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VCI Global Appoints HWGG Listing Advisor

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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 advisor to HWGG Entertainment Limited (“HWGG”, Ho Wah Genting Group) for its upcoming listing on the NASDAQ stock market. The advisory mandate entails an advisory fee of US$1.6 million and a success fee of 5% of HWGG’s market capitalization at the time of listing.

HWGG is one of the most established entertainment service providers in Southeast Asia. Reimagining the world of travel and entertainment by embracing state-of-the-art technologies such as Web3.0 to enhance its global presence. HWGG is currently traded on the OTC market of the Nasdaq Stock Exchange.

VCCL’s scope of work includes:

  • Review and assist in the recapitalization of HWGG;
  • Develop a detailed capital markets strategy;
  • Arranging for the composition of the Due Diligence Working Group and the subsequent management of that working group in relation to the production of specialist materials; and
  • Review and assist with any questions the SEC and Nasdaq may have.

“Our expanding client base in providing financial-related advisory and advisory-related services is further evidence of our clients’ trust in our capabilities. I am humbled by HWGG’s trust in us and confident that we will be able to satisfy them in the Nasdaq needs in the listing process,” said VCI Global group executive chairman and chief executive officer Datuk Victor Hoo.

HWGG Group President and Founder Pehin Sri Dato’ Lim Hui Boon mentioned, “The growth of the entertainment industry in 2023 is very encouraging and as a company that has been in the industry for more than 7 years, we are gaining influence from this growth. Our company is also dabbling in innovative Web 3.0 technologies to enhance our products and services to our clients and capture new global markets. There is an opportunity to be listed on NASDAQ, the US capital market, which will provide us with a platform to access global capital market to further strengthen and expand our company to different markets and regions using our new technology.”

About VCI Global Limited

VCI Global is a multidisciplinary consultancy group with significant consultancy practices in business and technology. The firm provides business and board strategy services, investor relations services and technology consulting services. Its clients range from small and medium-sized enterprises and government-related agencies to listed companies in various industries. VCI Global only operates in Malaysia and its clients are mainly from Malaysia, but it also serves some clients from China, Singapore and the United States.

For more information about the company, please log in https://v-capital.co/.

Caution Regarding Forward-Looking Statements

This press release contains forward-looking statements that are subject to various risks and uncertainties. Such statements include statements about the Company’s ability to develop its business and other statements that are not historical facts, including statements that may be accompanied by words such as “intends,” “may,” “will,” “plans,” “anticipates” and similar words. “anticipate”, “project”, “forecast”, “estimate”, “target”, “believe”, “hope”, “potential” or similar words. Due to certain factors, including, but not limited to, the Company’s ability to operate profitably, customer acceptance of new products, the impact of the spread of the coronavirus (COVID-19) and future measures taken by authorities in countries where the Company has supply chain partners, the Demand for the company’s products and the economics of the company’s customers, the impact of competitive offerings and pricing, success management, general economic conditions and other risk factors are detailed in the company’s filings with the Securities and Exchange Commission. The forward-looking statements contained in this news release are made as of the date of this news release, and the company disclaims any duty to update the forward-looking statements contained in this news release, except as required by applicable law.

contact information:

Posted by Imej Jiwa Communications Sdn Bhd on behalf of VCI Global Limited
For media inquiries, please contact:

Jiwa Communications Sdn Bhd’s image
Chris Tsai
e-mail: Chris@imejjiwa.com

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