KUALA LUMPUR, Malaysia, Sept. 17, 2025 (GLOBE NEWSWIRE) -- VCI Global Limited (NASDAQ: VCIG) (“VCI Global” or the “Company”), today announced the rescission of its previously announced acquisition of 20% equity stake in QuantGold Data Group Limited ("QuantGold"), resulting in the cancellation of associated shares and a more efficient capital base.
Following an internal and strategic review, VCI Global's board determined that the proposed acquisition would not deliver optimal value for shareholders. The Company has therefore initiated formal proceedings to rescind the transaction and cancel all shares previously allocated for this acquisition, resulting in a reduction in outstanding share count and enhanced earnings per share potential.
Key Transaction Clarifications
SES Acquisition and Patent Portfolio: As part of the original framework, QuantGold had contemplated the acquisition of Secure Encryption Storage Limited ("SES") together with the relevant intellectual properties for HKD 10 million. However, upon VCI Global's review, it was determined that SES does not possess the previously referenced portfolio of 129 patents, which represented a fundamental component of the transaction structure. Consequently, the SES acquisition never materialized, and these findings were significant considerations in the Company's decision to rescind the QuantGold acquisition.
Intellectual Property Position: Any prior references to proprietary technologies associated with QuantGold in previous Company communications are hereby clarified: no intellectual property has been transferred or assigned to VCI Global or QuantGold. This preserves the Company's flexibility to pursue more strategic technology partnerships.
With these matters resolved, VCI Global is well-positioned to advance its cybersecurity business through its V Gallant distributorship with SES and other technology partners. This streamlined approach enables faster market penetration while maintaining strategic flexibility to partner with leading technology providers.
“The initiation of the rescission and cancellation process reflects our commitment to maintaining a disciplined capital structure, especially following our recently completed reverse split,” said Dato' Victor Hoo, Group Executive Chairman and Chief Executive Officer of VCI Global. “Upon completion, this action will result in a tighter share base and a sharper focus as we expand our cybersecurity operations under V Gallant.”
About VCI Global Limited
VCI Global Limited is a cross-sector platform builder at the forefront of technology and financial architecture. The Company focuses on developing and scaling platforms across artificial intelligence, encrypted data infrastructure, digital treasury systems, and next-generation capital market solutions.
By integrating technology innovation with financial ecosystems, VCI Global enables enterprises, governments, and institutions to capture opportunities in the evolving digital economy. The Company's strategy is centered on building scalable platforms that deliver resilience, efficiency, and long-term value across multiple high-growth sectors.
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:
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