| Announcement Title | Change - Announcement of Cessation |
| Date & Time of Broadcast | Jul 19, 2023 17:37 |
| Status | New |
| Announcement Sub Title | Resignation of Independent Non-Executive Director |
| Announcement Reference | SG230719OTHR7T3Q |
| Submitted By (Co./ Ind. Name) | Ng Kai Man |
| Designation | Executive Director |
| Description (Please provide a detailed description of the event in the box below) |
Resignation of Mr. Lee Keng Mun ("Mr. Lee") as Independent Non-Executive Director, Chairman of the Remuneration Committee, and member of the 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 document, including the correctness of any of the statements or opinions made or reports contained in this document. The contact person for the Sponsor is Ms Foo Jien Jieng, 16 Collyer Quay, #10-00 Collyer Quay Centre, Singapore 049318, sponsorship@ppcf.com.sg. |
| Additional Details | |
| Name Of Person | Lee Keng Mun |
| Age | 51 |
| Is effective date of cessation known? | Yes |
| If yes, please provide the date | 31/07/2023 |
| Detailed Reason (s) for cessation |
Mr. Lee, who has served on the Board for more than 7 years, will step down from the Board to facilitate Board renewal. Mr. Lee feels that it is timely for him to step down at this juncture with the recent acquisition of the new business so that the new Board can continue to lead the Company to greater heights. Accordingly, Mr. Lee will relinquish his role as Independent Non-Executive Director, and his position as Chairman of the Remuneration Committee and member of the Audit Committee and Nominating Committee. After having interviewed Mr. Lee 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 resignation of Mr. Lee as an Independent Non-Executive Director of the Company. The Board and the Nominating Committee are currently in the process of reviewing the Board's composition and if deem fit, will search 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 | 09/03/2016 |
| 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 Non-Executive Director, Chairman of the Remuneration Committee, and member of the Audit Committee and Nominating Committee. |
| Role and responsibilities | The role and responsibilities as an Independent Non-Executive Director, Chairman of the Remuneration Committee, and member of the 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 | Nil |
| Shareholding interest in the listed issuer and its subsidiaries? | No |
| Past (for the last 5 years) |
- Asia-Pacific Strategic Investments Limited - Global Alliance Property Pte Ltd |
| Present |
- Asia-Pacific Strategic Investments Holding
Limited - Huzhou Dixi Gengdu Ecological Agriculture Development Co., Ltd. - Zhongfang Lianhe Grand Canal Cutural Tourism Group Co., Ltd. |