VENDING MACHINES INTERNATIONAL DECLARES SGD135 MILLION CAPITAL COMMITMENT FROM GEM GROUP

KUALA LUMPUR, Jan 26 (Bernama) -- Vending Machines International (VMI) has announced a SGD135 million capital commitment from GEM Global Yield LLC SCS (GGY), the Luxembourg-based private alternative investment vehicle. (SGD1 = RM3.116)

Under the agreement, GGY will provide VMI with a Share Subscription Facility of up to SGD135 million for a 36-month period following a public listing of VMI’s common stock.

According to a statement, VMI will control the timing and maximum amount of drawdowns under this facility and has no minimum drawdown obligation.

“VMI is very pleased to be selected by the GEM Group to receive this investment. It is a credit to the GEM management that they very quickly grasped that the world is moving to remove single use plastics from the supply chain,” said Founder and Chief Executive Officer, Leicester Chatfield.

“VMI is extremely well placed to take advantage of this transition. With GEM’s funds to strengthen the VMI balance sheet, VMI will be able to assist the beverage industry by offering a viable alternative to single use plastic bottles on a global scale.

“This funding will broaden our global reach and further enhance our research and development facilities as we continue to interact with the world’s largest beverage companies.”

Global Emerging Markets (GEM) manages a diverse set of investment vehicles focused on emerging markets and has completed over 480 transactions in over 70 countries.

Established in 2015, VMI is a Singapore-registered entity providing unique solutions in water distribution with zero plastic waste, having successfully developed its own water dispensing kiosk network in Australia designed to fully understand how to interact with their customers and test the VMI technology.

-- BERNAMA