Company: VCIG
Filing Date: 2025-05-13
Form Type: 20-F
Source: 0001213900-25-042476
Chunk: 26

Company: VCI Global Ltd
Filing Date: 2025-05-13
Form: 20-F
Item: Item 4
Chunk 26
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is Noraini Binti Aripin, a citizen of Malaysia. In 2021, ELMU collaborated with Malaysia Anti-Corruption Academy (MACA) to conduct courses
on legal framework, corporate liability, corruption risk management and organizational anti-corruption plan targeted for SMEs and listed
companies in Malaysia.

Elmu V Sdn. Bhd., a
Malaysia private company formed on May 18, 2021 and a 69.2% owned indirect subsidiary of the Company, focuses in establishing, operating
and managing training centers, coaching classes, learning centers or agencies and to provide all facilities so required, including conducting
classes, seminars, demonstrations, education and training programs, advisory services to promote soft skills, studies, research, lectures,
seminars and to appoint consultants, associates and other specialists or agents. Elmu V is 70% owned by our 56% owned indirect subsidiary,
Elmu Education Group Sdn. Bhd, whose minority shareholders are stated above and 30% owned by are wholly owned indirect subsidiary V Capital
Quantum Sdn. Bhd.

Elmu Higher Education
Sdn Bhd, a Malaysia private company formed on May 24, 2021, provides management consultancy activities, education related services, research
and development of other social sciences and humanities. Moving forward to in 2023, the company has been approved by the Ministry of Higher
Education to establish a private higher education institution in Malaysia.

Others

The Company has formed a number of companies that
are currently dormant and have not conducted any operations, which include: VCI Energy Sdn Bhd (F. K. A TGI V Sdn Bhd); VCI Wootzano Robotics
Sdn Bhd (F. K. A V Capital Robotics Sdn Bhd); Generative AI Sdn Bhd; and VCI Global Brands Limited (F. K. A. VCIG Limited).

We will not make any investment that would result
in us being an “investment company” as defined under the Investment Company Act of 1940.

Completion of the Initial Public Offering
(“ IPO”)

On April 17, 2023, we closed our IPO of 1,280,000
Ordinary Shares at a public offering price of $4.00 per share. Gross proceeds of our IPO totaled $5.12 million, before deducting underwriting
discounts and other related expenses. The Company received net proceeds of approximately $3.