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VCI Global (NASDAQ: VCIG) announced a plan to support Magnum Mining & Exploration (ASX: MGU) by raising at least $210 million for its Green Pig Iron Project in Saudi Arabia. VCI's subsidiary, V Capital Consulting, will manage the funding in collaboration with 2x1.Digital. Magnum will receive $10 million for working capital and $200 million for the HIsmelt plant, matched by the Saudi Investment Development Fund. Investors will get shares in Midmetal and potentially Magnum. If successful, VCI and 2x1.Digital will each gain 10% of Midmetal's shares, with 2x1.Digital also securing a board position at Magnum. The agreement is initially binding for four months, renewable by mutual consent.
VCI Global, a diversified holding company, reported outstanding financial results for fiscal year 2023 with a revenue growth of 145% YoY, reaching $19.8 million. The significant achievements in business strategy consultancy and technology segments led to an increase in revenue. Gross profit and net income also rose by 159% and 57%, respectively. The company showcased sustainable growth in various sectors, emphasizing its commitment to excellence and value creation for shareholders.
VCI Global (NASDAQ: VCIG) has announced an investor conference call scheduled for April 30th, 2024, to share company growth with investors. Dato’ Victor Hoo, Group Executive Chairman and CEO, expressed excitement about the progress made over the last year.
