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. As an integral component of its restructuring plan, the Group is set to implement a reduction in its global workforce by more than 70% in the first quarter of FY2024. This endeavour, aimed at optimising operational efficiency, entails an approximate expenditure of SGD 0.7 million.

However, the anticipated outcome of this resizing initiative is expected to yield cost savings of approximately SGD 4.5 million annually.