Change - Announcement Of Retirement Of Independent And Non-Executive Director
BackApr 09, 2024
| Announcement Title | Change - Announcement of Cessation |
| Date & Time of Broadcast | Apr 9, 2024 19:16 |
| Status | New |
| Announcement Sub Title | Retirement of Independent and Non-Executive Director |
| Announcement Reference | SG240409OTHRTUJI |
| Submitted By (Co./ Ind. Name) | Loh Mun Yew |
| Designation | Chief Executive Officer and Executive Director |
| Effective Date and Time of the event | 25/04/2024 00:00:00 |
| Description (Please provide a detailed description of the event in the box below) | This announcement has been reviewed by the Company's sponsor, SAC Capital Private Limited (the "Sponsor"). It has not been examined or approved by the Singapore Exchange Securities Trading Limited (the "SGX-ST") and the SGX-ST 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 Lee Khai Yinn (Tel: (65) 6232 3210) at 1 Robinson Road, #21-00 AIA Tower, Singapore 048542. |
| Additional Details | |
| Name Of Person | Mak Yen-Chen Andrew |
| Age | 54 |
| Is effective date of cessation known? | Yes |
| If yes, please provide the date | 25/04/2024 |
| Detailed Reason (s) for cessation | After serving on the Board for more than 9 years from the date of his appointment as Independent Director of the Company, Mr. Mak Yen-Chen Andrew has decided to retire as a Director of the Company at the close of the Company's Annual General Meeting to be held on 25 April 2024, in view of the 9-year term limit on Independent Directors. SAC Capital Private Limited, after having interviewed Mr. Mak Yen-Chen Andrew, is satisfied that other than as disclosed in this announcement, there are no other reasons for the retirement of Mr. Mak Yen-Chen Andrew. Based on the current Board composition, the Board notes that the Audit Committee will not be able to meet the minimum requirement of having three (3) directors under Rule 704(7) of the Catalist Rules. Accordingly, the Board shall endeavour to fill the vacancy as soon as possible, and in any case, not later than three (3) months from the effective date of cessation of Mr. Mak Yen-Chen Andrew. The Company is currently in the process of identifying and reviewing potential candidates. |
| 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 | 28/06/2011 |
| 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) | 2 |
| Number of cessations of appointments specified in Listing Rule 704 (7) or Catalist Rule 704 (6) over the past 12 months | 0 |
| Job Title (e.g. Lead ID, AC Chairman, AC Member etc.) | Independent and Non-Executive Director, Chairman of the Nominating Committee and member of the Audit and Remuneration Committees |
| Role and responsibilities | Non-Executive. |
| Familial relationship with any director and/ or substantial shareholder of the listed issuer or of any of its principal subsidiaries | Nil |
| Shareholding interest in the listed issuer and its subsidiaries? | No |
| Past (for the last 5 years) | Directorships: China Jishan Holdings Limited Falcon Energy Group Limited |
| Present | Directorships: H2G Green Limited Leader Environmental Technologies Limited The Singapore Lyric Opera Limited Other principal commitments: Consultant, Fortis Law Corporation |