changing security environment

In a statement to Parliament tabled with the DCA on Monday, Papua New Guinea Prime Minister James Marape said the agreement with the U.S. would in “no way compromise PNG’s bilateral relations with any other country.”

Papua New Guinea maintained its foreign affairs policy of friends to all and enemies to none, but traditional security alliances were inadequate to deal with current regional and global security challenges, he said.

He reiterated the DCA does not grant immunity for breaches of any law of Papua New Guinea.

Marape said the agreement “validates the presence of U.S. forces,” to conduct defense related activities. It did not include or promote defense commitments of military intervention, he said.

The U.S. has stepped up its engagement in the Pacific under the Biden administration, underscoring increased geopolitical competition in the vast ocean region where China’s diplomatic relations have burgeoned.

U.S. President Joe Biden had planned to travel to Papua New Guinea to sign the DCA, but canceled the visit at the last moment to focus on negotiations to raise the U.S. government’s debt limit.

China, over several decades, has become a substantial source of trade, infrastructure and aid for developing Pacific island countries as it seeks to isolate Taiwan diplomatically and build its own set of global institutions.

Last year, China signed a security pact with the Solomon Islands, alarming the U.S. and its allies such as Australia. The Solomons and Kiribati switched their diplomatic recognition to Beijing from Taiwan in 2019.

Sora said the regional security environment was changing rapidly and the view of traditional security partners was that existing arrangements needed to adapt.

“What we’re seeing is an effort from traditional security providers in the Pacific, such as the United States, Australia and New Zealand to both elevate and formalize their roles as security partners of choice for Pacific countries through bilateral agreements,” he said.

These security agreements sat uneasily with some Pacific stakeholders, and individual states – both larger powers and Pacific countries themselves – need to consider carefully how bilateral arrangements work alongside regional architecture established by the Pacific Islands Forum, he said.

BenarNews is an RFA-affiliated news service.