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VCI Global To Subscribe For Stake In GlobexUS Holdings Corp

VCI Global To Subscribe For Stake In GlobexUS Holdings Corp GlobeNewswire May 31, 2023

KUALA LUMPUR, Malaysia, May 31, 2023 (GLOBE NEWSWIRE) -- VCI Global Limited (NASDAQ: VCIG) (“VCI Global”, or the “Company”) today announced it will be subscribing for 500 new GlobexUS Holdings Corp (“GlobexUS”) shares at USD3,000 per share for USD1.5 million. This investment signals the expansion of the Company’s business into the digital asset market.

GlobexUS is the holding company of the 50/50 joint venture technology partner of Upstream Exchange (“Upstream”), a MERJ Exchange market. Being an exchange and trading app for digital securities, Upstream is the world’s first regulated exchange that lists blockchain based digital securities to be traded on its retail marketplace. Upstream, with a current retail investor base of over 7,000 app users and rising, enables U.S and global securities issuers to dual list their shares on its platform.

VCI Global has also entered into a marketing and referral agreement to partner with Upstream. Under this agreement, VCI Global shall be granted territorial exclusivity for Malaysia, Singapore, and Indonesia, where the Company will introduce and refer entities that wish to list or dual list on Upstream. VCI Global has already made in-roads having secured its first issuer client, which is already looking into taking part in dual-listing on Upstream.

“As the global economies pull further away from the pandemic era, we are committed to maintain our growth strategy plan to maintain our position as a leading global advisory firm. The acquisition of the stake (in GlobexUS) is synergistic given our related referral arrangement. Undoubtedly a win-win situation for all parties concerned. This partnership with Upstream will open up a new revenue stream for us which, we believe, will increase the valuation of VCI Global significantly once it gains traction,” said Dato’ Victor Hoo, Group Executive Chairman and Chief Executive Officer of VCI Global.

About VCI Global Limited

VCI Global is a multi-disciplinary consulting group with key advisory practices in the areas of business and technology. The Company provides business and boardroom strategy services, investor relation services, and technology consultancy services. Its clients range from small-medium enterprises and government-linked agencies to publicly traded companies across a broad array of industries. VCI Global operates solely in Malaysia, with clients predominantly from Malaysia, but also serves some clients from China, Singapore, and the US.

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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. 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. 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.


Issued by Imej Jiwa Communications Sdn Bhd on behalf of VCI Global Limited
For media queries, please contact:

Imej Jiwa Communications Sdn Bhd
Chris Chuah

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