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Change - Announcement Of Resignation As The Chairman And Chief Executive Officer
BackMay 16, 2025
| Announcement Title | Change - Announcement of Cessation |
| Date & Time of Broadcast | May 16, 2025 18:45 |
| Status | New |
| Announcement Sub Title | Resignation as the Chairman and Chief Executive Officer |
| Announcement Reference | SG250516OTHRYLVH |
| Submitted By (Co./ Ind. Name) | Lien Kait Long |
| Designation | Lead Independent Director |
| Description (Please provide a detailed description of the event in the box below) | 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 Mr. Shervyn Essex, 16 Collyer Quay #10-00 Collyer Quay Centre Singapore 049318, sponsorship@ppcf.com.sg |
| Additional Details | |
| Name Of Person | Dato' Dr. Choo Yeow Ming |
| Age | 71 |
| Is effective date of cessation known? | Yes |
| If yes, please provide the date | 16/05/2025 |
| Detailed Reason (s) for cessation | Dato' Dr. Choo Yeow Ming ("Dato' Choo") has decided to resign as Chairman and Chief Executive Officer of the Company with effect from 16 May 2025 due to health reasons and the Board has agreed to accept his resignation. Notwithstanding his resignation as the Chairman and Chief Executive Officer of the Company, Dato' Choo will remain on the Board as a Non-Executive Director. In view of the resignation, Dato' Choo has refrained himself from participating in any corporate decisions. The Board and the Nominating Committee are currently in the process of reviewing the Board's composition and searching for suitable candidates to be appointed to the Board as the Chairman and Chief Executive Officer of the Company. During this interim period, Dato Choo will handover his duties and responsibilities to Mr. Lee Keng Mun, the Chief Operating Officer of the Company. The Board will update shareholders when appropriate. The Board would like to express its gratitude and appreciation toward Dato' Choo for his contributions to the Company and the Board during his tenure. After having interviewed Dato' Choo and to the best of its knowledge, the Company's Sponsor, PrimePartners Corporate Finance Pte. Ltd., is satisfied that, save as disclosed in this announcement, there are no other material reasons for the resignation of Dato' Choo as the Chairman and Chief Executive Officer of the Company. |
| 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? | Yes |
| If Yes, Please provide full details | Please refer to the Company's separate announcements released on 28 April 2025, 4 May 2025, 5 May 2025, 7 May 2025, 9 May 2025, 13 May 2025 and 14 May 2025. |
| Date of Appointment to current position | 06/07/2006 |
| Does the AC have a minimum of 3 members (taking into account this cessation)? | Yes |
| Number of Independent Directors currently resident in Singapore (taking into account this cessation) | 2 |
| Number of cessations of appointments specified in Listing Rule 704 (7) or Catalist Rule 704 (6) over the past 12 months | 3 |
| Job Title (e.g. Lead ID, AC Chairman, AC Member etc.) | Chairman and Chief Executive Officer |
| Role and responsibilities | Dato' Choo is responsible for the overall operations, management, strategic planning and business development of the Group. |
| 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 | Direct interest in 824,969,332 ordinary shares and deemed interest in 352,479,500 ordinary shares. |
| Past (for the last 5 years) | NIL |
| Present | NIL |