Brief: 8VI Holdings Announces Corporate Restructuring

8VI Holdings

07/07/2023 02:01

July 7 (Reuters) - 8VI Holdings Ltd  8VI.AX :
    * 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

Source text for Eikon:  ID:nASX71D4Tl 
Further company coverage:  8VI.AX 

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