Change - Announcement of Cessation::Announcement of Cessation of Independent Non-Executive Director

Issuer & Securities

Issuer/ Manager
NET PACIFIC FINANCIAL HOLDINGS LIMITED
Securities
NET PACIFIC FIN HLDGS LTD - SG2B83959223 - 5QY
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
08-Aug-2023 20:17:06
Status
New
Announcement Sub Title
Announcement of Cessation of Independent Non-Executive Director
Announcement Reference
SG230808OTHRLOK4
Submitted By (Co./ Ind. Name)
Ong Chor Wei @ Alan Ong
Designation
Executive Director and Chief Executive Officer
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. (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
Francis Lee Fook Wah
Age
57
Is effective date of cessation known?
Yes
If yes, please provide the date
15/08/2023
Detailed Reason (s) for cessation
Mr Francis Lee Fook Wah ("Mr Francis") joined the Board in 2012. He has decided to step down to allow board renewal as well as to pursue other directorship opportunities.

After having interviewed Mr Francis 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 cessation of Mr Francis as an Independent Non-Executive Director of Net Pacific Financial Holdings Limited.
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
17/05/2012
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
0
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
Independent Non-Executive Director, Chairman of Remuneration Committee, Member of Audit Committee, Risk Management Committee and Nominating Committee
Role and responsibilities
Duties as an Independent Non-Executive Director, Chairman of the Remuneration Committee and Member of the Audit Committee, Risk Management 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?
Yes
Shareholding Details
1,025,000 Ordinary Shares
Past (for the last 5 years)
Directorships
Blackgold Megatrade Pte Ltd (struck off)
Freight Links Co., Ltd
Metech International Limited
Sheng Siong Group Ltd
Fervent III Developments Pte Ltd
Tengda Industrial Property (Suzhou) Co., Ltd
Fervent Industrial Development (Ningbo) Co., Ltd
Wise Alliance Investments Ltd
Glory Capital Pte Ltd
Freight Links M&S (H.K.) Ltd
Lee Thong Hung Trading & Transport Sdn Bhd

Other Principal Commitments
Chief Financial Officer of OKH Global Ltd
Present
Directorships
Net Pacific Financial Holdings Limited
Singapore Enterprises Private Limited
Freight Links Express Logisticpark Pte Ltd
Freight Links Express Pte Ltd
Crystal Freight Services Pte Ltd
Freight Links Logistics Pte Ltd
Vibrant Group Limited
Freight Links Express
Logisticentre Pte Ltd
Hub & Port Services Pte Ltd
Freight Links E-Logistics Technopark Pte Ltd
Crystal Freight Services Distripark Pte Ltd
Freight Links Properties Pte Ltd
LTH Logistics (Singapore) Pte Ltd
Ececil Pte Ltd
Sentosa Capital (Pte) Ltd
Figtree Holdings Limited
Celestine Management Private Limited
Vibrant Properties Pte Ltd
Shentoncil Pte Ltd
Vibrant DB2 Pte Ltd
Vibrant Megatrade Pte Ltd
Vibrant Pucheng Pte Ltd
Vibrant Pucheng Investment Pte Ltd
Vibrant Land Pte Ltd
Fervent IV Development Pte Ltd
Fervent V Development Pte Ltd
Joyas International Holdings Ltd
Sinolink Financial Leasing Co., Ltd
Sinolink Finance International Limited
Fervent Industrial Development (Suzhou) Co., Ltd
Fervent Logistics Infrastructure (Changzhou) Co., Ltd
Saujana Tiasa Sdn Bhd
Vibrant Pucheng Logistics (Chongqing) Co., Ltd
Vibrant Pucheng Property Management (Chongqing) Co., Ltd
Vibrant Pucheng Enterprise Management (Chongqing) Co., Ltd
Vibrant International Freight Forwarding (Chongqing) Co., Ltd
Freight Links Express International Co., Ltd
Vibrant Suzhou Energy Technology Co. Ltd
Pavillon Holdings Ltd
Asiaphos Limited

Other Principal Commitment
Chief Financial Officer and Executive Director of Vibrant Group Limited