VCI Global Provides Updates on Its AI Business, Capital Raising, and Share Repurchase Program

KUALA LUMPUR, Malaysia, Sept. 10, 2024 (GLOBE NEWSWIRE) -- VCI Global Limited (NASDAQ: VCIG) (Frankfurt: H0T) (“VCI Global,” “VCIG,” or the “Company”) is pleased to announce its planning related to the reorganization of its AI business, capital raising, and the forthcoming share repurchase program.

AI Business

VCIG has initiated a strategic reorganization of its AI operations under the newly formed subsidiary, VC AI Limited. The AI business has been restructured into four pivotal business segments:

• GPU servers – VCIG will launch its proprietary brand of GPU servers for the AI industry and commence operation in October 2024.
• GPU cloud computing – The Company will debut its AI data center business by launching AI Computing Center in Malaysia (“AICC Malaysia”), with GPU cloud computing services scheduled to commence in the second quarter of 2025, as previously announced.
• AI and large language model (LLM) solutions – VCIG has also made notable advancements in its AI and LLM solutions capabilities, which are now actively offered to clients.
• Cybersecurity – The Company continues to enhance its cybersecurity solutions, focusing on wider and more sophisticated offerings within the AI space.

Capital Raising

The capital-raising round for the AI business has been successfully concluded, and the initial funding needed for this business has been secured. The Company is now poised to implement its growth strategy.

Share Repurchase Program

In alignment with its strategic objectives, VCIG intends to initiate a previously announced share repurchase program in the first quarter of 2025. This program is designed to augment shareholder value and reinforce its commitment to sustained long-term growth.

“VCI Global is committed to driving long-term shareholder value through our pioneering AI businesses. Our advancements in these areas are strategically positioned to capitalize on Southeast Asia’s growing digital economy. We look forward to the execution of our growth plan and share repurchase program, which underscore our dedication to sustainable growth and enhancing shareholder returns,” said Dato’ Victor Hoo, Group Executive Chairman and Chief Executive Officer of VCI Global.

About VCI Global Limited

VCI Global is a diversified holding company headquartered in Kuala Lumpur, Malaysia. The Company operates through five core businesses: Capital Market Consultancy, Fintech, Real Estate, AI & Robotics, and Cybersecurity. In Capital Market Consultancy, we provide IPO solutions, investor relations (IR) and public relations (PR) consultancy, and M&A consultancy. Our Fintech arm offers a proprietary financing platform. In Real Estate, we offer specialized real estate consultancy services. The AI business delivers GPU servers, GPU cloud computing services, AI and large language model (LLM) solutions, while the Robotics segment focuses on post-harvest robotics systems. Our Cybersecurity segment provides comprehensive cybersecurity consultancy services and solutions. Committed to fostering innovation and delivering exceptional value, VCI Global has established a strong presence across the Asia-Pacific region, the United States, Europe, and the Middle East, driving growth and transformation on a global scale.

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Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements that are subject to various risks and uncertainties. Such statements include statements regarding the Company’s ability to grow its business and other statements that are not historical facts, including statements which may be accompanied by the words “intends,” “may,” “will,” “plans,” “expects,” “anticipates,” “projects,” “predicts,” “estimates,” “aims,” “believes,” “hopes,” “potential” or similar words. These forward-looking statements are based only on our current beliefs, expectations, and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks, and changes in circumstances that are difficult to predict and many of which are outside of our control. Therefore, you should not rely on any of these forward-looking statements. Actual results could differ materially from those described in these forward-looking statements due to certain factors, including without limitation, the Company’s ability to achieve profitable operations, customer acceptance of new products, the effects of the spread of coronavirus (COVID-19) and future measures taken by authorities in the countries wherein the Company has supply chain partners, the demand for the Company’s products and the Company’s customers’ economic condition, the impact of competitive products and pricing, successfully managing and, general economic conditions and other risk factors detailed in the Company’s filings with the United States Securities and Exchange Commission (“SEC”). The forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake any responsibility to update the forward-looking statements in this release, except in accordance with applicable law.

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