Change - Announcement Of Re-Designation As Executive Chairman And Chief Executive Officer
BackJan 02, 2025
| Announcement Title | Change - Announcement of Appointment |
| Date & Time of Broadcast | Jan 2, 2025 18:17 |
| Status | New |
| Announcement Sub Title | Re-designation as Executive Chairman and Chief Executive Officer |
| Announcement Reference | SG250102OTHRQM5C |
| Submitted By (Co./ Ind. Name) | Leng Chee Keong |
| Designation | Executive Director and Chief Operating Officer |
| Effective Date and Time of the event | 02/01/2025 00:00:00 |
| Description (Please provide a detailed description of the event in the box below) | This announcement has reviewed by the Company's sponsor, SAC Capital Private Limited ("Sponsor"). This announcement has not been examined or approved by the Singapore Exchange Securities Trading Limited ("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, #21-01 AIA Tower, Singapore 048542. |
| Additional Details | |
| Date Of Appointment | 02/05/1990 |
| Name Of Person | Loh Mun Yew |
| Age | 57 |
| Country Of Principal Residence | Singapore |
| Date of last re-appointment (if applicable) | 25/04/2023 |
| The Board's comments on this appointment (including rationale, selection criteria, board diversity considerations, and the search and nomination process) | Following Ms Loh Pui Lai's re-designation as the Group's Vice President (China) and Executive Director, Mr Loh Mun Yew will be re-designated as the Group's Executive Chairman and Chief Executive Officer ("CEO"), effective 2 January 2025. |
| Whether appointment is executive, and if so, the area of responsibility | Executive. As the Chairman of the Board, Mr Loh Mun Yew plays a vital role in setting the Company's vision and objectives and providing guidance to the Group. As the CEO, Mr Loh Mun Yew will continue to be responsible for the formulation and execution of the Group's business strategies, strategic directions and expansion plans, as well as managing the Group's overall business development and financial performance. |
| Job Title (e.g. Lead ID, AC Chairman, AC Member etc.) | Executive Chairman and Chief Executive Officer |
| Professional qualifications | Bachelor of Science in Electrical Engineering - University of the Pacific, Stockton, California Master of Business Administration - University of South Australia |
| Any relationship (including immediate family relationships) with any existing director, existing executive officer, the issuer and/ or substantial shareholder of the listed issuer or any of its principal subsidiaries | Sibling of the Non-Executive Chairman, Ms Loh Pui Lai and brother-in-law of the substantial shareholder, Mr Cheung Wai Sum. The shareholders of Universal Pte. Ltd. (the controlling shareholder of the Company) are Loh Mun Yew, Loh Pui Lai (Loh Mun Yew and Loh Pui Lai are siblings and Loh Pui Lai is the spouse of Cheung Wai Sum), Lum Soo Mooi (parent of Loh Mun Yew and Loh Pui Lai) and Loh Pui Pui (daughter of Lum Soo Mooi, and sibling of Loh Mun Yew and Loh Pui Lai) with shareholding interest of 43.69%, 18.82%, 18.47% and 19.02%, respectively. The directors of Universal Pte. Ltd. are Loh Mun Yew, Loh Pui Pui and Lum Soo Mooi. |
| Conflict of interests (including any competing business) | Nil |
| Working experience and occupation(s) during the past 10 years | Mr Loh Mun Yew has over 30 years of experience in the Heating, Ventilation, Air-conditioning and Refrigeration industry. He joined the Group in 1990 and was appointed as the Group Managing Director in 2003. |
| Undertaking submitted to the listed issuer in the form of Appendix 7.7 (Listing Rule 704(7)) Or Appendix 7H (Catalist Rule 704(6)) | Yes |
| Shareholding interest in the listed issuer and its subsidiaries? | Yes |
| Shareholding Details | Direct interest: 3,042,900 ordinary shares in the Company Deemed interest: 65,115,500 ordinary shares in the Company |
| # These fields are not applicable for announcements of appointments pursuant to Listing Rule 704 (9) or Catalist Rule 704 (8). | |
| Past (for the last 5 years) | Directorships: Within the Group: Far East Refrigeration (Kuching) Sdn. Bhd. (struck off) FE&B Engineering (M) Sdn. Bhd. (struck off) Outside the Group: Nil Other Principal Commitments: Nil |
| Present | Directorships: Within the Group: Coolwerkz Engineering Limited Eden Refrigeration Manufacturing (Jiangsu) Co., Ltd. Edenkool Pte. Ltd. Elite Envirotech Co., Ltd. Far East Enterprises (K.L.) Sdn. Bhd. Far East Enterprises (Penang) Sdn. Bhd. Far East Maju Engineering Works Sdn. Bhd. Far East Refrigeration (M) Sdn. Bhd. Far East Refrigeration Limited FEG Logistics Pte. Ltd. GPS Compressor Services & Parts Pte. Ltd. M-Tech Air-Con & Security Engineering Pte Ltd PT Far East Refrigeration Indonesia RSP Systems Pte Ltd Outside the Group: Comfresh Group Holdings Pty Ltd Universal Pte. Ltd. Other Principal Commitments: Legal Representative of: Within the Group: Eden Refrigeration Manufacturing (Jiangsu) Co., Ltd. Elite Envirotech Co., Ltd. Please also refer to "Working experience and occupation(s) during the past 10 years" section above. |
