VCI Global Completes YY Group Holding Limited’s IPO on Nasdaq, Securing Another Key Milestone in Its Growth Plan

KUALA LUMPUR, Malaysia, April 23, 2024 (GLOBE NEWSWIRE) -- VCI Global Limited (NASDAQ: VCIG) (“VCI Global”, “VCIG”, or the “Company”), is pleased to announce the successful completion of YY Group Holding Limited’s (“YYGH”) initial public offering (“IPO”) on the Nasdaq Capital Market. With strong specialization in IPO consulting, VCI Global facilitated YYGH’s entire IPO journey, leading to its commencement of trading on Monday with a market capitalization of over $100 million.

YYGH, founded in Singapore, is a data and technology-driven company that specializes in creating enterprise intelligent labor matching services and smart cleaning solutions. Through its subsidiaries, YYGH offers enterprise manpower outsourcing and smart cleaning services, with clients including Ritz-Carlton, McDonald’s, Cainiao Smart Logistics, and others. With fast growing annual revenues exceeding $20m in FY2022, and regional expansion extending its reach from Singapore to Thailand, Malaysia and Hong Kong, YYGH is poised for rapid expansion across Asia and beyond with the guidance of VCIG.

This IPO represents a significant milestone for VCI Global, generating approximately $5.2 million in revenue and underscoring VCI Global’s revenue and profit growth in the IPO consulting sector, laying the foundation to deliver further IPOs in the US.

“We extend our sincere gratitude to VCI Global for their steadfast support, expertise, and market insights throughout the IPO journey. Their invaluable guidance facilitated our smooth navigation through the complexities of the process. Without them, reaching this significant milestone would have been exceedingly challenging,” said Mike Fu, founder and Chief Executive Officer of YYGH.

“Mike’s passion and proficiency as the founder and CEO have been apparent since the company’s inception in 2010. I’m immensely proud to have worked with Mike and his team in achieving this milestone in their company’s journey. Despite the challenging market for IPOs, we are pleased to have successfully completed this IPO in a timely manner. We are looking forward to completing a dozen IPO deals in the next 12 months,” said Dato’ Victor Hoo, Group Executive Chairman and Chief Executive Officer of VCI Global.

About VCI Global Limited

VCI Global is a diversified holding company. Through its subsidiaries, it focuses on consulting, fintech, AI, robotics, cybersecurity, and gamification. Based in Kuala Lumpur, Malaysia, our main operations are centered in Asia, with significant visibility across Asia Pacific, the United States, Europe, and the Middle East. VCIG primarily offers consulting services in capital markets, real estate, AI, and technology. In technology businesses, the company operates a proprietary financing platform that serves companies and individuals, as well as a secured messaging platform serving governments and organizations. We also invest, incubate, accelerate, and commercialize businesses and technologies in AI, robotics, and gamification.