Company: VCIG
Filing Date: 2025-05-13
Form Type: 20-F
Source: 0001213900-25-042476
Chunk: 161

Company: VCI Global Ltd
Filing Date: 2025-05-13
Form: 20-F
Item: Item 19
Chunk 161
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instruments in accordance with the provisions of IAS 32 - Financial Instruments: Presentation. Under IAS 32, a contract that may
result in the issuance of a variable number of shares does not meet the definition of an equity instrument and must instead be classified
as a derivative financial liability, measured at fair value through profit or loss.

As the warrants contain contingent settlement
provisions that could result in variability in the settlement amount depending on the occurrence of uncertain future events, they do not
qualify for equity classification. Accordingly, these warrants have been recognized as derivative financial liabilities, with changes
in fair value recognized in the consolidated statement of comprehensive income at each reporting date.

  Type of Warrants       Issued                     Exercise                     Remaining               
  December 31, 2024                                                                                      
 ─────────────────────────────────────────────────────────────────────────────────────────────────────────
  Series A                           2,200,000                    1,246,992                     953,008  
  Series B                           2,200,000                    1,271,992                     928,008  
  Existing Listing                     250,000                      229,453                      20,547  

  Type of Warrant        Issued                   Exercise                   Remaining              
  December 31, 2023                                                                                 
 ────────────────────────────────────────────────────────────────────────────────────────────────────
  Exchange Listing                   250,000                    229,453                     20,547  

The Company applied a Black-Scholes pricing model
to estimate the fair value of the warrant liabilities. The significant inputs into the model are shown below.

  Exchange Listing                                                                  
 ────────────────────────────────────────────────────────────────────────────────────
                                                      December 31,                  
  Share price                         2.26            US$               2.26        
  Exercise price / warrant            4.00            US$               4.00        
  Expected volatility                 130.14                            130.14      
  Dividend yield                      Nil                               Nil         
  Expected term (years)               4.24 years                        4.24 years  
  Annual risk-free interest rate      3.918                             3.918       

F-40

                                      December 31,                  
  Series A                                                          
  Share price                         US$               1.08        
  Exercise price / warrant            US$               1.25        
  Expected volatility                                   236.94      
  Dividend yield                                        Nil         
  Expected