Change - Announcement of Cessation::Retirement of Independent Chairman (Dato' Thambynathan Jasudasen)

Issuer & Securities

Issuer/ Manager
ZICO HOLDINGS INC.
Securities
ZICO HOLDINGS INC. - MYA007968003 - 40W
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
28-Apr-2023 18:33:31
Status
New
Announcement Sub Title
Retirement of Independent Chairman (Dato' Thambynathan Jasudasen)
Announcement Reference
SG230428OTHR3B9P
Submitted By (Co./ Ind. Name)
Chew Seng Kok
Designation
Managing Director
Effective Date and Time of the event
28/04/2023 17:00:00
Description (Please provide a detailed description of the event in the box below)
Retirement of Dato' Thambynathan Jasudasen as an Independent Chairman of the Company.

This announcement has been reviewed by the Company's sponsor, Stamford Corporate Services Pte. Ltd. (the "Sponsor"). It has not been examined or approved by the Singapore Exchange Securities Trading Limited (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 Ms Vanessa Ng.
Tel: 6389 3065 Email: vanessa.ng@morganlewis.com

Additional Details

Name Of Person
Dato' Thambynathan Jasudasen
Age
70
Is effective date of cessation known?
Yes
If yes, please provide the date
28/04/2023
Detailed Reason (s) for cessation
Dato' Thambynathan Jasudasen ("Dato' Jasudasen") retired pursuant to Article 97 of the Company's Constitution and did not seek re-election as a Director at the Company's Annual General Meeting ("AGM") held on 28 April 2023 to facilitate Board renewal in line with good governance practice and to allow for more time to focus on his other commitments.

Accordingly, Dato Jasudasen retired from his roles as Independent Chairman, Member of Audit and Risk Committee, Chairman of the Nominating Committee and Chairman of the Remuneration Committee at the conclusion of the AGM.

After having interviewed Dato Jasudasen, and to the best of its knowledge, the Company's Sponsor, Stamford Corporate Services Pte. Ltd., is satisfied that, save as disclosed in this announcement, there are no other material reasons for the retirement of Dato Jasudasen as the Independent Chairman of the Company.

The Board and the Nominating Committee are currently in the process of reviewing the Board's composition and looking to appoint a new independent director and to fill up the membership of the Board committees to ensure compliance with the relevant Catalist Rules and the Code of Corporate Governance 2018, including but not limited to meeting the minimum requirement of Rule 406(3)(c) of the Catalist Rules that independent directors must comprise at least one-third of the Board and Rule 704(7) of the Catalist Rules to fill the vacancy in the Audit and Risk Committee to meet the requirement of a minimum number of not less than three members within two months, but in any case not later than three months.

The Board of Directors express its gratitude and appreciation to Dato' Jasudasen for his invaluable contributions during his tenure as the Independent Chairman of the Company for the past eight years.
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
16/02/2015
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
1
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
Independent Chairman
Member of Audit and Risk Committee
Chairman of the Nominating Committee
Chairman of the Remuneration Committee
Role and responsibilities
Independent Chairman
Member of Audit and Risk Committee
Chairman of the Nominating Committee
Chairman of the Remuneration 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
240,000 units
Other Directorships
Past (for the last 5 years)
-
Present
RTS Operations Pte. Ltd.