[SCHEDULE 13G/A] VCI Global Limited Ordinary Share SEC Filing

Rhea-AI Filing Summary

Alumni Capital LP, Alumni Capital GP LLC and Ashkan Mapar filed a Schedule 13G/A reporting potential beneficial ownership of 3,451,865 ordinary shares of VCI Global Ltd (CUSIP G98218301), representing 9.99% of the class based on the issuer's 31,101,341 shares outstanding figure. The reported stake reflects shares that the Fund may acquire under convertible promissory notes, warrants, a securities purchase agreement and a purchase agreement; the Fund currently does not own any shares. The 9.99% figure reflects an Ownership Limitation in the agreements and the filing disclaims ownership except to the extent of pecuniary interest.

Positive

• Transparent disclosure of potential economic exposure and instruments (notes, warrants, purchase agreements) that could result in up to 9.99% ownership
• Filing characterizes position as passive and includes certification that securities were not acquired to influence control

Negative

• Fund currently owns no ordinary shares; reported amount reflects potential convertible/exercisable securities rather than present ownership
• Ownership limited to 9.99% by agreement, constraining ability to increase stake above that threshold without issuer consent

Insights

Financial Analyst

TL;DR: Reporting persons disclose a potential ~10% economic interest via convertible instruments, capped by agreement terms.

The filing shows the Fund and affiliated entities are party to multiple financing instruments (two convertible notes dated August 13 and August 27, 2025, related warrants, a Securities Purchase Agreement and an earlier Purchase Agreement) that, if exercised or converted per their terms and subject to conditions, could result in beneficial ownership of 3,451,865 shares or 9.99% of VCI Global's outstanding shares. Because the agreements include an Ownership Limitation, the reported percentage is calculated with that cap and the issuer's stated share count of 31,101,341. The economic exposure is material relative to a minority stake but the Fund currently holds no ordinary shares, limiting immediate governance influence.

Corporate Governance Expert

TL;DR: Disclosure is non-hostile and procedural—the filing notifies market of convertible exposure below 10% ownership cap.

The Schedule 13G/A is consistent with a passive disclosure: the signatories certify the securities were not acquired to influence control. The structure—Fund, GP and controlling individual filing together—clarifies voting/dispositive power is shared (3,451,865 shares) but currently subject to conversion/exercise conditions and contractual limits. For governance, a sub-10% capped position typically implies limited ability to effect board changes absent further purchases or waivers of the Ownership Limitation.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

VCI Global Ltd

(Name of Issuer)

Ordinary Shares

(Title of Class of Securities)

G98218301

(CUSIP Number)

08/27/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. G98218301

1

Names of Reporting Persons

Alumni Capital LP

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 3,451,865.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 3,451,865.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,451,865.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

9.99 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP No. G98218301

1

Names of Reporting Persons

Alumni Capital GP LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 3,451,865.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 3,451,865.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,451,865.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

9.99 %

12

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13G

CUSIP No. G98218301

1

Names of Reporting Persons

Ashkan Mapar

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 3,451,865.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 3,451,865.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,451,865.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

