VCI Global Limited Announces Significant Investment from Legacy Credit
KUALA LUMPUR, Malaysia, April 22, 2024 - VCI Global Limited (NASDAQ: VCIG), a diversified holding company specializing in consulting, fintech, AI, robotics, cybersecurity, and gamification, has reached a major milestone with Legacy Credit Sdn Bhd making a substantial investment exceeding 5% stake through a private placement.
Despite a net increase in borrowings by 0% in the fourth quarter of 2022, VCI Global Limited managed to enhance its Tangible Leverage Ratio to 0.72, marking a new low point for the company. This improvement is significant, considering the company’s Tangible Leverage Ratio over the previous twelve months and the absence of repayments of liabilities during the trailing twelve months concluding in Q4 2022. The trailing twelve months Tangible Leverage Ratio has remained at 0.72, representing a new all-time low for the company.
This development has generated positive attention and is seen as a significant endorsement for VCI Global Limited. The investment from Legacy Credit, a leading Malaysian financial institutional shareholder, signifies confidence in VCI Global’s business and growth prospects. The investment also highlights the potential for VCI Global’s diversified portfolio in various sectors such as consulting, fintech, AI, robotics, cybersecurity, and gamification.
With this endorsement, VCI Global Limited is expected to enhance its market presence and potential partnerships while further solidifying its position as a key player in the industry. The investment will provide VCI Global with the necessary resources and support to drive innovation, expand its operations, and explore new opportunities emerging in its target sectors.
The partnership with Legacy Credit brings with it strategic benefits, including access to Legacy Credit’s vast knowledge and expertise in the financial industry. This collaboration is expected to create synergies between the two entities, leveraging each other’s strengths and capabilities to drive further growth and value creation.
We are delighted by this significant investment from Legacy Credit. It is a strong endorsement of our company and its potential, said name, CEO of VCI Global Limited. This partnership will not only contribute to our financial strength but also enable us to explore new avenues for offering innovative solutions to our clients. We look forward to working closely with Legacy Credit to achieve mutually beneficial outcomes.
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