VCI Global Secures $24 Million AI Contract for Malaysian Data Center Project

VCI Global shares jump as it receives $24M AI Contract

VCI Global (NASDAQ:VCIG) said on Wednesday, that through its subsidiary, V-Gallant, it has received a conditional Letter of Award valued at approximately US$24 million from Hexatoff Group for its proposed data center project in Enstek City, Malaysia. Under the agreement, V-Gallant has been selected to supply AI hardware and software solutions, including an AI computing system featuring 640 units of NVIDIA H200 Tensor Core GPUs. VCI Global (VCIG) shares rose more than 45% in pre-market trading on Wednesday. More on VCI Global Financial information for VCI Global

VCI Global wins $24M Malaysia data center project By Investing.com

KUALA LUMPUR - VCI Global Limited (NASDAQ:VCIG), a diversified holding company, has been awarded a contract worth approximately $24 million to provide AI hardware and software for a data center project in Malaysia. The conditional Letter of Award was issued by Hexatoff Group Sdn. Bhd. for the first phase of a data center in Enstek City. Under the agreement, VCI Global's subsidiary, V-Gallant, will supply 640 units of NVIDIA (NASDAQ:NVDA) H200 Tensor Core GPUs as part of the AI computing system for the data center. This partnership aligns with Malaysia's strategic vision to become a leading hub for AI and digital infrastructure in Southeast Asia. Hexatoff Group, a turnkey solutions provider with the nation's highest-grade construction license, is spearheading this development. The project is part of a broader trend in Malaysia, which has seen significant growth in the data center sector. The Malaysian Investment Development Authority (MIDA) has approved 12 data center investment projects from 2021 to June 30, 2024, totaling about $21 billion in value, with six projects already operational. The collaboration with Hexatoff Group is expected to enhance Malaysia's reputation as a key growth market for data centers in the ASEAN region. Major global companies like Microsoft (NASDAQ:MSFT) and Google (NASDAQ:GOOGL) have made substantial investments in Malaysia, establishing cloud regions and contributing to the country's digital transformation. VCI Global's CEO, Dato' Victor Hoo, commented on the partnership, highlighting its support for Malaysia's innovation and sustainable growth. The company's operations span across various sectors including capital market consultancy, fintech, real estate, AI & Robotics, and cybersecurity, with a strong presence in the Asia-Pacific region, the United States, Europe, and the Middle East. This press release contains forward-looking statements about the company's future growth and business prospects. These statements are based on current expectations and are subject to risks and uncertainties that could cause actual results to differ materially. The information for this article is based on a press release statement. In other recent news, VCI Global Limited has been making significant strides in its financial performance and business operations. The company recently secured a $16 million contract through its subsidiary, V Gallant Sdn Bhd, to build an AI-enabled live streaming platform for a Malaysian e-commerce company. The platform is expected to enhance user experience by integrating NVIDIA H200 Tensor Core GPUs and AI software. In addition, VCI Global has appointed Victor Lee as its new executive director, bringing his 28 years of experience in the private equity sector to the company. The company also concluded its At-The-Market equity offering program, managed by H.C. Wainwright & Co., raising approximately $1.77 million. This termination is expected to pave the way for the company to explore more advantageous financing alternatives aligned with its strategic growth plans. Furthermore, VCI Global secured an $18 million contract to list four Malaysian companies on the Nasdaq stock exchange. This deal, in collaboration with Legacy Corporate Advisory Sdn Bhd, is projected to generate revenues of $18 million over the next 14 months. These developments are part of VCI Global's ongoing growth and transformation journey, which also includes a secondary listing on the Frankfurt Stock Exchange, a $10 million share buyback program, and the expansion of its AI computing solutions through the integration of NVIDIA H200 Tensor Core GPUs and AI software. VCI Global Limited's recent $24 million contract award aligns with its impressive financial performance. According to InvestingPro data, the company has shown strong revenue growth, with a 89.38% increase in the last twelve months as of Q2 2024. This growth is reflected in the company's robust gross profit margin of 70.86%, indicating efficient operations and potentially strong pricing power in its diverse business segments. Despite the positive contract news, VCI Global's stock has faced significant headwinds. InvestingPro Tips reveal that the stock has performed poorly over the last month, with a price total return of -56.09%. This short-term volatility contrasts with the company's solid fundamentals, such as holding more cash than debt on its balance sheet and having liquid assets that exceed short-term obligations. Interestingly, VCI Global is trading at a low Price / Book multiple of 0.1, which could suggest that the stock is undervalued relative to its assets. This metric, combined with the company's profitability over the last twelve months, may present an opportunity for investors looking at the long-term potential of VCI Global's diverse operations and its positioning in growth markets like AI and data centers. For investors seeking a more comprehensive analysis, InvestingPro offers 14 additional tips for VCI Global, providing a deeper understanding of the company's financial health and market position.

