VCI Global Limited Partners YY Group Holding In Developing Southeast Asia’s Hospitality Industry
14 September 2023 - 10:00PM
VCI Global Limited (NASDAQ: VCIG) (“VCI Global”, or the “Company”)
is pleased to announce that it is partnering YY Group Holding
Limited (“YY Group”) to identify opportunities in the hospitality
field within the Southeast Asia region. This partnership premises
on the ability to capitalise on each other’s strength and
networking. YY Group will be able to expand into various countries
by tapping on VCI Global’s vast network, while expanding VCI
Global’s consulting capabilities into the hospitality industry.
Economist Intelligence Unit, the renowned
research and analysis division of the Economist Group, has
projected global tourism arrivals to increase by 30% in 2023.
Various market research entities have projected the revenue of
Southeast Asia’s hotel industry to hit US$12 billion to US$15
billion in 2023 with anticipated compound annual growth rate
varying from 7% to 10% to 2037. Nevertheless, as these values are
still below pre-pandemic levels, such growth projections are deemed
as conservative. Market observers hold the view that the eventual
growth rates would be much higher on the back of how artificial
intelligence-led fast evolving technological changes have redefined
the hospitality industry. Such technologies nowadays are literally
at customers’ fingertips, with no queues or waiting times. With
such bright outlook, the hospitality industry in the Southeast Asia
region is poised for a massive resurgence.
YY Group, led by its founder, Mike Fu, is the
market leader in manpower outsourcing and cleaning in the
hospitality industry in both Singapore and Malaysia. The company,
over the years, has evolved into a high-tech staff matching and
cleaning platform, serving large brand clienteles which include the
Shangri-La group, JW Marriott, Resorts World Sentosa and
SATS Singapore, to name a few. Mike himself has over 10 years
of experience in manpower management and business strategic
planning. He was recognised by Association of Small and Medium
Enterprises and the Rotary Club of Singapore as Entrepreneur of the
Year in 2015.
“By joining forces, we combine our expertise,
innovation, and resources to create a synergy that will help shape
the future of the hospitality industry. With superior capabilities
and shared vision, together we pave the way for further growth for
both companies,” said Dato’ Victor Hoo, Group Executive Chairman
and Chief Executive Officer of VCI Global.
“We are undoubtedly excited about this
partnership. Comprising principal areas such as food & beverage
and tourism, the hospitality industry is so huge that growth
opportunities are plentiful and can only be limited by our
imagination,” said Mike Fu, founder and Chief Executive Officer of
YY Group.
About VCI Global Limited
VCI Global is a multi-disciplinary consulting
group with key advisory practices in the areas of business and
technology. The Company provides business and boardroom strategy
services, investor relation services, and technology consultancy
services. Its clients range from small-medium enterprises and
government-linked agencies to publicly traded companies across a
broad array of industries. VCI Global operates solely in Malaysia,
with clients predominantly from Malaysia, but also serves some
clients from China, Singapore, and the US.
For more information on the Company, please log
on to https://v-capital.co/.
Cautionary Note Regarding
Forward-Looking Statements
This press release contains forward-looking
statements that are subject to various risks and uncertainties.
Such statements include statements regarding the Company's ability
to grow its business and other statements that are not historical
facts, including statements which may be accompanied by the words
"intends," "may," "will," "plans," "expects," "anticipates,"
"projects," "predicts," "estimates," "aims," "believes," "hopes,"
"potential" or similar words. Actual results could differ
materially from those described in these forward-looking statements
due to certain factors, including without limitation, the Company's
ability to achieve profitable operations, customer acceptance of
new products, the effects of the spread of Coronavirus (COVID-19)
and future measures taken by authorities in the countries wherein
the Company has supply chain partners, the demand for the Company's
products and the Company's customers' economic condition, the
impact of competitive products and pricing, successfully managing
and, general economic conditions and other risk factors detailed in
the Company's filings with the United States Securities and
Exchange Commission. The forward-looking statements contained in
this press release are made as of the date of this press release,
and the Company does not undertake any responsibility to update the
forward-looking statements in this release, except in accordance
with applicable law.
CONTACT INFORMATION:
Issued by Imej Jiwa Communications Sdn
Bhd on behalf of VCI Global LimitedFor media queries,
please contact:
Imej Jiwa Communications Sdn
BhdChris ChuahEmail: chris@imejjiwa.com
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