VCI Global to expand with new international offices and AI center
© Reuters.
KUALA LUMPUR – VCI Global Limited (NASDAQ:VCIG), a diversified holding company, has announced plans to extend its global presence by establishing offices in New York and London, and an AI Research and Development Center in Frankfurt. This strategic expansion aims to enhance the company’s consulting services and technology offerings to its growing client base.
The New York and London offices, expected to open later this year, will be under the leadership of the newly appointed Group Executive Director, Marco Baccanello. Baccanello’s extensive experience in corporate finance and private equity, particularly in advising technology companies, is anticipated to strengthen VCI Global’s capital market relationships. His previous roles have included significant transactions with notable companies in the mobile games and technology sectors.
Additionally, the Frankfurt AI R&D Center will be spearheaded by Chief AI Officer Pascal Lauria, a veteran technology entrepreneur with over two decades of experience in AI and machine learning. Lauria’s background includes founding Cogia Intelligence and providing AI solutions to Fortune 500 companies. The Frankfurt center will also serve as VCI Global’s European hub.
Dato’ Victor Hoo, Group Executive Chairman and CEO of VCI Global, expressed confidence in the expertise of both Baccanello and Lauria to lead the company’s expansion and meet the evolving needs of their clients. Hoo anticipates that these developments will contribute to accelerated revenue growth and the incubation of innovative technology ventures with significant market potential.
VCI Global’s operations span across consulting, fintech, AI, robotics, cybersecurity, and gamification, with a focus on capital markets, real estate, AI, and technology consulting services. The company also operates a proprietary financing platform and a secured messaging platform catering to governments and organizations. Its strategy includes investing in, incubating, and commercializing businesses and technologies in AI, robotics, and gamification.
The information in this article is based on a press release statement.
InvestingPro Insights
As VCI Global Limited (NASDAQ:VCIG) announces its ambitious expansion plans, the company’s financial health and market performance provide insightful context for investors. With a market capitalization of $43.35 million and a robust gross profit margin of 57.64% over the last twelve months as of Q2 2023, VCI Global demonstrates a strong ability to generate earnings relative to its revenue.
An InvestingPro Tip highlights the company’s impressive gross profit margins, suggesting efficient operations and a potentially strong competitive advantage in its sector. Moreover, VCIG’s P/E ratio stands at a modest 7.72, and even more attractively, the adjusted P/E ratio for the last twelve months as of Q2 2023 is 7.18. This indicates that the stock is trading at a low earnings multiple relative to near-term earnings growth, which may appeal to value-oriented investors.
However, it’s worth noting that the stock has experienced significant price volatility, with a one-week total return of 9.62% yet a one-year total return of -73.13%. This could indicate a higher risk profile, which might be a consideration for risk-averse investors.
For those interested in diving deeper, InvestingPro offers additional insights with a total of 14 InvestingPro Tips for VCIG, which can be found at https://www.investing.com/pro/VCIG. And remember, by using the coupon code PRONEWS24, readers can get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, unlocking further valuable analysis and data to inform their investment decisions.
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