8VI Holdings Limited announced the commencement of a comprehensive corporate restructuring initiative as part of measures aimed at securing long-term survival and sustainability of the Group. While a series of intervention had been implemented before this current financial year, the Group experienced greater than anticipated headwinds within the first quarter of FY2024, prompting further strategic review of its business model which underscored the urgent need for corporate restructuring to assume a much leaner structure in order to effectively tackle the repercussions of these testing conditions. This initiative reflects the Group's commitment to mitigating risks while securing long-term advantages for all stakeholders.

The Board and Management recognise the potential of current initiatives under the FinTech business unit, however, the Group remains aware of the extended time horizon and investments required to achieve meaningful results and positive returns, given the recent recalibration on the branding and positioning of the GoodWhale app as part of its Blue Ocean strategy. To this end, an associate entity will be established to lead the development and growth of the GoodWhale app in the coming months, independent of 8VI's main operations, with Mr. Bernard Siah, 8VI's Chief Technology Officer, to be reassigned to head this initiative. Head of VI College, Mr. Will Huang, will also be reassigned to helm the same associate entity to focus on the development of a community-centric platform for communication and learning.