{"id":749648,"date":"2023-04-20T09:28:35","date_gmt":"2023-04-20T13:28:35","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/vci-global-limited-announces-memorandum-of-agreement-to-acquire-a-70-stake-in-locus-t-sdn-bhd\/"},"modified":"2023-04-20T09:28:35","modified_gmt":"2023-04-20T13:28:35","slug":"vci-global-limited-announces-memorandum-of-agreement-to-acquire-a-70-stake-in-locus-t-sdn-bhd","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/vci-global-limited-announces-memorandum-of-agreement-to-acquire-a-70-stake-in-locus-t-sdn-bhd\/","title":{"rendered":"VCI Global Limited Announces Memorandum of Agreement\u00a0to Acquire a 70% stake in LOCUS-T Sdn Bhd"},"content":{"rendered":"
\n

KUALA LUMPUR, Malaysia, April 20, 2023 (GLOBE NEWSWIRE) — VCI Global Limited (NASDAQ: VCIG) (\u201cVCI Global\u201d, or the \u201cCompany\u201d) today announced it has signed a Memorandum of Agreement (\u201cMOA\u201d) which summarizes the principal terms of its proposed 70% acquisition of LOCUS-T Sdn Bhd (\u201cLOCUS-T\u201d) by V Capital Kronos Berhad (\u201cV Capital Kronos\u201d), a wholly owned subsidiary of VCI Global for a purchase consideration of Ringgit Malaysia Thirteen Million Four Hundred and Forty Thousand (RM13,440,000.00) (equivalent to\u00a0approximately US$3,028,391, based on the exchange rate of\u00a0US$1.00:\u00a0RM4.4380\u00a0as at\u00a0April 20, 2023). As part of the principal terms of the acquisition, V Capital Kronos will also be granted a first right of refusal to purchase the remaining 30% stake in LOCUS-T from its existing vendor should they decide to sell.<\/p>\n

LOCUS-T is a marketing agency which specialises in digital marketing industry with a focus offering on marketing technology and solutions, such as Google SEO (Search Engine Optimization), Google Ads, Facebook Ads and Website Design based in Malaysia. It has over 20 years of experience and has served over 7,000 SMEs and MNCs clients since inception. It currently has an active client portfolio of over 1,000 SMEs and MNCs clients and is one of the few agencies in Malaysia carrying both the Google Premier Partner and Meta Business Partner.<\/p>\n

\u201cThe acquisition of LOCUS-T allows us to immediately tap into its existing large portfolio of clients which range from Small Medium Enterprises and Multinational industry leaders such as Amway, 7-Eleven, Sports Planet, SP Setia just to name a few. With the huge portfolio of clients, VCI Global will be able to cross-sell our business and technology consultancy business to LOCUS-T\u2019s existing clients and vice versa. This acquisition is highly synergetic to our existing consultancy business as it will also assist VCI Global\u2019s existing clients to leverage on LOCUS-T\u2019s digital marketing capability to grow our existing client\u2019s business,\u201d said Dato\u2019 Victor Hoo, Chairman and Group Director of VCI Global.<\/p>\n

In addition, the acquisition will also bring about a new suite of consultancy service in the digital marketing space complementing VCI Global\u2019s existing business and technology consultancy business alongside creating a new business segment and revenue stream for VCI Global. As the world move towards digitalization, more and more businesses will embrace digitalization hence this acquisition will further enhance and reinforce VCI Global\u2019s service offering to further promote client stickiness as the Company strengthens its service offering to add value to its existing and potential clients.<\/p>\n

\n About VCI Global Limited <\/strong>\n <\/p>\n

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.\u00a0Its 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.<\/p>\n

For more information on the Company, please log on to https:\/\/v-capital.co\/<\/em>.<\/p>\n

\n Cautionary Note Regarding Forward-Looking Statements<\/strong>\n <\/p>\n

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.<\/p>\n

\n CONTACT INFORMATION:<\/strong>\n <\/p>\n

\n Issued by Imej Jiwa Communications Sdn Bhd and ICR Inc. on behalf of VCI Global Limited<\/strong>
\n
For media queries, please contact:<\/p>\n

\n Imej Jiwa Communications Sdn Bhd<\/strong>
\n
Chris Chuah
Email: chris@imejjiwa.com<\/u><\/a><\/p>\n

\n ICR Inc.<\/strong>
\n
Investor Relations
Michael Bowen
Vciglobal.ir@icrinc.com<\/u><\/a><\/p>\n

Public Relations
Brad Burgess
Vciglobal.pr@icrinc.com<\/u><\/a>\u00a0<\/p>\n


\n
\n \n <\/div>\n

<\/div>\n","protected":false},"excerpt":{"rendered":"

KUALA LUMPUR, Malaysia, April 20, 2023 (GLOBE NEWSWIRE) — VCI Global Limited (NASDAQ: VCIG) (\u201cVCI Global\u201d, or the \u201cCompany\u201d) today announced it has signed a Memorandum of Agreement (\u201cMOA\u201d) which summarizes the principal terms of its proposed 70% acquisition of LOCUS-T Sdn Bhd (\u201cLOCUS-T\u201d) by V Capital Kronos Berhad (\u201cV Capital Kronos\u201d), a wholly owned subsidiary of VCI Global for a purchase consideration of Ringgit Malaysia Thirteen Million Four Hundred and Forty Thousand (RM13,440,000.00) (equivalent to\u00a0approximately US$3,028,391, based on the exchange rate of\u00a0US$1.00:\u00a0RM4.4380\u00a0as at\u00a0April 20, 2023). As part of the principal terms of the acquisition, V Capital Kronos will also be granted a first right of refusal to purchase the remaining 30% stake in LOCUS-T from its existing vendor should … <\/p>\n

Continue reading “VCI Global Limited Announces Memorandum of Agreement\u00a0to Acquire a 70% stake in LOCUS-T Sdn Bhd”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-749648","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nVCI Global Limited Announces Memorandum of Agreement\u00a0to Acquire a 70% stake in LOCUS-T Sdn Bhd - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/vci-global-limited-announces-memorandum-of-agreement-to-acquire-a-70-stake-in-locus-t-sdn-bhd\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"VCI Global Limited Announces Memorandum of Agreement\u00a0to Acquire a 70% stake in LOCUS-T Sdn Bhd - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"KUALA LUMPUR, Malaysia, April 20, 2023 (GLOBE NEWSWIRE) — VCI Global Limited (NASDAQ: VCIG) (\u201cVCI Global\u201d, or the \u201cCompany\u201d) today announced it has signed a Memorandum of Agreement (\u201cMOA\u201d) which summarizes the principal terms of its proposed 70% acquisition of LOCUS-T Sdn Bhd (\u201cLOCUS-T\u201d) by V Capital Kronos Berhad (\u201cV Capital Kronos\u201d), a wholly owned subsidiary of VCI Global for a purchase consideration of Ringgit Malaysia Thirteen Million Four Hundred and Forty Thousand (RM13,440,000.00) (equivalent to\u00a0approximately US$3,028,391, based on the exchange rate of\u00a0US$1.00:\u00a0RM4.4380\u00a0as at\u00a0April 20, 2023). 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