VCI Global Proposes To Acquire A 51% Stake In AI-Based Cogia GmbH
26 June 2023 - 10:00PM
VCI Global Limited (NASDAQ: VCIG) (“VCI Global”, or the “Company”)
announced that it has proposed to acquire a 51% stake in Cogia GmbH
from Cogia AG for a purchase consideration of USD5 million.
The purchase consideration will be settled by
way of issuance of new VCI Global ordinary shares to Cogia AG.
Cogia GmbH is wholly owned by Cogia AG, a
company listed on Dusseldorf Stock Exchange. Incorporated in
Frankfurt am Main, Germany, Cogia GmbH itself is a software company
which offers artificial intelligence (“AI”) based, fully
privacy-compliant solutions in the areas of secure communications,
cybersecurity, Big Data Analytics and web monitoring. Its vast
customer portfolio includes major companies from various
industries, such as Volkswagen, BMW, Lufthansa, IPSOS and the
government of an European Union state.
“We at VCI Global feels that AI is the way of
the future. This proposed acquisition will further entrench VCI
Global’s footprint on global AI related industries and services
with the offering of unprecedented AI-enhanced technologies and
consultancy services. We also considered Cogia as an ideal partner
given the exceptional business opportunities and synergies, fuelled
by our common visions. The strong positive feedbacks from capital
markets merely endorse our decision to expedite this partnership
now through a merger. This merger represents a pivotal moment,
propelling us to greater heights,” said Dato’ Victor Hoo, Group
Executive Chairman and Chief Executive Officer of VCI Global.
"Excited to amplify our partnership with VCI
Global through this strategic 51% acquisition, harnessing their
financial expertise and core customer connections to fuel our
global growth, with a sharp focus on dominating
the Asian market," said Pascal Lauria, Founder and Chief
Executive Officer of Cogia GmbH.
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.
For more information on the Company, please log
on to https://v-capital.co/.
About Cogia GmbH
Cogia GmbH is a software company based in
Frankfurt am Main, Germany, founded in 2010. The company offers
AI-based, fully privacy-compliant solutions in the areas of secure
communications, cybersecurity, Big Data Analytics and web
monitoring. The customer portfolio includes major companies from
many industries, including Volkswagen, BMW, IPSOS, Lufthansa and
the government of an EU state.
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.
CONTACT INFORMATION:
Issued by Imej Jiwa Communications Sdn
Bhd on behalf of VCI Global LimitedFor media queries,
please contact:
Imej Jiwa Communications Sdn
BhdChris ChuahEmail: chris@imejjiwa.com
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