Change - Announcement of Cessation::Cessation of Mr. Chong Heng Loong as Executive Director and Chief Executive Officer

Issuer & Securities

Issuer/ Manager
Stapled Security

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
11-Apr-2024 22:14:30
Announcement Sub Title
Cessation of Mr. Chong Heng Loong as Executive Director and Chief Executive Officer
Announcement Reference
Submitted By (Co./ Ind. Name)
Tang Zhengming
Executive Director
Description (Please provide a detailed description of the event in the box below)
Cessation of Executive Director and Chief Executive Officer

This announcement has been reviewed by the Company's sponsor, UOB Kay Hian Private Limited (the "Sponsor").

This announcement has not been examined or approved by the Singapore Exchange Securities Trading Limited ("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 Lance Tan, Senior Vice President, at 8 Anthony Road, #01-01, Singapore 229957, telephone (65) 6590 6881.

Additional Details

Name Of Person
Chong Heng Loong
Is effective date of cessation known?
If yes, please provide the date
Detailed Reason (s) for cessation
Mr. Chong Heng Loong ("Mr. Chong") was appointed as Chief Executive Officer ("CEO") of the Company on 1 April 2021 to spearhead the Company's business diversification initiative into the FinTech and digital assets sector and he was subsequently appointed as Executive Director on 2 October 2023.

The Company has since embarked upon new services pursuant to a joint venture as announced by the Company on 31 March 2024 with a new management led by shareholder and Director Ms. Tang Zhengming ("Ms. Tang").

Mr. Chong has tendered his resignation as the CEO and Executive Director of the Company to pursue other business interests and as mutually agreed between Mr. Chong and the Board of Directors of the Company, his resignation will be effected on 26 April 2024. The Board has accepted his resignation and agreed with the said effective date of his resignation. Accordingly, Mr. Chong will not be seeking re-appointment at the Company's forthcoming annual general meeting to be held on 26 April 2024.

Ms. Tang will assume all the responsibilities of Mr. Chong.

Based on its enquiries, the Company's sponsor, UOB Kay Hian Private Limited, is satisfied that, save as disclosed in the announcement, there are no other material reasons for the cessation of Mr. Chong as the Executive Director and CEO 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.)
Executive Director and Chief Executive Officer
Role and responsibilities
Mr. Chong holds management responsibilities in relation to the operations of the group. He is also responsible for setting the strategic direction of the group and steering the business of the group for future growth and expansion.
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?
Shareholding Details
17,500,000 ordinary shares
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