July 7 (Reuters) - 8VI Holdings Ltd (8VI) :
- ANNOUNCES CORPORATE RESTRUCTURING
- EXPERIENCED GREATER THAN ANTICIPATED HEADWINDS WITHIN Q1 OF FY2024
- GROUP IS SET TO IMPLEMENT A REDUCTION IN ITS GLOBAL WORKFORCE BY MORE THAN 70% IN Q1 OF FY2024
- REDUCTION IN ITS GLOBAL WORKFORCE ENTAILS AN APPROXIMATE EXPENDITURE OF S$0.7 MILLION
- KEN CHEE AND CLIVE TAN, WILL RESUME EXECUTIVE ROLES WITHIN GROUP
- ANTICIPATED OUTCOME OF THIS RESIZING INITIATIVE IS EXPECTED TO YIELD COST SAVINGS OF APPROXIMATELY S$4.5 MILLION ANNUALLY
- CLIVE TAN WILL SERVE AS EXECUTIVE CHAIRMAN
- KEN CHEE WILL TAKE OVER POSITION OF GROUP CEO REPLACING LOW MING LI
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