As a result of a shareholding restructure and further capital raise, VMS Group now beneficially owns 75% of Hoi An South Development Ltd. (“HASD”) the owner, developer and operator of the Hoiana Resort & Golf, an integrated resort located in the Quang Nam Province, near Hoi An, Vietnam (“Project”). The Hoiana Resort & Golf (“Hoiana”) has 1,200 high-end hotel rooms, Vietnam’s number one golf course, convention facilities, as well as multiple restaurants and entertainment options. Our mission is to establish Hoiana into a world-class integrated resort for both business and leisure visitors. 

Hoiana aims to transform the south of Hoi An into a premier travel destination, attracting both domestic and international tourist visitation. This will significantly increase tourism-related revenues and skilled jobs for the region, create vast investment opportunities for investors globally, and enhance GDP growth and tax revenues for Vietnam and the province. 

As part of our commitment to growth and efficiency, we are concomitantly implementing a restructuring of our organization. This restructuring is necessary to: (a) ensure that Project-financed development can be implemented in time to achieve the Project’s development objectives, (b) provide additional support to the HASD Management team; and (c) strengthen the implementation capacity and liaison with the Vietnamese authorities. 

Accordingly, Benny Chong, Chairman and CEO of the VMS Group has been appointed President of HASD. Steven Wolstenholme, who has served as HASD President and CEO for the past seven years, will be stepping down from this role at the end of his contract. We want to express our sincere gratitude for his dedication, and countless contributions to our organization during his tenure. We wish Steven all the best in his future endeavors. We are delighted to introduce Alan Teo, who will be stepping into the role of HASD CEO. With an impressive track record of success and a deep understanding of our industry, Alan brings valuable experience that aligns perfectly with our Company’s vision and strategic goals. 

The changes in leadership are part of our commitment to adapt and evolve to the ever-changing business landscape, ensuring that our company remains at the forefront of our industry as we continue to expand our Project. Looking ahead, our focus remains on delivering exceptional services to our clients and fostering a workplace culture that encourages collaboration, innovation, and growth.