Company: VCIG
Filing Date: 2025-05-13
Form Type: 20-F
Source: 0001213900-25-042476
Chunk: 17

Company: VCI Global Ltd
Filing Date: 2025-05-13
Form: 20-F
Item: Item 3
Chunk 17
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 choose to follow home country practice in the future,
our shareholders may be afforded less protection than they otherwise would enjoy under Nasdaq corporate governance listing standards applicable
to U. S. domestic issuers. Notwithstanding the foregoing, we are not required to and, in reliance on home country practice, we do not intend
to, comply with certain Nasdaq rules regarding shareholder approval for certain issuances of securities under Nasdaq Rule 5635. In addition,
in reliance on home country practice we do not intend to hold an annual meeting as required under Nasdaq Listing Rule 5620. In accordance
with the provisions of our amended and restated memorandum and articles of association, our board of directors is authorized to issue
securities, including ordinary shares, preferred shares, warrants and convertible notes without shareholder approval.

If we were deemed to be an investment company
under the Investment Company Act of 1940, applicable restrictions could make it impractical for us to continue our business as contemplated
and could have a material adverse effect on our business and the price of our ordinary shares.

An entity will generally be deemed an “investment
company” under Section 3(a)(1) of the Investment Company Act of 1940, as amended (the “1940 Act”) if: (a) it is or holds
itself out as being engaged primarily, or proposes to engage primarily, in the business of investing, reinvesting or trading in securities,
or (b) absent an applicable exemption, it owns or proposes to acquire investment securities having a value exceeding 40% of the value
of its total assets (exclusive of U. S. government securities and cash items) on an unconsolidated basis. We believe that we are engaged
primarily in the business of providing business and technology consulting services and not in the business of investing, reinvesting or
trading in securities. We hold ourselves out as a business consulting firm and do not propose to engage primarily in the business of investing,
reinvesting or trading in securities. In that respect, we do not believe that we fall within the definition of an “investment company”
under the 1940 Act because substantially all of our revenue has come from consulting fees and other factors such as the history of the
Company, how the Company has represented itself in the marketplace and the lack of investing expertise by almost all of senior management.

The 1940 Act and the rules thereunder contain
detailed parameters for the organization and operation of investment companies. Among other things