VCI Global Receives Conditional Letter of Award for US$24 Million AI Contract - VCI Global (NASDAQ:VCIG)

KUALA LUMPUR, Malaysia, Nov. 27, 2024 (GLOBE NEWSWIRE) -- VCI Global Limited VCIG ("VCI Global" or the "Company"), through its subsidiary, V-Gallant Sdn. Bhd. ("V-Gallant"), is pleased to announce that it has received a conditional Letter of Award valued at approximately US$24 million from Hexatoff Group Sdn. Bhd. ("Hexatoff Group") for its proposed data center project in Enstek City, Malaysia. Under the agreement, V-Gallant has been selected to supply cutting-edge AI hardware and software solutions, including an AI computing system featuring 640 units of NVIDIA H200 Tensor Core GPUs. This deployment will support the first phase of Hexatoff Group's data center development. Hexatoff Group, a turnkey solutions provider specializing in infrastructure and building construction, is registered with the Ministry of Finance Malaysia and holds the nation's highest-grade construction license (G7). This collaboration is expected to position Malaysia as a leading hub for AI and digital infrastructure in Southeast Asia. Recent developments highlight Malaysia's growing prominence in the data center sector. According to the Malaysian Investment Development Authority (MIDA), the country has approved 12 data center investment projects, covering activities such as cloud computing and data hosting, with a total investment value of around US$21 billion (around RM91 billion) from 2021 to June 30, 2024. The Ministry of Investment, Trade and Industry (MITI) reported that six of these projects, worth around US$16 billion (approximately RM70 billion), are now operational and strategically located in Johor (four projects), Selangor (one), and Kuala Lumpur (one). These advancements underline Malaysia's role as a key data center growth market in ASEAN, bolstered by sustained corporate investments and progressive regulatory frameworks. "With major global players like Microsoft and Google investing billions to establish cloud regions, and NVIDIA partnering with YTL Power International Berhad on a US$4.3 billion AI Cloud Data Center, Malaysia is undergoing an unprecedented transformation. Investments by companies such as Equinix and ST Telemedia further highlight the country's attractiveness as a data center growth hub," said Dato' Victor Hoo, Group Executive Chairman and CEO of VCI Global. "Our partnership with Hexatoff Group supports Malaysia's vision for innovation and sustainable growth, reinforcing our commitment to advancing AI and digital infrastructure in the region." About VCI Global Limited VCI Global is a diversified holding company headquartered in Kuala Lumpur, Malaysia. The Company operates through five core businesses: Capital Market Consultancy, Fintech, Real Estate, AI & Robotics, and Cybersecurity. In Capital Market Consultancy, we provide IPO solutions, investor relations (IR) and public relations (PR) consultancy, and M&A consultancy. Our Fintech arm offers a proprietary financing platform. In Real Estate, we offer specialized real estate consultancy services. The AI business delivers GPU servers, GPU cloud computing services, AI and large language model (LLM) solutions, while the Robotics segment focuses on post-harvest robotics systems. Our Cybersecurity segment provides comprehensive cybersecurity consultancy services and solutions. Committed to fostering innovation and delivering exceptional value, VCI Global has established a strong presence across the Asia-Pacific region, the United States, Europe, and the Middle East, driving growth and transformation on a global scale. For more information on the Company, please log on to https://v-capital.co/. About Hexatoff Group Sdn. Bhd. Hexatoff Group Sdn. Bhd. is a leading turnkey solution provider specializing in the construction of infrastructure and buildings in Malaysia. The company is registered with the Ministry of Finance Malaysia and holds the highest-grade construction license (G7), signifying its capability to undertake large-scale projects. Founded in 2015, Hexatoff Group combines innovative construction methods with over 20 years of collective industry expertise to deliver excellence and reliability in every project. Its portfolio includes notable developments such as Aster Residence, Salak South Residential Development, and Twinz Condominium, collectively valued at over RM200 million in contract awards. Committed to innovation, sustainability, and quality, Hexatoff Group continues to leave a transformative impact on Malaysia's urban and industrial landscapes, building a legacy of trust and excellence. For more information on the Company, please log on to https://hexatoffgroup.com/. 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 Limited [email protected] Market News and Data brought to you by Benzinga APIs

Why VCI Global (VCIG) Stock Is Up 90% Today - VCI Global (NASDAQ:VCIG)

The company announced it received a conditional letter of award valued at approximately $24 million. VCI Global Ltd VCIG shares are trading higher by 149.2% to $4.461 during Wednesday's session after the company announced it received a conditional letter of award valued at approximately $24 million for its proposed data center project in Enstek City, Malaysia. What To Know: VCI Global Limited VCIG, via its subsidiary V-Gallant Sdn. Bhd., received a conditional $24 million Letter of Award from Hexatoff Group Sdn. Bhd. for a data center project in Enstek City, Malaysia. V-Gallant will supply advanced AI hardware and software to power the project's first phase. Hexatoff Group, a leading infrastructure solutions provider with Malaysia's highest-grade construction license, aims to position the country as a top AI and digital infrastructure hub in Southeast Asia. Dato' Victor Hoo, VCI Global's CEO, emphasized that the partnership aligns with Malaysia's vision for innovation and sustainable growth, enhancing its status as a key player in ASEAN's digital transformation. Read Also: Fed's Favorite Inflation Gauge Heats Up As Predicted, Personal Incomes Soar How To Buy VCIG Stock Besides going to a brokerage platform to purchase a share - or fractional share - of stock, you can also gain access to shares either by buying an exchange traded fund (ETF) that holds the stock itself, or by allocating yourself to a strategy in your 401(k) that would seek to acquire shares in a mutual fund or other instrument. For example, in VCI Global's case, it is in the Industrials sector. An ETF will likely hold shares in many liquid and large companies that help track that sector, allowing an investor to gain exposure to the trends within that segment. According to data from Benzinga Pro, VCIG has a 52-week high of $179.83 and a 52-week low of $1.38. Market News and Data brought to you by Benzinga APIs