VCI Biofuels Group
Definitive (DA signed)Energy · Biofuels / fuel ethanol production · Hanoi, Vietnam · founded 2014
- What it is
- Manufactures and sells bio-ethanol (fuel-grade 99% for gasoline blending, solvent and food grades), industrial CO2 by-product and DDGS/cassava-residue animal feed from the Quang Nam plant; growth story: Vietnamese ethanol-blending mandate plus planned expansion into sustainable aviation fuel and regional capacity.
- What it’s doing now
- Merging with International Media (IMAQ) — definitive (da signed), announced Apr 9, 2025.
- What you should know
- Data is still being assembled for this company — what is shown below is everything we have verified so far.
The business, per its filings
SEC primaryMessy multi-entity target: the 30-Apr-2026 amended and restated merger agreement is among (i) IMAQ (Delaware SPAC, now OTC), (ii) VCI Holdings Limited, a British Virgin Islands business company, (iii) Ethanol Quang Nam Production Company Limited ('EQN', a Vietnamese ethanol producer, together with VCI and subsidiaries the 'Company Group'), (iv) Vietnam Biofuels Development Joint Stock Company ('VNB', Vietnamese), (v) Valix Limited (new BVI Purchaser/listco) and (vi) Newbio Merger Limited (BVI merger sub). The operating business is Vietnamese bio-ethanol manufacturing: the SEC-filed press release calls VCI Biofuels Group 'a seasoned operator in the biofuel manufacturing industry in Vietnam, producing fuel ethanol, solvent alcohol, and food alcohol', established 2014, positioned on Vietnam's gasoline-ethanol blending mandate with sustainable-aviation-fuel ambitions; VNB's own site (founded 2015 per site, HQ TSG Lotus Tower, 190 Sai Dong, Long Bien, Hanoi) markets 99% fuel ethanol, 95%/99.5% solvent alcohol, 96% food alcohol, industrial CO2 and DDGS/cassava-residue animal feed from its Quang Nam ethanol plant. It is an OPERATING, revenue-generating manufacturer (not pre-revenue), but NO target financial statements are on EDGAR as of 2026-08-15 (no F-4/S-4 filed by Valix), so no revenue figure can be sourced; the group's scale ambition is visible only in the earnout's $500M consolidated-revenue trigger. Group CEO Navin Sidhu; IMAQ (a former media-focused SPAC that IPO'd in 2021, CEO/CFO/Chair Yu-Fang Chiu) has been extending monthly since 2025 and trades OTC.
Source: 8-K, accession 0001213900-26-052267 · as of May 5, 2026 · extraction confidence: medium
What the company says about itself
Web research — not auditedVietnam Biofuels Development JSC presents itself as an ISO-certified Vietnamese biofuel producer ('Vi mot mai nha chung ben vung') running the Quang Nam ethanol plant with environmental-management/recycling operations.
- Markets:
- Fuel ethanol; solvent alcohol; food alcohol; industrial CO2; animal feed (DDGS, cassava residue)
- Products:
- Ethanol nhien lieu 99% (fuel), con dung moi 95%/99.5% (solvent), con thuc pham 96% (food), industrial CO2, DDGS/cassava pellets; Quang Nam ethanol plant ('Nha may con Quang Nam')
SEC-filed press release (Ex-99.1, 0001213900-25-030330) says VCI Biofuels Group 'established in 2014'; VNB's website says the JSC was founded 2015 (and elsewhere 'nearly 20 years of activity'). Entity-level founding dates are inconsistent across the group.
Source: https://vnbiofuels.com.vn · captured Aug 15, 2026 · marketing claims are reported as claims, never merged into the filed figures above.
The deal it’s entering
VCI Biofuels Group is merging with International Media (IMAQ), a $230M SPAC currently marked Deal announced and trading at $10.11 against $12.03 in trust per share.
| Headline equity value | — |
Structure per SEC accession(s) 0001213900-25-030330. How to read these numbers: headline vs effective valuation · what a definitive agreement commits
What exactly is being valued, and at what
Was this deal done at an expensive or a cheap valuation?
