Change - Announcement of Cessation::Retirement of Non-Executive Independent Director

Issuer & Securities

Issuer/ Manager
HIAP TONG CORPORATION LTD.
Securities
HIAP TONG CORPORATION LTD. - SG1Z16951381 - 5PO
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
03-Jul-2024 06:02:14
Status
New
Announcement Sub Title
Retirement of Non-Executive Independent Director
Announcement Reference
SG240703OTHR40PM
Submitted By (Co./ Ind. Name)
Lim Guek Hong
Designation
Company Secretary
Description (Please provide a detailed description of the event in the box below)
This announcement has been reviewed by the Company's sponsor, PrimePartners Corporate Finance Pte. Ltd. (the "Sponsor"). 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 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 Ms Lim Hui Ling, 16 Collyer Quay, #10-00 Collyer Quay Centre, Singapore 049318, sponsorship@ppcf.com.sg.

Additional Details

Name Of Person
Tay Seo Long
Age
73
Is effective date of cessation known?
Yes
If yes, please provide the date
25/07/2024
Detailed Reason (s) for cessation
As part of the progressive Board's renewal process, Mr Tay Seo Long ("Mr Tay") has expressed his intention to retire from the Board and not seek for re-election at the Company's forthcoming Annual General Meeting ("AGM") to be held on 25 July 2024. Upon Mr Tay's retirement, he will also relinquish his positions as Chairman of the Audit Committee and member of the Nominating Committee and Remuneration Committee.

The Board would like to express its heartfelt gratitude towards Mr Tay for his invaluable and significant contributions to the Company during his tenure of service.

The Nominating Committee has recommended and the Board has concurred that Mr Yee Chia Hsing be appointed as an Independent Director of the Company to replace Mr Tay as part of the Board renewal process and to ensure compliance with the Listing Manual and/or the Code of Corporate Governance. The appointment of Mr Yee Chia Hsing as an Independent Director is subject to the approval of the Shareholders at the forthcoming AGM. The Company will make the necessary announcement(s) pertaining to the appointment of new director, and/or changes to the composition of the Board and its Committees on the SGXNet, once details become available.

After having interviewed Mr Tay and to the best of its knowledge, the Company's Sponsor is satisfied that, save as disclosed in this announcement, there are no material reasons for the retirement of Mr Tay as the Non-Executive 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?
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
01/07/2016
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
0
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
Non-Executive Independent Director, Chairman of the Audit Committee as well as member of the Remuneration Committee and Nominating Committee.
Role and responsibilities
Non-Executive Independent Director, Chairman of the Audit Committee as well as member of the Remuneration Committee and Nominating Committee.
Familial relationship with any director and/ or substantial shareholder of the listed issuer or of any of its principal subsidiaries
None
Shareholding interest in the listed issuer and its subsidiaries?
No
Other Directorships
Past (for the last 5 years)
Nil
Present
Nil