KUALA LUMPUR, Malaysia, May 30, 2023 (GLOBE NEWSWIRE) -- VCI Global Limited (NASDAQ: VCIG) (“VCI Global”, or the “Company”) today announced that its wholly owned subsidiary V Capital Consulting Limited (“VCCL”) has been appointed as the consultant for HWGG Entertainment Limited (“HWGG”, which stands for Ho Wah Genting Group), for the latter’s forthcoming listing on the NASDAQ stock market. This advisory mandate entails a USD1.6 million advisory fee and also a success fee of 5% of HWGG’s market capitalisation upon listing.

HWGG is one of the most established entertainment service providers throughout Southeast Asia. Reimagining the travel and entertainment landscape by employing the most advanced technology such as Web3.0 to enhance the power of its global reach. HWGG is currently traded on the OTC market of the NASDAQ stock exchange.

VCCL’s scope of work includes, amongst others:

• review and assist with the reorganization of HWGG’s capital structure;
• establish detailed capital market strategies;
• arrange for the formation of a due diligence working group and subsequent management of this working group in producing professional materials; and
• review, and assist to any queries that may arise from U.S. Securities and Exchange Commission and NASDAQ.

“Our expanding clientele base in the provision of financial related consultancy and advisory related services further epitomises the clients’ trust in our capabilities. I am truly humbled by the faith HWGG puts in us and truly believe that we will be able to meet their needs as they progress towards being listed on NASDAQ,” said Dato’ Victor Hoo, Group Executive Chairman and Chief Executive Officer of VCI Global.

Group President and founder of HWGG, Pehin Sri Dato' Lim Hui Boon mentions, "2023 sees very encouraging growth in the entertainment industry, as a company that has been involved in this industry for more than 7 years, we are gaining leverage from such growth. Our company also ventured into innovative Web 3.0 technology to enhance our products and services to our clients and to capture new global markets. With the opportunity to up-list our company to NASDAQ, a US capital market, it will provide us a platform to access global capital markets in order to further strengthen and expand our company to different markets and regions with our new technologies.”

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/.

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 Limited
For media queries, please contact:

Imej Jiwa Communications Sdn Bhd
Chris Chuah
Email: chris@imejjiwa.com