News
Change - Announcement Of Cessation Of Independent Director
BackSep 28, 2024
| Announcement Title | Change - Announcement of Cessation |
| Date & Time of Broadcast | Sep 28, 2024 17:49 |
| Status | New |
| Announcement Sub Title | Cessation of Independent Director |
| Announcement Reference | SG240928OTHRTM3R |
| Submitted By (Co./ Ind. Name) | Neo Cheow Hui |
| Designation | Chief Executive Officer and Executive Director |
| Description (Please provide a detailed description of the event in the box below) | Cessation of Mr. Andrew Chua Thiam Chwee ("Mr. Chua") as an Independent Director of the Company. Mr Chua will concurrently relinquish his positions as Chairman of the Nominating Committee and a Member of the Audit Committee of the Company. This announcement has been reviewed by the Company's sponsor, RHT Capital 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 Mr. Josh Tan at 36 Robinson Road, #10-06 City House, Singapore 068877, Email: sponsor@rhtgoc.com. |
| Additional Details | |
| Name Of Person | Andrew Chua Thiam Chwee |
| Age | 72 |
| Is effective date of cessation known? | Yes |
| If yes, please provide the date | 28/09/2024 |
| Detailed Reason (s) for cessation | Mr. Chua has served on the Board of Directors (the "Board") of the Company since September 2015. In view of the nine-year tenure limit for Independent Directors prescribed under the Listing Manual of the Singapore Exchange Securities Trading Limited ("SGX-ST") ("Catalist Rule"), Mr. Chua has decided to step down with effect from 28 September 2024 to facilitate board renewal. After having interviewed Mr. Chua and to the best of its knowledge, the Sponsor is satisfied that save as disclosed in this announcement, there are no other material reasons for the cessation of Mr. Chua as an Independent Director of the Company. As Mr. Chua is stepping down in accordance to the nine-year tenure limit for Independent Directors prescribed under the Catalist Rule of SGX-ST, there will be no changes on the expiry date and vesting period of his options. |
| 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 | 30/09/2015 |
| 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 | 1 |
| Job Title (e.g. Lead ID, AC Chairman, AC Member etc.) | Independent Director, Chairman of the Nominating Committee and a member of the Audit Committee of the Company. |
| Role and responsibilities | Non-Executive. As above. |
| 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? | Yes |
| Shareholding Details | Direct Interest 142,000 options. |
| Past (for the last 5 years) | Lum Chang Holdings Ltd. DoveChem Packaging Pte. Ltd. |
| Present | KTL Global Ltd SME Care Pte Ltd SME Care Holdings Pte Ltd |