YY Group Plans Expansion to Thailand, Targeting US$5 Billion Casual Labor Market
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.
YY Group Holding Limited (NASDAQ: YYGH) ha annunciato l'intenzione di entrare nel mercato del lavoro occasionale in Thailandia tramite l'acquisizione di YY Circle Thailand, con chiusura prevista per il 2 giugno 2025. Il mercato thailandese del lavoro occasionale ha un valore annuo di 5 miliardi di dollari USA, con una previsione che vede oltre il 40% della forza lavoro impiegata in lavori occasionali entro il 2027.
L'acquisizione prevede il mantenimento di Jirapat Haetanurak come Direttore Paese, che deterrà una quota azionaria del 10% in YY Circle Thailand. L'azienda prevede profitti annuali di 76,9 milioni di THB (2,32 milioni di dollari USA) entro il 2029. YY Circle, la piattaforma principale dell'azienda, si concentrerà nel collegare le imprese con talenti disponibili su richiesta in settori chiave come ospitalità, vendita al dettaglio e logistica.
YY Group Holding Limited (NASDAQ: YYGH) ha anunciado planes para ingresar al mercado laboral temporal de Tailandia mediante la adquisición de YY Circle Thailand, con cierre previsto para el 2 de junio de 2025. El mercado laboral temporal tailandés está valorado en 5 mil millones de dólares estadounidenses anualmente, y se proyecta que el trabajo temporal representará más del 40% de la fuerza laboral para 2027.
La adquisición incluye la permanencia de Jirapat Haetanurak como Director de País, quien mantendrá una participación accionaria del 10% en YY Circle Thailand. La compañía proyecta ganancias anuales de 76.9 millones de THB (2.32 millones de dólares estadounidenses) para 2029. YY Circle, la plataforma principal de la empresa, se enfocará en conectar negocios con talento bajo demanda en industrias clave como hospitalidad, comercio minorista y logística.
YY Group Holding Limited (NASDAQ: YYGH)는 2025년 6월 2일 마감 예정인 YY Circle Thailand 인수를 통해 태국의 임시 노동 시장에 진출할 계획을 발표했습니다. 태국 임시 노동 시장은 연간 50억 달러 규모로, 2027년까지 임시 노동자가 전체 노동력의 40% 이상을 차지할 것으로 예상됩니다.
이번 인수에는 Jirapat Haetanurak가 태국 지사장으로 남아 YY Circle Thailand의 10% 지분을 유지하는 내용이 포함되어 있습니다. 회사는 2029년까지 연간 7,690만 태국 바트(232만 달러)의 이익을 예상하고 있습니다. 회사의 대표 플랫폼인 YY Circle은 환대, 소매, 물류 등 주요 산업에서 기업과 온디맨드 인재를 연결하는 데 주력할 예정입니다.
YY Group Holding Limited (NASDAQ : YYGH) a annoncé son intention d'entrer sur le marché thaïlandais du travail occasionnel par l'acquisition de YY Circle Thailand, dont la clôture est prévue pour le 2 juin 2025. Le marché thaïlandais du travail occasionnel est évalué à 5 milliards de dollars US par an, avec une prévision selon laquelle le travail occasionnel représentera plus de 40 % de la main-d'œuvre d'ici 2027.
L'acquisition inclut le maintien de Jirapat Haetanurak en tant que Directeur Pays, qui conservera une participation de 10 % dans YY Circle Thailand. La société prévoit des bénéfices annuels de 76,9 millions de THB (2,32 millions de dollars US) d'ici 2029. YY Circle, la plateforme phare de l'entreprise, se concentrera sur la mise en relation des entreprises avec des talents à la demande dans des secteurs clés tels que l'hôtellerie, la vente au détail et la logistique.
YY Group Holding Limited (NASDAQ: YYGH) hat Pläne bekannt gegeben, durch die Übernahme von YY Circle Thailand in den thailändischen Gelegenheitsarbeitsmarkt einzusteigen, die voraussichtlich am 2. Juni 2025 abgeschlossen wird. Der thailändische Gelegenheitsarbeitsmarkt wird auf 5 Milliarden US-Dollar jährlich geschätzt, wobei erwartet wird, dass Gelegenheitsarbeit bis 2027 über 40 % der Arbeitskräfte ausmachen wird.
Die Übernahme beinhaltet die Beibehaltung von Jirapat Haetanurak als Landesdirektor, der einen 10 %igen Anteil an YY Circle Thailand hält. Das Unternehmen prognostiziert einen Jahresgewinn von 76,9 Millionen THB (2,32 Millionen US-Dollar) bis 2029. YY Circle, die Flaggschiff-Plattform des Unternehmens, wird sich darauf konzentrieren, Unternehmen mit On-Demand-Talenten in Schlüsselbranchen wie Gastgewerbe, Einzelhandel und Logistik zu verbinden.
- 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
- Acquisition still subject to customary closing conditions
- Success depends on multiple external factors including market conditions and regulatory approvals
Insights
YY Group's strategic Thailand expansion targets a $5B casual labor market with potential for $2.32M annual profit by 2029.
YY Group's planned acquisition of YY Circle Thailand represents a strategic entry into Thailand's THB170 billion (US$5 billion) casual labor market. The timing is particularly opportune as Thailand's casual workforce is projected to grow to over 40% of the total workforce by 2027, creating substantial market opportunity. The decision to retain local leadership through Jirapat Haetanurak (maintaining a 10% equity stake) demonstrates a thoughtful approach to market entry, balancing global expertise with local market knowledge.
The financial projections are modest but concrete - targeting THB76.9 million (US$2.32 million) in annual profit by 2029. This represents a cautious but realistic growth trajectory in a competitive market. The acquisition structure allows YY Group to leverage its technological platform (YY Circle) while addressing specific market needs in Thailand's hospitality, retail, and logistics sectors.
This expansion aligns with broader economic trends in Southeast Asia, where casual and gig economy work is increasingly important. YY Group's technology-enabled approach to workforce management addresses real pain points for both businesses (workforce shortages) and workers (employment stability). What makes this particularly noteworthy is the clear focus on a specific market segment with defined financial projections, rather than a vague regional expansion strategy.
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
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