VCI Global CEO Increases Shareholding by 15.27%, Expresses Strong Confidence in Company’s Growth
August 27 2024 - 8:09AM
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, along with the recent
share buyback program announced on August 19, 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 Hoo
beneficially owned and controlled 12.05% of the Company’s total
outstanding shares, comprising 10.72% held directly and 1.33% of
indirect shareholding through V Invesco Fund (L) Limited, a company
he owns. Following the transaction, he now beneficially owns and
controls a total of approximately 27.32% of the Company’s total
outstanding shares. This represents an increase of 15.27% in his
overall shareholding, underscoring his strong confidence in the
Company’s strategic direction and future growth potential.
The CEO’s investment, combined with the
impressive financial results for the first half of 2024, reflects
VCIG’s strong growth prospects and commitment to long-term success.
The Company reported notable financial metrics, including a 44%
year-over-year increase in revenue, a 57% rise in gross profit, and
a 25% growth in net income. These results are aligned with our
full-year guidance of a 65% increase in revenue and 68% rise in
gross profit for the financial year 2024, and may 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. Alongside
our strong financial results and share buyback program, it
reinforces my confidence in our continued success and our ability
to deliver lasting value to shareholders,” 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.
Through its subsidiaries, it focuses on consulting, fintech, AI,
robotics, and cybersecurity. Based in Kuala Lumpur, Malaysia, our
main operations are centered in Asia, with significant visibility
across Asia Pacific, the United States, Europe, and the Middle
East. VCIG primarily offers consulting services in capital markets,
real estate, AI, and technology. In technology businesses, the
Company operates a proprietary financing platform that serves
companies and individuals, as well as a secured messaging platform
serving governments and organizations. We also invest, incubate,
accelerate, and commercialize businesses and technologies in AI and
robotics.
For more information on the Company, please log on to
https://v-capital.co/.
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.
CONTACT INFORMATION:
For media queries, please contact:
VCI Global Limitedenquiries@v-capital.co
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