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Change - Announcement Of Resignation Of Independent Director
BackOct 15, 2024
| Announcement Title | Change - Announcement of Cessation |
| Date & Time of Broadcast | Oct 15, 2024 6:57 |
| Status | New |
| Announcement Sub Title | Resignation of Independent Director |
| Announcement Reference | SG241015OTHR8EMH |
| Submitted By (Co./ Ind. Name) | Dato' Dr. Choo Yeow Ming |
| Designation | Chairman and Chief Executive Officer |
| Description (Please provide a detailed description of the event in the box below) | Resignation of Mr Chew Soo Lin ("Mr Chew") as Independent Director, Chairman of Remuneration Committee and a member of Audit Committee and Nominating Committee. This announcement has been reviewed by the Company's sponsor, PrimePartners Corporate Finance Pte Ltd. (the "Sponsor"). It has not been examined or approved by the Singapore Exchange Securities Trading Limited (the "Exchange") and the Exchange assumes no responsibility for the contents of this announcement, including the correctness of any of the statements or opinions made or reports contained in this announcement. The contact person for the Sponsor is Ms. Lim Hui Ling, 16 Collyer Quay, #10-00 Collyer Quay Centre, Singapore 049318, sponsorship@ppcf.com.sg. |
| Additional Details | |
| Name Of Person | Mr Chew Soo Lin |
| Age | 76 |
| Is effective date of cessation known? | Yes |
| If yes, please provide the date | 30/10/2024 |
| Detailed Reason (s) for cessation | Pursuant to Catalist Rule 406(3)(d)(iv), Mr Chew will cease to be considered independent at the conclusion of the upcoming annual general meeting. Accordingly, Mr Chew has decided to step down and resign as Independent Director upon conclusion of the Company's forthcoming Annual General Meeting ("AGM") to be held on 30 October 2024, to facilitate Board renewal. Mr Chew will concurrently cease to be the Chairman of the Remuneration Committee and a member of the Audit Committee and Nominating Committee at the conclusion of the AGM. After having interviewed with Mr Chew and to the best of its knowledge, the Company's Sponsor is satisfied that, save as disclosed in this announcement, there are no other material reasons for the cessation of Mr Chew as Independent Director of the Company. The Board and the Nominating Committee are currently in the process of reviewing the Board's composition and searching for suitable candidate to be appointed to the Board as an Independent Director and member of its Board Committees to ensure compliance with the Code of Corporate Governance 2018 and relevant Singapore Exchange Securities Trading Limited Listing Manual Section B: Rules of Catalist. The Board will update Shareholders when appropriate. |
| Are there any unresolved differences in opinion on material matters between the person and the board of directors, including matters which would have a material impact on the group or its financial reporting? | No |
| Is there any matter in relation to the cessation that needs to be brought to the attention of the shareholders of the listed issuer? | No |
| Any other relevant information to be provided to shareholders of the listed issuer? | No |
| Date of Appointment to current position | 05/06/2007 |
| Does the AC have a minimum of 3 members (taking into account this cessation)? | No |
| Number of Independent Directors currently resident in Singapore (taking into account this cessation) | 1 |
| Number of cessations of appointments specified in Listing Rule 704 (7) or Catalist Rule 704 (6) over the past 12 months | 2 |
| Job Title (e.g. Lead ID, AC Chairman, AC Member etc.) | Independent Director, Chairman of Remuneration Committee and a member of Audit Committee and Nominating Committee |
| Role and responsibilities | The role and responsibilities as an Independent Director, Chairman of Remuneration Committee and a member of Audit Committee and Nominating Committee |
| Familial relationship with any director and/ or substantial shareholder of the listed issuer or of any of its principal subsidiaries | No |
| Shareholding interest in the listed issuer and its subsidiaries? | Yes |
| Shareholding Details | 32,400,036 ordinary shares in the Company. |
| Past (for the last 5 years) | Please refer to Appendix A |
| Present | Please refer to Appendix A |
Attachments
- Appendix A (Size: 187,400 bytes)