Change - Announcement of Cessation::Resignation of Independent Director

Issuer & Securities

Issuer/ Manager
PEC LTD.
Securities
PEC LTD. - SG1Y45946619 - IX2
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
19-Aug-2024 07:54:46
Status
New
Announcement Sub Title
Resignation of Independent Director
Announcement Reference
SG240819OTHR8NWL
Submitted By (Co./ Ind. Name)
Siau Kuei Lian
Designation
Company Secretary
Effective Date and Time of the event
19/08/2024 09:00:00
Description (Please provide a detailed description of the event in the box below)
Resignation of Mr Pek Hak Bin as an Independent Director.

Additional Details

Name Of Person
Pek Hak Bin
Age
59
Is effective date of cessation known?
Yes
If yes, please provide the date
09/07/2024
Detailed Reason (s) for cessation
On 15 August 2024, the Company was informed that Mr Pek Hak Bin has been disqualified to act as a director pursuant to Section 155A of the Companies Act 1967 of Singapore for a period of 5 years from 9 July 2024.

The Company was also informed that Mr Pek Hak Bin was made aware on 15 August 2024 of his disqualification and he has submitted his application to the Accounting & Corporate Regulatory Authority of Singapore for permission to, inter alia, act as a director.

The Board through its Nominating Committee will initiate the selection process to identify potential candidates, including Mr Pek Hak Bin, subject to the outcome of his application, to fill the role of an independent director, in line with applicable listing rules and the Code of Corporate Governance (issued by the Monetary Authority of Singapore on 12 August 2018).
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
01/07/2020
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
1
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
Independent Director, Chairman of Remuneration Committee and Member of the Audit and Risk Management Committee and Nominating Committee
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?
No
Other Directorships
Past (for the last 5 years)
Nil
Present
Director of:
- United Petroleum International Holdings Pte Ltd
- Tayrona Financial Pte Ltd
- YMCA of Singapore