VCI Global stock blasts off on heavy volume after distributor deal for Cogia’s Socializer Messenger

Shares of VCI Global Ltd.
VCIG,
+156.18%
skyrocketed 165.7% on massive volume in afternoon trading Tuesday, after the provider of business consulting services said it was appointed by Germany-based software company Cogia GmbH
8HC,
+30.89%
to distribute for the promotion and sale of Cogia’s “Socializer Messenger” communication application. Trading volume in VCI’s stock exploded to 113.2 million shares, compared with the full-day average over the past 30 days of about 642,600 shares. Socializer Messenger is an artificial intelligence-based communication tool with full data encryption and privacy protection. “This (distributorship) will open up yet another revenue stream for us which will undoubtedly increase VCI Global’s value,” said VCI Chief Executive Officer Dato’ Victor Hoo. The Malaysia-based company went public on April 13 at an initial public offering price of $4.00, and was on track to close 88% above that IPO price on Tuesday.