VCI Global's (VCIG) V Gallant unit has agreed to acquire a controlling stake in PT Fine Carbon Credit Indonesia, a carbon asset platform tied to about 241,000 hectares of forestry assets in Indonesia, the company said Tuesday.

Financial terms of the deal were not disclosed.

Under the agreement, the transaction will be paid through the issuance of V Gallant Class A and Class B shares, the company said.

Shares of VCI Global were nearly 20% lower in Tuesday premarket activity.