VCI Global Limited Partners YY Group Holding In Developing Southeast Asia’s Hospitality Industry

Rhea-AI Summary

VCI Global partners with YY Group to explore opportunities in Southeast Asia's hospitality industry.

Positive

• Market research projects Southeast Asia's hotel industry revenue to reach US$12 billion to US$15 billion in 2023 with a CAGR of 7% to 10% until 2037.
• Global tourism arrivals projected to increase by 30% in 2023.
• Partnership aims to leverage each other's strengths and networks for further growth.

Negative

• None.

KUALA LUMPUR, Malaysia, Sept. 14, 2023 (GLOBE NEWSWIRE) -- 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 Limited
For media queries, please contact:

Imej Jiwa Communications Sdn Bhd
Chris Chuah
Email: chris@imejjiwa.com