KUALA LUMPUR, Malaysia, Aug. 27, 2024 (GLOBE NEWSWIRE) — VCI Global Limited (NASDAQ: VCIG) (Frankfurt: H0T) (VCI Global, VCIG, or the Company) is pleased to announce that its Chief Executive Officer, Dato’ Victor Hoo, has significantly increased his shareholding in the Company. This move, coupled with the recent share buyback program announced on 19 August 2024, and the Company’s strong financial performance for the first half of 2024, highlights VCIG’s impressive growth trajectory and positive outlook.
Prior to the Transaction, Dato’ Victor Foo beneficially owned and controlled 12.05% of the Company’s total issued shares, of which 10.72% was held directly and 1.33% was held indirectly through V Invesco Fund (L) Limited, which he owns. Following the Transaction, he now beneficially owns and controls approximately 27.32% of the Company’s total issued shares, which represents an increase of 15.27% in his total shareholding, confirming his strong confidence in the Company’s strategic direction and future growth potential.
“The CEO’s investment and impressive financial performance in the first half of 2024 reflect VCIG’s strong growth prospects and commitment to long-term success. The company reported noteworthy financial metrics, including a 44% increase in revenue, a 57% increase in gross profit and a 25% increase in net profit compared to last year. These results are consistent with our full-year guidance of a 65% increase in revenue and a 68% increase in gross profit in fiscal 2024, and we are likely to exceed these targets if current trends continue.”
“I am deeply committed to VCI Global and its vision for long-term growth. My increased investment is a clear endorsement of the company’s direction and performance. Along with our strong financial performance and share repurchase program, this strengthens my confidence in the company’s ongoing success and ability to deliver lasting value to shareholders,” said Dato’ Victor Foo, Group Executive Chairman and Chief Executive Officer of VCI Global.
About VCI Global Limited
VCI Global is a diversified holding company, through its subsidiaries, focused on consulting, fintech, AI, robotics and cybersecurity. Based in Kuala Lumpur, Malaysia, its primary business is focused in Asia with a significant presence in Asia Pacific, the US, Europe and the Middle East. VCIG primarily provides capital markets, real estate, AI and technology consulting services. In its technology business, VCIG operates a proprietary fundraising platform serving businesses and individuals, and a secure messaging platform serving governments and organizations. VCIG also invests, incubates, accelerates and commercializes AI and robotics businesses and technologies.
For more information about the company, please visit https://v-capital.co/.
Caution Regarding Forward-Looking Statements
This press release contains forward-looking statements that involve various risks and uncertainties. Such statements include statements regarding our ability to expand our business and other statements that are not historical facts (including statements containing words such as intends, may, will, plans, expects, anticipates, forecasts, projects, anticipates, aims, believes, hopes, potential, etc.). 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 place reliance on these forward-looking statements. Actual results may differ materially from those described in these forward-looking statements due to certain factors, including our ability to operate our business profitably, customer acceptance of new products, the impact of the spread of COVID-19, future actions by authorities in countries in which we have supply chain partners, demand for our products, the economic condition of our customers, the impact of competitive products and pricing, the success of operations, general economic conditions and other risk factors detailed in our filings with the U.S. 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 undertakes no obligation to update any forward-looking statements in this press release, except in accordance with applicable law.
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