SpacBrain’s read on the price
No multiple can be computed
We hold no revenue figure in US dollars for VCI Biofuels Group (VCI Holdings / Ethanol Quang Nam / Vietnam Biofuels), so there is nothing to divide the price by and no multiple can be struck. It is not recorded as pre-revenue either — this is a gap in our record, not a finding that the company has no sales.
We have not extracted a revenue figure for this company from its filings yet. That is our gap, not a statement about the business.
No announced deal value, so there is no price to divide.
Not extracted from the filings yet.
Not computable — no revenue figure has been extracted from the filings yet.
$1 of their sales costs $1.31 on the open market. Median of 4 listed companies we judged a true comparable, which individually run from 0.41× to 2.96×. Their share prices are from 15 August 2026, not today.
What qualifies the figures above
- No announced deal value — nothing to strike a multiple on.
- VLO, ANDE, AMTX have no revenue to divide by, so they are shown but left out of the peer median.
The listed companies it is measured against
| Ticker | Company | Mkt cap | EV / revenue | EV / EBITDA | Why it’s comparable |
|---|---|---|---|---|---|
| GPRE | Green Plains, Inc. | $1.1B | 0.8x | 7.1x | Green Plains is the benchmark listed fuel-ethanol producer; sector anchor for ethanol manufacturing economics (thin spreads, commodity feedstock). |
| ALTO | Alto Ingredients, Inc. | $324M | 0.4x | 6.2x | Alto Ingredients produces fuel ethanol plus specialty/food-grade alcohols - the same fuel+solvent+food alcohol product mix as the Quang Nam plant, at small-cap scale.more ▾less ▴ |
| VLO | Valero Energy Corp | $49.7B | — | — | Operational comp: Oil & Gas Refining and Marketing (NEC); large-cap ($49.7bn); shares ethanol, fuel, aviation, sustainable, manufacturer, subsidiaries with the target's own description; forward EV/Sales 0.7x.more ▾less ▴ |
| REX | REX American Resources Corporat | $1.5B | 1.8x | 13.2x | REX American Resources is a profitable pure-play US ethanol producer - the clean comparison for what an established ethanol plant earns. |
| GEVO | Gevo, Inc. | $418M | 3.0x | — | Gevo is the listed proxy for the ethanol-to-sustainable-aviation-fuel expansion story VCI's CEO cites as the post-merger strategy. |
| ANDE | Andersons Inc | $1.8B | — | — | Operational comp: Fishing & Farming Wholesale; small-cap ($1.8bn); shares ethanol, ddgs, fuel, feed, plant, food with the target's own description; forward EV/Sales 0.3x.more ▾less ▴ |
| AMTX | Aemetis Inc | $91M | — | — | Operational comp: Ethanol Fuels; micro-cap ($91m); shares ethanol, per, fuel, plant, production, from with the target's own description; forward EV/Sales 2.3x.more ▾less ▴ |
Which companies belong on this list is our judgement, and the sentence beside each one is the whole of our reasoning — disagree with it and the verdict above changes. Rows marked context only are shown because they are informative, but they are deliberately left out of the median. The multiples come from listed-company data priced Aug 15, 2026; a private target’s deal multiple is not audited the way theirs are.
Common questions
Is VCI Biofuels Group going public?
VCI Biofuels Group has a signed merger with the SPAC International Media (IMAQ), announced Apr 9, 2025. Deal status: Definitive (DA signed).
Was VCI Biofuels Group bought at an expensive or a cheap valuation?
We hold no revenue figure in US dollars for VCI Biofuels Group (VCI Holdings / Ethanol Quang Nam / Vietnam Biofuels), so there is nothing to divide the price by and no multiple can be struck. It is not recorded as pre-revenue either — this is a gap in our record, not a finding that the company has no sales.
Does VCI Biofuels Group have revenue?
The filings we've parsed don't state a usable revenue figure yet; this profile is updated as new documents land.
Educational content, not investment advice.
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