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KUALA LUMPUR, Malaysia, June 26, 2023 (GLOBE NEWSWIRE) -- 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.