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.
