| Announcement Title | Change - Announcement of Cessation |
| Date & Time of Broadcast | Jul 25, 2019 18:10 |
| Status | New |
| Announcement Sub Title | RETIREMENT OF LEAD INDEPENDENT DIRECTOR |
| Announcement Reference | SG190725OTHR09DU |
| Submitted By (Co./ Ind. Name) | LIM TAO-E WILLIAM |
| Designation | CHIEF EXECUTIVE OFFICER |
| Description (Please provide a detailed description of the event in the box below) | RETIREMENT OF LEAD INDEPENDENT DIRECTOR FOLLOWING THE CONCLUSION OF THE ANNUAL GENERAL MEETING. This announcement has been prepared by the Company and its contents have been reviewed by the Company's sponsor, PrimePartners Corporate Finance Pte. Ltd. ("Sponsor"), in accordance with Rules 226(2)(b) and 753(2) of the Singapore Exchange Securities Trading Limited ("SGX-ST") Listing Manual Section B: Rules of Catalist. This announcement has not been examined or approved by the SGX-ST. 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 Jennifer Tan, Associate Director, Continuing Sponsorship (Mailing Address: 16 Collyer Quay, #10-00 Income at Raffles, Singapore 049318 and E-mail: sponsorship@ppcf.com.sg). |
| Additional Details | |
| Name Of Person | ONG CHIN LIN |
| Age | 71 |
| Is effective date of cessation known? | Yes |
| If yes, please provide the date | 25/07/2019 |
| Detailed Reason (s) for cessation | Retirement, with a view to refresh the Board. After having interviewed Mr Ong Chin Lin 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 retirement of Mr Ong Chin Lin as the Lead Independent Director 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 | Following the retirement of Mr Ong Chin Lin as the Lead Independent Director of the Company and Mr Zainudin bin Nordin as an Independent Director of the Company, as well as the appointment of Mr Tan Han Beng as the new Lead Independent Director of the Company on 25 July 2019, the Audit Committee will be unable to meet the minimum requirement under Catalist Rule 704(7). The Board and Nominating Committee will be appointing a suitable candidate to satisfy the requirements on the minimum number of having not less than three (3) Audit Committee members within two (2) months, but in any case not later than three (3) months from 25 July 2019, pursuant to Catalist Rule 704(7). |
| Date of Appointment to current position | 16/11/2007 |
| 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) | 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.) | Lead Independent Director, Chairman of Audit Committee and member of Remuneration Committee and Nominating Committee. |
| Role and responsibilities | Lead Independent Director, Chairman of Audit Committee and member of Remuneration Committee and Nominating Committee. |
| 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) | Yi-Lai Berhad |
| Present | Acesian Partners Limited |