SINGAPORE - YY Group Holding Limited (NASDAQ:YYGH), a company specializing in hotel staffing and commercial cleaning services, announced today the expansion of its Board of Directors with the appointment of three new members. Chan Yong Xian, Cheong Hai Poh, and Lai Wai Kit (Andrew) have joined the board, bringing a wealth of experience to the company's leadership.
Mike Fu, Founder and CEO of YY Group, expressed his enthusiasm for the new appointments, noting their collective expertise will greatly contribute to the company's mission and global expansion efforts. Chan Yong Xian, with a background in accounting and auditing, will serve as an Independent Director and the Chair of the Audit Committee. His audit experience includes senior roles at BDO LLP, Ang & Co PAC, and PricewaterhouseCoopers LLP.
Cheong Hai Poh, an industry veteran with over 30 years in hospitality, takes on the role of Independent Director and the Chair of the Nomination Committee. His past leadership positions at Goodwood Park Hotel Singapore and Pan Pacific Yangon, among others, highlight his capability in driving growth and strategy in the hospitality sector.
Lai Wai Kit, known for his extensive legal expertise, joins as an Independent Director. His experience in corporate legal advisory, capital markets, and mergers and acquisitions as a partner at Lee & Lee will be a valuable asset to the company.
YY Group, rooted in innovation, utilizes the YY Circle Super App and Internet of Things technology to optimize labor sourcing and revolutionize the cleaning industry. The company's press release includes forward-looking statements about its growth potential and business strategies, which are subject to various risks and uncertainties.
The information provided is based on a press release statement from YY Group Holding Limited. It's important to note that forward-looking
In other recent news, YY Group Holding Limited has made significant strides in its expansion efforts. The Singapore-based company recently announced its entry into the United Arab Emirates' hospitality sector, appointing Mr. Ramy Attia as the Country Director to oversee operations. This move aligns with the UAE's tourism goals and anticipates a 5% annual growth rate in the hospitality market, potentially reaching $9.5 million by 2029.
Furthermore, YY Group has also extended its reach to Cambodia's hotel industry, aiming to capitalize on the projected revenue growth of over $106 million by 2024. The company plans to utilize its YY Circle Super App to facilitate staffing processes in both new markets.
In addition to these geographical expansions, YY Group recently concluded its initial public offering on the Nasdaq Capital Market, raising approximately $4.5 million. The proceeds are slated for use in areas including business expansion, marketing initiatives, product development, team expansion, and general corporate purposes.
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