VCI Global Provides Preliminary Funding for Saudi Project
2024年5月15日 - 9:00PM
VCI Global Limited (NASDAQ: VCIG) (“VCI Global”, “VCIG”, or the
“Company”), is pleased to announce plans to facilitate the Capital
Raising of no less than US$210 million for Magnum Mining &
Exploration Limited (ASX: MGU) (“Magnum”) through its subsidiary, V
Capital Consulting Limited (“VCCL”).
The agreement with VCCL and 2x1.Digital Private
Limited (“2x1.Digital”) is to undertake a capital raising of no
less than US$210 million (“Capital Raising”) to advance Magnum’s
Green Pig Iron Project (the “Project”) in Saudi Arabia. Magnum is
to receive no less than US$10 million as working capital, and the
remaining amount, no less than US$200 million, is to be provided as
50% of the capital for the Midmetal HIsmelt plant. The remaining
50% funding for the Midmetal HIsmelt plant will be matched by the
Saudi Investment Development Fund (“SIDF”). Investors participating
in the Capital Raising will receive fully paid ordinary shares in
Midmetal in proportion to their participation in the Capital
Raising up to a total aggregate interest in Midmetal of 50%; and,
subject to Magnum’s shareholder approval, fully paid ordinary
shares in Magnum in proportion to their participation in the
Capital Raising up to a total aggregate interest in Magnum of
19.99%.
Magnum and Middle East for Metallic Industrial
(“Midmetal”) have entered into a project funding agreement (“PFA”)
with VCCL and 2x1.Digital, under which VCCL and 2x1.Digital will
use their best endeavors to complete the Capital Raising to fund
the building of a HIsmelt plant in the Kingdom of Saudi Arabia
(KSA) that will see the planned production of Green High Purity Pig
Iron by Midmetal. Midmetal, the vehicle for the Project, is 50%
owned by Magnum. Midmetal has secured certification for funding of
up to 50% of the costs of the Project from the KSA Government,
through SIDF.
Under the PFA, and on its successful completion,
VCCL and 2x1.Digital will each receive 10% of Midmetal’s ordinary
shares. 2x1.Digital will also have the right to receive a position
on the Board of Magnum. The PFA is binding for a term of four
months, renewable by the mutual agreement of the parties.
“Through VCCL, we are proud to support Magnum in
their pursuit of sustainable innovation within the mining and
exploration industry. This partnership exemplifies our commitment
to fostering growth and advancing transformative projects in the
global market,” said Dato’ Victor Hoo, Group Executive Chairman and
Chief Executive Officer of VCI Global.
About VCI Global Limited
VCI Global is a diversified holding company.
Through its subsidiaries, it focuses on consulting, fintech, AI,
robotics, cybersecurity, and gamification. Based in Kuala Lumpur,
Malaysia, our main operations are centered in Asia, with
significant visibility across Asia Pacific, the United States,
Europe, and the Middle East. VCIG primarily offers consulting
services in capital markets, real estate, AI, and technology. In
technology businesses, the company operates a proprietary financing
platform that serves companies and individuals, as well as a
secured messaging platform serving governments and organizations.
We also invest, incubate, accelerate, and commercialize businesses
and technologies in AI, robotics, and gamification.
For more information on the Company, please log on to
https://v-capital.co/.
Cautionary Note Regarding Forward-Looking
Statements
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 (SEC). 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.
CONTACT INFORMATION:
For media queries, please contact:
VCI Global Limitedenquiries@v-capital.co
VCI Global (NASDAQ:VCIG)
過去 株価チャート
から 5 2024 まで 6 2024
VCI Global (NASDAQ:VCIG)
過去 株価チャート
から 6 2023 まで 6 2024