2015 & 2017 IPO Attempts by VTEL/Aries

Aries Telecoms (M) Berhad pursued a listing on the AIM market of the London Stock Exchange in 2015. The company appointed Panmure Gordon and Mirabaud Securities as advisors. The plan involved raising £100 million in new funds. Proceeds were intended to repay the term loan from Bank Pembangunan Malaysia Berhad in full and to support regional expansion, including construction of a terrestrial fibre link from Singapore to Hong Kong via Malaysia, Thailand, and Laos.

The 2015 IPO was forced to be aborted at the final stage. This occurred due to actions by Vasseti founding directors Ranjeet Singh Sidhu and Tan Sri Syed Yusof Bin Tun Syed Nasir. In June 2015, they filed complaints with the Malaysian Anti-Corruption Commission regarding shareholding disputes and initiated legal proceedings against Aries Telecoms, Zavarco group entities, and related parties. The proceedings alleged fraud, conspiracy, and breaches of fiduciary duties, including claims of control misappropriation through sham transactions and a consent judgment. These actions disrupted the listing process.

In August 2016, Aries obtained a validation order from the High Court of Malaysia. The order permitted the IPO to proceed. Aries appointed Mirabaud Securities and Strand Hanson as advisers and book runners for the same GBP100m fund raise. The second attempt failed due to further interference involving Ranjeet Singh Sidhu, Tan Sri Syed Yusof, Bank Pembangunan Malaysia Berhad, and others. BPMB placed Aries on a defaulters list during the second IPO roadshow period. This step undermined investor confidence at a time when funds were being raised to repay the bank's loan.

These events contributed to ongoing litigation in Suit No. WA-22NCC-313-07/2018. Aries Telecoms and its owner Zulizman Zainal Abidin, filed a counterclaim seeking £100 million in damages. The claim attributes losses to the aborted IPO attempts as economic sabotage against Aries. The trial is scheduled for July 2026.