| (a) Whether at any time during the last 10 years, an application or a petition under any bankruptcy law of any jurisdiction was filed against him or against a partnership of which he was a partner at the time when he was a partner or at any time within 2 years from the date he ceased to be a partner? | No |
| (b) Whether at any time during the last 10 years, an application or a petition under any law of any jurisdiction was filed against an entity (not being a partnership) of which he was a director or an equivalent person or a key executive, at the time when he was a director or an equivalent person or a key executive of that entity or at any time within 2 years from the date he ceased to be a director or an equivalent person or a key executive of that entity, for the winding up or dissolution of that entity or, where that entity is the trustee of a business trust, that business trust, on the ground of insolvency? | No |
| (c) Whether there is any unsatisfied judgment against him? | No |
| (d) Whether he has ever been convicted of any offence, in Singapore or elsewhere, involving fraud or dishonesty which is punishable with imprisonment, or has been the subject of any criminal proceedings (including any pending criminal proceedings of which he is aware) for such purpose? | No |
| (e) Whether he has ever been convicted of any offence, in Singapore or elsewhere, involving a breach of any law or regulatory requirement that relates to the securities or futures industry in Singapore or elsewhere, or has been the subject of any criminal proceedings (including any pending criminal proceedings of which he is aware) for such breach? | No |
| (f) Whether at any time during the last 10 years, judgment has been entered against him in any civil proceedings in Singapore or elsewhere involving a breach of any law or regulatory requirement that relates to the securities or futures industry in Singapore or elsewhere, or a finding of fraud, misrepresentation or dishonesty on his part, or he has been the subject of any civil proceedings (including any pending civil proceedings of which he is aware) involving an allegation of fraud, misrepresentation or dishonesty on his part? | No |
| (g) Whether he has ever been convicted in Singapore or elsewhere of any offence in connection with the formation or management of any entity or business trust? | No |
| (h) Whether he has ever been disqualified from acting as a director or an equivalent person of any entity (including the trustee of a business trust), or from taking part directly or indirectly in the management of any entity or business trust? | No |
| (i) Whether he has ever been the subject of any order, judgment or ruling of any court, tribunal or governmental body, permanently or temporarily enjoining him from engaging in any type of business practice or activity? | No |
| (j) Whether he has ever, to his knowledge, been concerned with the management or conduct, in Singapore or elsewhere, of the affairs of :- | |
| (i) any corporation which has been investigated for a breach of any law or regulatory requirement governing corporations in Singapore or elsewhere; or | No |
| (ii) any entity (not being a corporation) which has been investigated for a breach of any law or regulatory requirement governing such entities in Singapore or elsewhere; or | No |
| (iii) any business trust which has been investigated for a breach of any law or regulatory requirement governing business trusts in Singapore or elsewhere; or | No |
| (iv) any entity or business trust which has been investigated for a breach of any law or regulatory requirement that relates to the securities or futures industry in Singapore or elsewhere, in connection with any matter occurring or arising during that period when he was so concerned with the entity or business trust? | No |
| (k) Whether he has been the subject of any current or past investigation or disciplinary proceedings, or has been reprimanded or issued any warning, by the Monetary Authority of Singapore or any other regulatory authority, exchange, professional body or government agency, whether in Singapore or elsewhere? | Yes |
| If Yes, Please provide full details | In 2006, Mr Loh Mun Yew was charged under Section 67(1)(b) of the Road Traffic Act for driving a motor vehicle whilst under the influence of alcohol. He pleaded guilty to this charge and was fined a total of S$2,500 and suspended from driving for one and a half years. |
| Any prior experience as a director of an issuer listed on the Exchange? | Yes |
| If Yes, Please provide details of prior experience | Mr Loh Mun Yew has been a director of the Company since 2 May 1990. |
| Please provide details of relevant experience and the nominating committee's reasons for not requiring the director to undergo training as prescribed by the Exchange (if applicable) | Not applicable |