Change - Announcement of Cessation::Cessation of Pay Sim Tee as Chief Executive Officer

Issuer & Securities

Issuer/ Manager
TIONG SENG HOLDINGS LIMITED
Securities
TIONG SENG HOLDINGS LIMITED - SG1BH4000005 - BFI
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
01-Aug-2025 18:56:22
Status
New
Announcement Sub Title
Cessation of Pay Sim Tee as Chief Executive Officer
Announcement Reference
SG250801OTHRER52
Submitted By (Co./ Ind. Name)
Pay Sim Tee
Designation
Executive Officer
Description (Please provide a detailed description of the event in the box below)
Cessation of Pay Sim Tee as Chief Executive Officer

Additional Details

Name Of Person
Pay Sim Tee
Age
74
Is effective date of cessation known?
Yes
If yes, please provide the date
05/08/2025
Detailed Reason (s) for cessation
With effect from 5 August 2025, Mr Pek Lian Guan ("Mr Pek") will be appointed as an Executive Director and the Chief Executive Officer ("CEO") of Tiong Seng Holdings Limited (the "Company", and together with its subsidiaries, the "Group") and Mr Pay Sim Tee ("Mr Pay") will cease to serve as CEO of the Company. Mr Pay will remain as an Executive Director and a member of the Nominating Committee of the Company.

Mr Pek had worked in the Group since 1990 and had served as an Executive Director and CEO of the Company since its listing on the Main Board of the Singapore Exchange Securities Trading Limited in 2010.

As disclosed in the Company's announcement dated 24 July 2020, Mr Pek was charged in court under the Prevention of Corruption Act 1960 on two counts of abetting to conspire to corruptly give gratification in the form of loans to an employee of the Land Transport Authority as inducement for advancing the business interest of the Group. Pending the outcome of the case, Mr Pek stepped down from all his executive roles and board appointments in the Group with effect from 31 July 2020 but was retained as an adviser and consultant to, amongst other reasons, tap on his connections with key stakeholders of the Group, including the Group's lenders and subcontractors.

On 11 October 2024, Mr Pek was acquitted of all the above charges against him. The Attorney-General's Chambers subsequently filed an appeal against the acquittal, and the outcome of the appeal is pending.

In view of Mr Pek's acquittal, and his vast knowledge and experience with the Group, as well as his business network and strong connections with key stakeholders, the re-appointment of Mr Pek as Executive Director and CEO was recommended by the Nominating Committee (which includes Mr Pay) and approved by the Board of Directors 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?
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
01/08/2020
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)
3
Number of cessations of appointments specified in Listing Rule 704 (7) or Catalist Rule 704 (6) over the past 12 months
3
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
Executive Director, Chief Executive Officer and Member of the Nominating Committee
Role and responsibilities
Responsible for formulating the Group's business strategy, directions, corporate plans and policies and day-to-day management affairs of the Group.
Familial relationship with any director and/ or substantial shareholder of the listed issuer or of any of its principal subsidiaries
i) Cousin of Pek Lian Guan (Director of Tiong Seng Shareholdings Pte. Ltd., a substantial shareholder of the Company);
ii) Cousin of Pek Dien Kee (Head of Asset Management);
iii) Uncle of Ong Chun Tiong (General Manager for the Group s subsidiaries in Tianjin, PRC);
iv) Uncle of Pek Zhi Kai (Executive Director);
vi) Director and shareholder of Peck Tiong Choon (Private) Limited (Substantial shareholder of the Company)
Shareholding interest in the listed issuer and its subsidiaries?
No
Other Directorships
Past (for the last 5 years)
1. Jet-scan Private Limited
2. Robin Village Development Pte. Ltd.
3. TSC Innovative Builder Pte. Ltd
4. Peck Tiong Choon Leasing Pte. Ltd.
5. Peck Tiong Choon Logistic Pte. Ltd.
6. Peck Tiong Choon Transport Pte. Ltd.
7. Cangzhou Huashi Property Development Co., Ltd.
8. Suzhou Huisheng Construction Development Co., Ltd.
Present
Tiong Seng Holdings Limited Group
1. Tiong Seng Chang De Investment (Pte.) Ltd.
2. Tiong Seng Civil Engineering (Private) Limited
3. Tiong Seng Contractors (Private) Limited
4. Tiong Seng Properties (Private) Limited
5. Tiong Seng (Tianjin) Project Management and Consultancy Co., Ltd.
6. Tianjin Zizhulin Development Co., Ltd.
7. Tianjin Zizhulin Guangang Property Development Co., Ltd.
8. Suzhou Changhe Investment and Development Co., Ltd.
9. Tianjin Tianmen Jinwan Property Development Co., Ltd.
10. Tianjin Zizhulin Investment Co., Ltd.
11. Pylon.Ai Pte. Ltd
12. Yuan Ching Development Pte. Ltd.

Peck Tiong Choon (Private) Limited Group
13. Peck Tiong Choon (Private) Limited

Others
14. Chang Chun Tang Pte. Ltd.