Firstborn Top Capital to Become Publicly Traded Through ARC Group Acquisition

Firstborn Top Capital Sdn. Bhd., a licensed private financing company based in Malaysia, is set to become publicly traded through a business combination with ARC Group Acquisition I Corp. The transaction, expected to close in the first quarter of 2027, values the company at a pro forma enterprise value of approximately $1,091.2 million.

Firstborn Top Capital, founded in 2019, provides responsible, transparent, and accessible financial solutions to individuals and businesses in Malaysia. The company offers a wide range of credit products, including vehicle financing, property-backed loans, and personal expense financing, among others. Corporate clients can access working capital facilities, capital expenditure financing, and M&A financing, among other services. The company's streamlined one-working-day credit approval process and fixed monthly interest rates make it a preferred choice for borrowers.

Ow Ruey Shen, the Executive Director of Firstborn Top Capital, will continue to lead the company post-transaction. Datuk Dr. Doris Wong Sing Ee, the current Chief Executive Officer of ARC Group Acquisition I Corp, will take the helm of the combined entity, BlueCrest Investment, Inc., after the closing.

Datuk Dr. Wong brings extensive experience in corporate leadership and strategic consultancy, having served in roles across various sectors, including oil and gas, property development, and engineering. She is also the CEO of Bio Green Med Solution, Inc., a Nasdaq-listed company, and an Executive Director of Metronic Global Berhad.

In a statement, Ow Ruey Shen expressed his excitement about the upcoming transformation. "This is a transformative milestone for Firstborn Top Capital. Combining with ARC Group Acquisition I Corp and becoming a publicly traded company on the Nasdaq Global Market under the BlueCrest Investment banner will provide us with the capital, visibility, and platform to accelerate our growth strategy to expand our lending operations throughout Malaysia and, ultimately, across Southeast Asia. We remain committed to delivering responsible, transparent, and accessible financial solutions."

Datuk Dr. Doris Wong, CEO of ARC Group Acquisition I Corp, added, "Firstborn Top Capital stands out for its revenue model, strong management team, and compelling growth trajectory in Malaysia’s licensed private financing market. The one-working-day approval process and transparent fee structure demonstrate the operational soundness and high growth potential that we sought."

Upon completion, the transaction will see Firstborn Top Capital shareholders selling 100% of their equity to ARC Group Acquisition I Corp. The combined company intends to use the proceeds for market expansion, lending infrastructure development, and marketing capability development. Approximately 12.4% of the outstanding shares of the combined company are expected to be held by public investors, with existing Firstborn Top Capital shareholders owning approximately 82.39%.

The transaction reflects an implied pro forma enterprise value at closing of approximately $1,091.2 million, assuming ARC Group Acquisition I Corp raises $5 million in PIPE financing and assuming no redemption from its trust account. The boards of directors of both companies have approved the transaction, which will also require the approval of shareholders of ARC Group Acquisition I Corp and other customary closing conditions.