Change - Announcement of Cessation::Resignation of Independent Director - Mr. Chia Soon Hin William
Issuer & Securities
SINCAP GROUP LIMITED
SINCAP GROUP LIMITED - SG2F03983689 - 5UN
Change - Announcement of Cessation
Date &Time of Broadcast
Announcement Sub Title
Resignation of Independent Director - Mr. Chia Soon Hin William
Submitted By (Co./ Ind. Name)
Chu Ming Kin
Executive Chairman and Chief Executive Officer
Description (Please provide a detailed description of the event in the box below)
Mr. Chia Soon Hin William's resignation has been noted and accepted by the Board of Directors of the Company (the "Board") and the Board has unanimously agreed that his resignation be effective from 30 September 2020.
This announcement has been reviewed by the Company's sponsor, Stamford Corporate Services Pte. Ltd. (the "Sponsor"). It has not been examined or approved by the Singapore Exchange Securities Trading Limited (the "SGX-ST") and 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 Bernard Lui. Tel: 6389 3000 Email: email@example.com
Name Of Person
Chia Soon Hin William
Is effective date of cessation known?
If yes, please provide the date
Detailed Reason (s) for cessation
Mr. Chia is resigning to focus and concentrate more time on his personal businesses amid the current business environment.
The Sponsor, after having interviewed Mr. Chia, is satisfied that, save as disclosed in this announcement, there are no other material reasons for the cessation of Mr. Chia as Independent Director 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?
If Yes, Please provide full details
The Company is presently sourcing for the appointment of a new Independent Director to ensure compliance with the Code of Corporate Governance 2018 ("Code"), including Provision 2.2 of the Code, which provides that independent directors should make up a majority of the Board where the Chairman is not independent, Provision 2.3 of the Code which provides that non-executive directors should make up a majority of the Board, and Provisions 4.2, 6.2 and 10.2 which provide that each of the Nominating Committee, Remuneration Committee and Audit & Risk Committee (respectively) should comprise a minimum of 3 directors. The Company is also in the process of appointing a finance manager to facilitate a more efficient flow of information between the management of the Company and the Board.
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.)
Independent Director, Chairman of Audit & Risk Committee and member of Nominating Committee and Remuneration Committee
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?
Past (for the last 5 years)
1. MBZ International Exchange Pte Ltd
1. Asiatic Group (Holdings) Limited
2. Ley Choon Group Holdings Ltd
3. Xie Capital Pte Ltd
4. Mitsuba Japanese Restaurant Pte Ltd