24/7 Market News Snapshot 13 December, 2024 – VCI Global Limited Ordinary Share (NASDAQ:VCIG)

December 13, 2024

DENVER, Colo., 13 December, 2024 (247marketnews.com) – (NASDAQ:VCIG) are discussed in this article.
VCI Global Limited (VCIG) has experienced a significant bullish trend in the pre-market, with shares soaring to $2.078, reflecting an impressive increase of 29.07% from the previous close of $1.610. This dramatic rise is underpinned by a robust trading volume of 25.60 million shares, signaling heightened investor interest and confidence. The enthusiasm surrounding VCI Global is further amplified by the company’s ambitious plans in renewable energy, particularly its initiative to develop and acquire up to 100 megawatts (MW) of solar photovoltaic (PV) projects over the next five years. This strategic endeavor is projected to generate approximately US$200 million in revenue over the next two decades, reinforcing the company’s growth trajectory.

VCI Global aims to source at least 70% of the solar capacity from projects aligned with key governmental programs that encourage direct purchases of green electricity. This strategy not only supports VCI Global’s sustainability objectives but also enhances energy independence, especially in powering its advanced data center facilities. In light of the burgeoning energy demands fueled by the rise of artificial intelligence (AI), the company recognizes solar power as crucial for meeting future energy needs, especially as data centers are set to consume an increasingly larger share of electricity.

In addition to its domestic initiatives, VCI Global plans to expand its reach internationally, targeting an additional 30 MW of solar capacity in emerging markets. To support these initiatives, the company anticipates a total investment of approximately US$50 million over the next five years, with an expected annual revenue of about US$10 million. Dato’ Victor Hoo, Group Executive Chairman and CEO of VCI Global, articulated the essential role that renewable resources will play in future electricity generation, positioning the company at the forefront of the clean energy movement and underscoring its robust growth potential in the evolving energy landscape. As VCI Global navigates this transformative path, it remains committed to delivering exceptional value to its stakeholders.

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