VCI Global Stock Triples After Conditional Award Of $24M Contract: Retail Chatter Shows Heightened Optimism
By Stocktwits Inc | First Published Nov 28, 2024, 12:29 AM ISTThe firm said that its subsidiary V-Gallant has been selected to supply cutting-edge AI hardware and software solutions, including an AI computing system featuring 640 units of NVIDIA H200 Tensor Core GPUs.
Shares of Malaysia-based VCI Global ($VCIG) more than tripled on Wednesday after the firm disclosed that its subsidiary, V-Gallant received a conditional letter of award valued at approximately $24 million from Hexatoff Group for its proposed data center project in Enstek City, Malaysia.
VCI Global is a diversified holding company and operates through five core businesses: Capital Market Consultancy, Fintech, Real Estate, AI & Robotics, and Cybersecurity.
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The firm said that V-Gallant has been selected to supply cutting-edge AI hardware and software solutions, including an AI computing system featuring 640 units of NVIDIA H200 Tensor Core GPUs.
The deployment will support the first phase of Hexatoff Group’s data center development, it added.
CEO Dato’ Victor Hoo said with major global players like Microsoft and Google investing billions to establish cloud regions, and NVIDIA partnering with YTL Power International Berhad on a $4.3 billion AI Cloud Data Center, Malaysia is undergoing an unprecedented transformation.
“Investments by companies such as Equinix and ST Telemedia further highlight the country’s attractiveness as a data center growth hub,” he added.
Following the disclosure, VCI Global became the top trending ticker on Stocktwits on Wednesday afternoon. Retail chatter indicated heightened optimism surrounding the stock.
Despite the 200%-plus rally on Wednesday, shares of VCI Global are down over 94% on a year-to-date basis.
In October, the firm had announced a 1-for-49 reverse stock split, intended at increasing the market price per share of the company’s common stock to regain compliance with the minimum bid price required for continued listing on the Nasdaq Capital Market.
On Tuesday, VCI Global announced that it has regained compliance with the minimum bid price requirement under Nasdaq Listing Rule.
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