9.99 %

12

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13G

Item 1.
(a)	Name of issuer: VCI Global Ltd
(b)	Address of issuer's principal executive offices: B03-C-8 Menara 3A KL, Eco City, No.3 Jalan Bangsar 59200 Kuala Lumpur
Item 2.
(a)	Name of person filing: This statement is filed by Alumni Capital LP (the "Fund"), Alumni Capital GP LLC (the "General Partner"), and Ashkan Mapar (the "Controlling Person"). The foregoing are collectively referred to herein as the "Reporting Persons". The Fund holds, has the right to acquire, or has the obligation to acquire, securities of the Issuer. The General Partner serves as the general partner of the Fund. The Controlling person is the control person of the General Partner.
(b)	Address or principal business office or, if none, residence: The address for the principal business office of each of Alumni Capital LP, Alumni Capital GP LLC, and Ashkan Mapar is 601 Brickell Key Dr., Suite 700, Miami, FL 33131.
(c)	Citizenship: Alumni Capital LP is a Delaware limited partnership. Alumni Capital GP LLC is a Delaware limited liability company. Ashkan Mapar is a citizen of the United States of America.
(d)	Title of class of securities: Ordinary Shares
(e)	CUSIP No.: G98218301
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: Alumni Capital LP - 3,451,865* Alumni Capital GP LLC - 3,451,865* Ashkan Mapar - 3,451,865* *The ordinary shares (the "Shares") of VCI Global Limited (the "Issuer") reported herein represent Shares that may be acquired by Alumni Capital LP (the "Fund") pursuant to (i) a Convertible Promissory Note dated August 13, 2025 of the Issuer held by the Fund (the "Tranche 1 Note"), (ii) a Warrant to Purchase Ordinary Shares dated August 13, 2025 of the Issuer held by the Fund (the "Tranche 1 Warrant"), (iii) a Convertible Promissory Note dated August 27, 2025 of the Issuer held by the Fund (the "Tranche 2 Note"), (iv) a Warrant to Purchase Ordinary Shares dated August 27, 2025 of the Issuer held by the Fund (the "Tranche 2 Warrant"), (v) a Securities Purchase Agreement dated August 13, 2025 between the Issuer and the Fund (the "Securities Purchase Agreement"), (vi) a Purchase Agreement dated August 1, 2024, between the Issuer and the Fund, as amended by a Modification Agreement dated as of September 27, 2024, an Amended Modification Agreement dated as of January 13, 2025, and an Amended Modification Agreement dated May 21, 2025 (collectively, the "Purchase Agreement"), and (vii) a Warrant to Purchase Ordinary Shares dated August 1, 2024 of the Issuer held by the Fund (the "Commitment Warrant"). Under the Tranche 1 Note, the Tranche 1 Warrant, the Tranche 2 Note, the Tranche 2 Warrant, the Securities Purchase Agreement, and the Commitment Warrant, the Fund may acquire Shares (or securities convertible into or exercisable for Shares) in accordance with the respective terms and subject to the respective conditions and limitations contained therein. Furthermore, under the Purchase Agreement, at the Issuer's sole discretion, the Fund may be required to purchase Shares, in accordance with the terms and subject to the conditions and limitations of the Purchase Agreement. One of such limitations is that the Fund is prohibited from acquiring any Shares, which, when aggregated with all other Shares then beneficially owned by the Fund and its affiliates, would result in the beneficial ownership by the Fund and its affiliates to exceed 9.99% of the Shares outstanding (the "Ownership Limitation"). As such, the percent of class reported herein is giving effect to the Ownership Limitation and is based upon the Issuer's representation in the Securities Purchase Agreement that there were 31,101,341 Shares outstanding as of August 13, 2025 plus the approximate total number of Shares that the Reporting Persons may acquire at the direction of the Issuer (subject to the Ownership Limitation) in accordance with Rule 13d-3(d)(1)(i) under the Act. For the sake of clarity, the Fund does not own any Shares as of the date of the filing and is electing to file this Schedule 13G solely to the extent that, for the purposes of Section 240.13d-3, the Reporting Persons are deemed to beneficially own the Shares pursuant to the Tranche 1 Note, the Tranche 1 Warrant, the Tranche 2 Note, the Tranche 2 Warrant, the Securities Purchase Agreement, the Purchase Agreement, and the Commitment Warrant. The filing of this report shall not be deemed an admission, for purposes of Section 13 of the Securities Exchange Act of 1934, as amended, or for any other purpose. Each of the Reporting Persons disclaims beneficial ownership of the Shares reported herein except to the extent of such Reporting Person's pecuniary interest, if any, therein.
(b)	Percent of class: Alumni Capital LP - 9.99% Alumni Capital GP LLC - 9.99% Ashkan Mapar - 9.99%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: Alumni Capital LP - 0 Alumni Capital GP LLC - 0 Ashkan Mapar - 0
	(ii) Shared power to vote or to direct the vote: Alumni Capital LP - 3,451,865* Alumni Capital GP LLC - 3,451,865* Ashkan Mapar - 3,451,865*
	(iii) Sole power to dispose or to direct the disposition of: Alumni Capital LP - 0 Alumni Capital GP LLC - 0 Ashkan Mapar - 0
	(iv) Shared power to dispose or to direct the disposition of: Alumni Capital LP - 3,451,865* Alumni Capital GP LLC - 3,451,865* Ashkan Mapar - 3,451,865*
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Alumni Capital LP

Signature:	/s/ Ashkan Mapar
Name/Title:	Ashkan Mapar, Manager of Alumni Capital GP LLC, General Partner of Alumni Capital LP
Date:	09/11/2025

Alumni Capital GP LLC

Signature:	/s/ Ashkan Mapar
Name/Title:	Ashkan Mapar, Manager of Alumni Capital GP LLC, General Partner of Alumni Capital LP
Date:	09/11/2025

Ashkan Mapar

Signature:	/s/ Ashkan Mapar
Name/Title:	Ashkan Mapar, Manager of Alumni Capital GP LLC, General Partner of Alumni Capital LP
Date:	09/11/2025

Exhibit Information

A. Agreement of Joint Filing

FAQ

Who filed the Schedule 13G/A for VCI Global (VCIG)?

The filing was made by Alumni Capital LP, Alumni Capital GP LLC and Ashkan Mapar.

How many VCI Global shares are reported and what percentage do they represent?

The filing reports potential beneficial ownership of 3,451,865 shares, which the filing states equals 9.99% of the class.

Are the reported shares currently owned or only potentially acquirable?

The filing states the Fund does not currently own any shares; the amount reflects shares the Fund may acquire under convertible notes, warrants and purchase agreements.

What instruments give rise to the potential ownership?

Potential ownership arises from two Convertible Promissory Notes (Aug 13 and Aug 27, 2025), related warrants, a Securities Purchase Agreement, a Purchase Agreement and an earlier Commitment Warrant.

What limit restricts the Fund's ownership?

The agreements include an Ownership Limitation that prohibits acquisition of shares that would cause the Fund and affiliates to exceed 9.99% of outstanding shares.

On what share count is the 9.99% based?

The percent is based on the issuer's representation of 31,101,341 shares outstanding as of August 13, 2025.