Change - Announcement of Cessation::Resignation of Executive Director

Issuer & Securities

Issuer/ Manager
Stapled Security

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
31-Dec-2018 20:51:55
Announcement Sub Title
Resignation of Executive Director
Announcement Reference
Submitted By (Co./ Ind. Name)
Samantha Hua
Description (Please provide a detailed description of the event in the box below)
Andrew Eng Wah Len will cease to be an Executive Director on the Board of Metech International Limited with effect from 1 January 2019.

This announcement has been prepared by the Company and its contents have been reviewed by the Company's sponsor, RHT Capital Pte. Ltd. (the Sponsor ), for compliance with the relevant rules of the Singapore Exchange Securities Trading Limited (the SGX-ST ). The Sponsor has not independently verified the contents of this announcement.

The announcement has not been examined or approved by the SGX-ST and the SGX-ST 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 Mr. Shervyn Essex, Registered Professional, RHT Capital Pte. Ltd., 9 Raffles Place #29-01, Republic Plaza Tower 1, Singapore 048619 . Telephone (65) 63816757.

Additional Details

Name Of Person
Andrew Eng Wah Len
Is effective date of cessation known?
If yes, please provide the date
Detailed Reason (s) for cessation
Mr Eng is stepping down from the listed company to focus on his responsibility as the President of Metech Recycling (Singapore) Pte Ltd and Metech Recycling (Malaysia) Pte Ltd.

Based on its enquiries, the Company's sponsor, RHT Capital Pte. Ltd. is satisfied that, other than as disclosed in this announcement, there are no other material reasons for the cessation of Andrew Eng as the Executive Director of the Company.
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.)
Executive Director
Role and responsibilities
Andrew Eng was appointed since November 2011 as President and Executive Director of Metech International Ltd. On 1 November 2018, he ceased as the Chief Executive Officer of the Group and has since been redesignated as Executive Director of the Company. Andrew Eng continues to oversee the business operations of the subsidiaries in the Group.
Familial relationship with any director and/ or substantial shareholder of the listed issuer or of any of its principal subsidiaries
Andrew Eng is the brother of Simon Eng who is the Chairman of the Board, controlling shareholder, and Chief Executive Officer of the Company.
Shareholding interest in the listed issuer and its subsidiaries?
Shareholding Details
1,422,887 shares in the listed issuer.
Past (for the last 5 years)
Same as present
1. Metech Recycling (Singapore) Pte Ltd
2. Metech Recycling (USA) Pte Ltd
3. Metech Recycling (Malaysia) Pte Ltd
4. Metech Recycling, Inc. USA
5. Metech Metal, Inc. USA
6. Metech Recycling (Malaysia) Sdn Bhd