Change - Announcement of Cessation::RETIREMENT OF THE LEAD INDEPENDENT DIRECTOR

Issuer & Securities

Issuer/ Manager
CHIP ENG SENG CORPORATION LTD.
Securities
CHIPENGSENG S$125M4.9%N220519 - SG7BC0000007 - 6X7B
CHIPENGSENG S$120M4.75%N210614 - SG73C5000004 - 4F1B
CHIP ENG SENG CORPORATION LTD - SG1H36875612 - C29
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
23-Apr-2021 20:37:13
Status
New
Announcement Sub Title
RETIREMENT OF THE LEAD INDEPENDENT DIRECTOR
Announcement Reference
SG210423OTHRO3K3
Submitted By (Co./ Ind. Name)
Chia Lee Meng Raymond
Designation
Executive Director and Group Chief Executive Officer
Description (Please provide a detailed description of the event in the box below)
Announcement of retirement of the Lead Independent Director.

Mr Ang Mong Seng was appointed as an Independent Director of the Company on 19 March 2003. Subsequently, he was appointed as the Lead Independent Director on 5 November 2015.

Additional Details

Name Of Person
Ang Mong Seng
Age
71
Is effective date of cessation known?
Yes
If yes, please provide the date
23/04/2021
Detailed Reason (s) for cessation
Mr Ang Mong Seng had served as an Independent Director of the Company for more than nine years from the date of his first appointment. In the spirit of good corporate governance, Mr Ang Mong Seng retired pursuant to Regulation 115 of the Company's Constitution at the conclusion of the Annual General Meeting held on 23 April 2021 ("AGM"), and did not seek re-election.

Accordingly, he also retired as the Lead Independent Director of the Company, chairman of the Remuneration Committee ("RC") and as member of the Nominating Committee ("NC") and Investment Committee ("IC") at the conclusion of the AGM.
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
19/03/2003
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)
5
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 the RC and member of the NC and IC
Role and responsibilities
Lead Independent Director, chairman of the RC and member of the NC and IC
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
182,500 ordinary shares
Past (for the last 5 years)
1. Annaik Ltd
2. Gaylin Holdings Limited
3. Spike Healthcare Pte. Ltd. (Struck off)
4. E Lucky Star Pte. Ltd. (Struck off)
Present
1. Hoe Leong Corporation Ltd.
2. Emerging Towns & Cities Singapore Ltd.
3. Pei Hwa Foundation Ltd
4. The Chinese Opera Institute
5. Ang Mong Seng Consultants