YY Group Plans Expansion to Thailand, Targeting US$5 Billion Casual Labor Market
Rhea-AI Summary
YY Group Holding Limited (NASDAQ: YYGH) has announced plans to enter Thailand's casual labor market through the acquisition of YY Circle Thailand, expected to close on June 2, 2025. The Thai casual labor market is valued at US$5 billion annually, with casual labor projected to represent over 40% of the workforce by 2027.
The acquisition includes retaining Jirapat Haetanurak as Country Director, who will maintain a 10% equity stake in YY Circle Thailand. The company projects annual profits of THB76.9 million (US$2.32 million) by 2029. YY Circle, the company's flagship platform, will focus on connecting businesses with on-demand talent in key industries like hospitality, retail, and logistics.
Positive
- Entry into Thailand's US$5 billion casual labor market with strong growth potential
- Projected annual profits of US$2.32 million by 2029
- Strategic retention of local expertise with Country Director maintaining 10% equity stake
- Market expected to grow with casual labor reaching 40% of workforce by 2027
Negative
- Acquisition still subject to customary closing conditions
- Success depends on multiple external factors including market conditions and regulatory approvals
News Market Reaction
On the day this news was published, YYGH gained 1.96%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Singapore, May 21, 2025 (GLOBE NEWSWIRE) -- YY Group Holding Limited (NASDAQ: YYGH) (“YY Group,” “YYGH,” or the “Company”), a global leader in on-demand workforce solutions and integrated facility management (IFM), is thrilled to announce its plans to establish a significant presence in Thailand through the acquisition of YY Circle Thailand.
YY Group and YY Circle Thailand are in the process of reaching a definitive agreement, and the transaction is expected to close on June 2, 2025, with the completion of customary closing conditions. This acquisition marks a pivotal step in YY Group’s Southeast Asia expansion strategy. This strategic acquisition highlights YY Group’s commitment to empowering businesses and workers in Thailand’s vibrant casual labor market, currently estimated to be valued at THB170 billion (US
The market’s growth trajectory, with casual labor expected to encompass over
The acquisition will see Jirapat Haetanurak, a seasoned leader and respected industry expert, assume the role of Country Director while maintaining a
"Our move into Thailand is a testament to YY Group’s bold vision of redefining workforce solutions in Southeast Asia," said Mike Fu, Chief Executive Officer and Executive Director at YY Group Holding Limited. "This thriving market offers immense potential, and with Jirapat’s leadership and our innovative technology, we are ready to unlock new opportunities for businesses and workers alike. With a projected annual profit of THB76.9 million (approximately US
YY Circle, the Company’s flagship platform, is set to revolutionize the casual labor landscape by connecting businesses with on-demand talent and offering them vital tools and resources for stability and success. This localized approach will enable YY Group to address workforce shortages in key industries like hospitality, retail, and logistics while enhancing operational efficiency.
"Thailand’s casual labor market is brimming with untapped potential," added Jirapat Haetanurak, Country Director of YY Circle Thailand. "Through YY Circle, we will empower businesses to meet their workforce demands while creating better opportunities for casual laborers to thrive in an evolving economy", he added.
This acquisition signals YY Group’s unwavering dedication to creating innovative, localized solutions that drive growth and efficiency in new markets. The planned entry into Thailand underscores the Company’s commitment to expanding its global footprint while delivering sustainable value to its clients and investors.
Safe Harbor Statement
This press release contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about YY Group Holding Limited’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. These factors include but are not limited to (i) growth of the labor market in Thailand, (ii) capital and credit market volatility, (iii) local and global economic conditions, (iv) our anticipated growth strategies, (v) governmental approvals and regulations, and (vi) our future business development, results of operations and financial condition. In some cases, forward-looking statements can be identified by words or phrases such as “may,” “will,” “expect,” “anticipate,” “target,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. All information provided in this press release is as of the date of this press release, and YY Group Holding Limited undertakes no duty to update such information except as required under applicable law.
About YY Circle:
YY Circle is a leading provider of interactive social networking solutions, dedicated to connecting individuals through innovative technology. With a focus on user experience and community engagement, YY Circle aims to foster meaningful connections and empower individuals worldwide.
About YY Holdings Limited:
YY Group Holding Limited (Nasdaq: YYGH) is a Singapore-headquartered, technology-enabled platform providing flexible, scalable workforce solutions and integrated facility management (IFM) services across Asia and beyond. The Group operates through two core verticals: on-demand staffing and IFM, delivering agile, reliable support to industries such as hospitality, logistics, retail, and healthcare.
Leveraging proprietary digital platforms and IoT-driven systems, YY Group enables clients to meet fluctuating labor demands and maintain high-performance environments. In addition to its core operations in Singapore and Malaysia, the Group maintains a growing presence in Southeast Asia, Europe, and the Middle East.
Listed on the Nasdaq Capital Market, YY Group is committed to service excellence, operational innovation, and long-term value creation for clients and shareholders.
For more information on the Company, please log on to https://yygroupholding.com/.
Investor Contact
Phua Zhi Yong, Chief Financial Officer
YY Group
Enquiries@yygroupholding.com
Mark Niu, Chief Strategy Officer,
YY Group
mark.niu@yygroupholding.com
FAQ
When will YYGH complete its acquisition of YY Circle Thailand?
What is the size of Thailand's casual labor market that YYGH is entering?
Who will lead YYGH's operations in Thailand?
What profit does YYGH project from its Thailand operations?
Which industries will YYGH target in Thailand's casual labor market?
