Change - Announcement of Cessation::Announcement of Demise of Managing Director and Chief Executive Officer

Issuer & Securities

Issuer/ Manager
Stapled Security

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
08-Aug-2021 21:16:17
Announcement Sub Title
Announcement of Demise of Managing Director and Chief Executive Officer
Announcement Reference
Submitted By (Co./ Ind. Name)
Shirley Tan
Company Secretary
Description (Please provide a detailed description of the event in the box below)
This announcement has been reviewed by the Company's sponsor, PrimePartners Corporate Finance Pte. Ltd. ("Sponsor"). It has not been examined or approved by the Singapore Exchange Securities Trading Limited ("Exchange") and the Exchange 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. Lim Hui Ling, 16 Collyer Quay, #10-00 Income at Raffles Singapore 049318,

Additional Details

Name Of Person
Foo Chek Heng
Is effective date of cessation known?
If yes, please provide the date
Detailed Reason (s) for cessation
Passed away on 8 August 2021 after having been on a medical leave of absence since 24 January 2020.
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?
Is there any matter in relation to the cessation that needs to be brought to the attention of the shareholders of the listed issuer?
Any other relevant information to be provided to shareholders of the listed issuer?
Date of Appointment to current position
Does the AC have a minimum of 3 members (taking into account this cessation)?
Number of Independent Directors currently resident in Singapore (taking into account this cessation)
Number of cessations of appointments specified in Listing Rule 704 (7) or Catalist Rule 704 (6) over the past 12 months
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
Managing Director, Chief Executive Officer and a member of the Nominating Committee
Role and responsibilities
As Managing Director and Chief Executive Officer, Mr. Foo Chek Heng bears executive responsibility for the overall daily operations of the Group's various businesses. He also oversees the execution of the business and corporate strategy decisions made by the Board.

On 24 January 2020, Mr. Foo Chek Heng had taken a leave of absence due to medical reasons. During his absence, his duties and responsibilities have been covered by Executive Director, Mr. Foo Suay Wei.

Following Mr. Foo Chek Heng's demise, the Nominating Committee of the Company will be reviewing the Board's succession plans and will provide further updates in due course.
Familial relationship with any director and/ or substantial shareholder of the listed issuer or of any of its principal subsidiaries
Father of Mr. Foo Suay Wei and Mr. Foo Suay Lun, the Executive Directors of Koyo International Limited ("Koyo").

Son of Mdm Heng Jee Moi, who is a joint tenant shareholder of Salix Capital Pte Ltd (a substantial shareholder of Koyo) with her grandson, Mr. Foo Suay Lun, Executive Director of Koyo.

Spouse of Mdm Dalat Kositanon, an existing executive officer of Koyo.
Shareholding interest in the listed issuer and its subsidiaries?
Shareholding Details
Mr. Foo Chek Heng has a direct interest in 72,725,500 shares of the Company.

Mr. Foo Chek Heng is also deemed interested in 400,000 shares of the Company held by his wife, Mdm Dalat Kositanon.
Past (for the last 5 years)
Blue Ocean Art Pte Ltd
KF Capital Pte Ltd