VCI Global Provides Updates On Its AI Business; The Capital-Raising Round For The Ai Business Has Been Successfully Concluded, And Intends To Initiate A Previously Announced Share Repurchase Program In Q1 2025

Author: Benzinga Newsdesk | September 10, 2024 08:02am

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.

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