Change - Announcement of Cessation::CESSATION OF NON-INDEPENDENT NON-EXECUTIVE CHAIRMAN

Issuer & Securities

Issuer/ Manager
RICH CAPITAL HOLDINGS LIMITED
Securities
RICH CAPITAL HOLDINGS LIMITED - SG2G63000001 - 5G4
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
14-Nov-2019 23:57:50
Status
New
Announcement Sub Title
CESSATION OF NON-INDEPENDENT NON-EXECUTIVE CHAIRMAN
Announcement Reference
SG191114OTHRJHYQ
Submitted By (Co./ Ind. Name)
JAMES KHO CHUNG WAH
Designation
INDEPENDENT NON-EXECUTIVE DIRECTOR
Description (Please provide a detailed description of the event in the box below)
This announcement has been prepared by the Company and its contents have been reviewed by the Company's sponsor, PrimePartners Corporate Finance Pte. Ltd. (the "Sponsor") in accordance with Rules 226(2)(b) and 753(2) of the Singapore Exchange Securities Trading Limited (the "SGX-ST") Listing Manual Section B: Rules of Catalist.

This announcement has not been examined or approved by the SGX-ST. 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 Joseph Au, Associate Director,
Continuing Sponsorship (Mailing Address: 16 Collyer Quay, #10-00 Income at Raffles, Singapore 049318 and E-mail: sponsorship@ppcf.com.sg).

Additional Details

Name Of Person
Wang ZhenWen
Age
44
Is effective date of cessation known?
Yes
If yes, please provide the date
14/11/2019
Detailed Reason (s) for cessation
Notwithstanding Mr Wang has recused himself from matters relationg to the RLC Batam Suit (as defined below), he has voluntarily resigned as the Non-Independent and Non-Executive Chairman of the Company to prevent any perceived potential conflicts of interests following the lawsuit commenced by RLC/RLK on 29 October 2019 against PT OKIB, KIB and BPN Kota Batam in the Batam District Court ("RLC Batam Suit"). Please refer to the Company's announcement on 11 November 2019 for further details on the RLC Batam Suit. Terms used herein shall bear the same meanings ascribed to them in the said announcement unless the context otherwise requires. After having interviewed Mr Wang 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 Wang as the Non-Independent Non-Executive Chairman 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
05/01/2018
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.)
Non-Independent Non-Executive Chairman
Role and responsibilities
Non-Executive
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
Mr Wang ZhenWen has a direct interest of 2,168,079,900(representing 29.53%) shares and deemed interest of 578,000 shares (representing 0.01% through his spouse, Ms Bai FengMei). The total shares held by Mr Wang is 2,168,657,900 shares (representing 29.54%) in the Company.
Past (for the last 5 years)
1. Rich-Link Engineering Pte. Ltd.
2. Rich-Link Machinery Pte. Ltd.
3. Rich-Link Land Pte. Ltd.
4. RH Tampines Pte. Ltd.
5. Macly RL Pte. Ltd.
6. First Capital Pte. Ltd.
7. Oxley Batam Pte. Ltd.
8. Rich Batam Private Limited
9. Rich Capital Realty Pte. Ltd.
10. Roomwise Holdings Pte. Ltd.
11. TSRC Novena Pte. Ltd.
12. PT Oxley Kaya Indo Batam
Present
1. Rich-Link Construction Pte. Ltd.
2. Homeland Construction Pte. Ltd.
3. Rich-Link Development Pte. Ltd.
4. Rich-Link Group Pte. Ltd.
5. Rich-Link Builders Pte. Ltd.