Metal Sky Star Acquisition Company Announces LOI with Fedilco Group Limited

Rhea-AI Summary

Metal Sky Star Acquisition (NASDAQ: MSSA) has announced a letter of intent (LOI) to acquire all issued and outstanding shares of Fedilco Group , which holds an 80% equity interest in Viva Armenia Closed Joint-Stock Company. Viva is an Armenia-based telecommunication company with 529 roaming partners in 192 countries. The company is known for its principle of making mobile services widely available and is the first in Armenia to implement CSR as a management model following ISO 26000 principles.

Wenxi He, CEO of Metal Sky, expressed excitement about the potential transaction, highlighting Viva's leadership in Armenia's telecommunication industry. Loizos Vasiliou, Director of Fedilco, emphasized the partnership's focus on next-generation telecommunication technology and the benefits of entering public markets.

Positive

• Potential acquisition of Fedilco Group , holding 80% equity in Viva Armenia
• Viva has extensive international reach with 529 roaming partners in 192 countries
• Opportunity to capitalize on growth in the Armenian telecommunication sector
• Viva is a leader in implementing CSR practices in Armenia

Negative

• Acquisition is still in the letter of intent stage, not finalized
• Requires approvals from Armenian state authorities
• Potential challenges in integrating international operations

NEW YORK, Oct. 15, 2024 (GLOBE NEWSWIRE) -- Metal Sky Star Acquisition Corporation, a Cayman Islands exempted company (NASDAQ: MSSA) (the “Company” or “Metal Sky”) announced today that it has entered into a letter of intent (the “LOI”) with Fedilco Group Limited, a Cyprus based company (“Fedilco”) holding 80% equity interest of Viva Armenia Closed Joint-Stock Company, an Armenia-based telecommunication company (“Viva”). Pursuant to the LOI, the Company expresses interest in acquiring all the issued and outstanding shares of Fedilco. The parties will obtain all the required permissions and/or approvals of the state authorities of the Republic of Armenia.

Viva’s success in the field of mobile communications is conditioned by the following principle: mobile services should be available not to a limited number of people, but to everyone. Viva provides its subscribers with the opportunity to keep in touch with their homeland, regardless of their location. Viva has 529 roaming partners in 192 countries of the world. Viva is the first company in Armenia to introduce and apply CSR as a management model and is the first operator to be guided by the international principles of social responsibility ISO 26000.

“We are excited to announce this LOI with Fedilco,” said Wenxi He, CEO of Metal Sky. “Viva is emerging as a leader in the telecommunication industry in Armenia, and we believe that this transaction will position us to effectively capitalize on growth opportunities in the sector and enhance shareholder value.”

“We are excited to enter this partnership to meet our commitment to focus on the next generation telecommunication technology,” said Loizos Vasiliou, Director of Fedilco. “This partnership into the public markets broadens our investor base and the combined company will have a strong platform to drive innovation and expand our market reach.”

About Metal Sky Star Acquisition Corporation

Metal Sky Star Acquisition Corporation is a blank check company formed under the laws of the Cayman Islands for the purpose of effecting a merger, share exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses.

About Fedilco Group Limited

Fedilco Group Limited, incorporated under the laws of Cyprus, is the controlling shareholder of Viva, a leading and innovate technology company in Armenia’s ICT sector.

Forward Looking Statements

This press release contains statements that constitute “forward-looking statements,” including with respect to the proposed transaction with Fedilco. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s annual report for the fiscal year ended December 31, 2023, filed with the SEC on August 30, 2024. Copies are available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Company Contacts:

Wenxi He
Chief Executive Officer
221 River Street, 9th Floor,
Hoboken, New Jersey
(201)721-8789
Email: olivia.he@gmail.com
olivia@metalskystar.com

Source: Metal Sky Star Acquisition Corporation

FAQ

What is the purpose of Metal Sky Star Acquisition's LOI with Fedilco Group ?

The purpose is for Metal Sky Star Acquisition (MSSA) to acquire all issued and outstanding shares of Fedilco Group , which holds an 80% equity interest in Viva Armenia, a telecommunication company.

How many roaming partners does Viva Armenia have?

Viva Armenia has 529 roaming partners in 192 countries worldwide.

What makes Viva Armenia unique in the Armenian telecommunication market?

Viva Armenia is the first company in Armenia to introduce and apply CSR as a management model and follow the international principles of social responsibility ISO 26000.

Who are the key executives involved in the Metal Sky Star Acquisition (MSSA) and Fedilco deal?

Wenxi He is the CEO of Metal Sky Star Acquisition, and Loizos Vasiliou is the Director of Fedilco Group