Change - Announcement of Cessation::RESIGNATION OF NON-EXECUTIVE DIRECTOR AND CHAIRMAN OF BOARD OF DIRECTORS
Issuer & Securities
VALLIANZ HOLDINGS LIMITED
VALLIANZ HOLDINGS LTD - SGXE15078822 - WPC
Change - Announcement of Cessation
Date &Time of Broadcast
Announcement Sub Title
RESIGNATION OF NON-EXECUTIVE DIRECTOR AND CHAIRMAN OF BOARD OF DIRECTORS
Submitted By (Co./ Ind. Name)
Ling Yong Wah
Chief Executive Officer
Description (Please provide a detailed description of the event in the box below)
This document has been reviewed by the Company's sponsor, Provenance Capital Pte. Ltd. ("Sponsor"), for compliance with the SGX-ST Listing Manual Section B: Rules of Catalist. It has not been examined or approved by the Singapore Exchange Securities Trading Limited (the "Exchange") and the Exchange assumes no responsibility for the contents of this document, including the correctness of any of the statements or opinions made or reports contained in this document.
The contact person for the Sponsor is Ms. Wong Bee Eng, Chief Executive Officer, at 96 Robinson Road, #13-01, SIF Building, Singapore 068899. Telephone: (65) 6227 1580 Email: firstname.lastname@example.org
Name Of Person
AlTurki, Abdulaziz Ali A
Is effective date of cessation known?
If yes, please provide the date
Detailed Reason (s) for cessation
Sheikh AlTurki is the Chairman of Rawabi Holding Company Limited ("RHCL", and together with its subsidiaries, "Rawabi Group"), a controlling shareholder of the Company, and he has been the Non-Executive Director and Chairman of the Board of Directors of the Company since 28 June 2018. Other than his work commitments, Sheikh AlTurki is also involved in other charitable organisations and initiatives. Sheikh AlTurki is stepping down as Non-Executive Director and Chairman of the Board of Directors of the Company with effect from 8 December 2021, to spend more time on such charitable initiatives.
In his place, Mr. Osman Ibrahim, the Group President and CEO of RHCL, will be appointed as the Non-Executive Director and Chairman of the Board of Directors of the Company. Mr. Osman Ibrahim joined RHCL in 1989 and has been the Group President and CEO for RHCL since 2009. He plays a vital role in leading RHCL's strategic development and expansion of its operations. Upon his appointment as Non-Executive Director and Chairman of the Board of Directors of the Company, Mr. Osman Ibrahim will continue to work closely with and lead the Group in its strategic directions.
After having interviewed Sheikh AlTurki, Abdulaziz Ali A and to the best of its knowledge, the Company's Sponsor, Provenance Capital Pte. Ltd., is satisfied that save as disclosed in this announcement, there are no other material reasons for the cessation of Sheikh AlTurki, Abdulaziz Ali A as a Non-Executive Director and Chairman of 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?
Is there any matter in relation to the cessation that needs to be brought to the attention of the shareholders of the listed issuer?
Any other relevant information to be provided to shareholders of the listed issuer?
Date of Appointment to current position
Does the AC have a minimum of 3 members (taking into account this cessation)?
Number of Independent Directors currently resident in Singapore (taking into account this cessation)
Number of cessations of appointments specified in Listing Rule 704 (7) or Catalist Rule 704 (6) over the past 12 months
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
Non-Executive Director and Chairman of the Board of Directors
Role and responsibilities
Familial relationship with any director and/ or substantial shareholder of the listed issuer or of any of its principal subsidiaries
Shareholding interest in the listed issuer and its subsidiaries?
As Chairman of RHCL, Sheikh AlTurki, Abdulaziz Ali A is deemed to be interested in 723,106,389 ordinary shares in the Company held by RHCL.
Past (for the last 5 years)
Jenan Real Estate Company
1. Rawabi Holding Co. Ltd.
2. Rawabi Holding Co. W.L.L.
3. Rawabi Oil & Gas Co. Ltd.
4. Rawabi Oilfield Services Co. Ltd.
5. Rawabi Wireless Solutions Co. Ltd.
6. Rawabi Travel & Tourism Co. Ltd.
7. Rawabi Electric Co. Ltd.
8. Rawabi Specialized Enclosure Co. Ltd.
9. Rawabi Integrated Gas Co. Ltd.
10. Rawabi Specialized Contracting Co. Ltd.
11. Rawabi Vallianz Offshore Services Co. Ltd.
12. Rawabi Vallianz International Co. Ltd
13. Rawabi Archer Co. Ltd.
14. Rawabi Hot--Hed Co. Ltd.
15. Rawabi Haytak Co. Ltd.
16. Rawabi Cetco Co. LLC
17. Rawabi Pason Co. Ltd.
18. Rawabi Geolog Co. Ltd.
19. Rawabi Foothills Co. Ltd.
20. Rawabi BUTEC Co. Ltd.
21. Rawabi United Safety Services Co. Ltd.
22. Frank's Rawabi Saudi Arabia Co. Ltd.
23. Gulf Union Cooperative Insurance Company
24. Gulf Union Insurance & Risk Management Co. (E.C.)
25. Gulf Union Holding Co. BSC (C)
26. Nesma & Partners Contracting Co. Ltd.
27. Redland Industrial Services (Arabia) Co. Ltd. (Risal)