Change - Announcement of Cessation::CESSATION OF EXECUTIVE DIRECTOR

Issuer & Securities

Issuer/ Manager
SERRANO LIMITED
Securities
SERRANO LIMITED - SG1AD7000003 - 40R
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
17-Nov-2016 18:00:07
Status
New
Announcement Sub Title
CESSATION OF EXECUTIVE DIRECTOR
Announcement Reference
SG161117OTHRH3ZA
Submitted By (Co./ Ind. Name)
Chia Wing Keong
Designation
Executive Director / Chief Executive Officer
Effective Date and Time of the event
17/11/2016 17:00:00
Description (Please provide a detailed description of the event in the box below)
This announcement has been prepared by Serrano Limited (the "Company") and its contents have been reviewed by the Company's sponsor, United Overseas Bank Limited (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. This announcement has not been examined or approved by the SGX-ST. The Sponsor and the SGX-ST assume 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 David Tham, Senior Director, Equity Capital Markets, who can be contacted at 80 Raffles Place, #03-03 UOB Plaza 1, Singapore 048624, Telephone: +65 6533 9898.

Additional Details

Name Of Person
Chia Wing Hock
Age
45
Is effective date of cessation known?
Yes
If yes, please provide the date
17/11/2016
Detailed Reason (s) for cessation
A bankruptcy order was made by the High Court of the Republic of Singapore ("Court") against Mr. Chia Wing Hock on 17 November 2016. Consequentially, his office as a Director of the Company is vacated in accordance with Article 96(1) of the constitution of the Company and Section 148 of the Companies Act, Chapter 50 of Singapore.
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
10/10/2014
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
4
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
Executive Director
Role and responsibilities
Executive. Responsible for managing day-to-day operations in the areas of project management, business development and management routine.
Familial relationship with any director and/ or substantial shareholder of the listed issuer or of any of its principal subsidiaries
Brother of Mr. Chia Wing Keong (Executive Director and Chief Executive Officer).
Shareholding interest in the listed issuer and its subsidiaries?
Yes
Shareholding Details
Direct Interest: 179,300 shares in the Company.
Past (for the last 5 years)
Home Enhancement Sdn Bhd
J-Plan Associates Pte Ltd
Home Interior (Thailand) Co., Ltd.
Sorrento Vietnam Shareholding Company
Present
Sanzio Space Planner Pte. Ltd.*
Serrano Design Pte. Ltd.*
Serrano Holdings Pte Ltd*
Wah Heng Design Corporation Pte Ltd*

*Pursuant to the bankruptcy order made by the Court on 17 November 2016 against Mr. Chia Wing Hock, his offices as director in the Company and all other Singapore-incorporated companies shall be vacated in accordance with Section 148 of the Companies Act, Chapter 50 of Singapore.