Change - Announcement of Cessation::RESIGNATION OF NON-EXECUTIVE DIRECTOR

Issuer & Securities

Issuer/ Manager
PNE INDUSTRIES LTD
Securities
PNE INDUSTRIES LTD - SG1BF2000001 - BDA
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
18-Jan-2024 17:22:18
Status
New
Announcement Sub Title
RESIGNATION OF NON-EXECUTIVE DIRECTOR
Announcement Reference
SG240118OTHRBDY8
Submitted By (Co./ Ind. Name)
Tan Meng Siew
Designation
Company Secretary
Description (Please provide a detailed description of the event in the box below)
Resignation of Non-Executive Director and ceased to be a member of Audit Committee

Additional Details

Name Of Person
Tan Kwong Soon
Age
78
Is effective date of cessation known?
Yes
If yes, please provide the date
18/01/2024
Detailed Reason (s) for cessation
Tan Kwong Soon ("Mr. Tan"), a Non-Executive Director of the Company has decided to resign from the position due to personal reasons to enable him to spend more time with his family. The Board and Management of PNE would like to express their gratitude to Mr. Tan for his invaluable contributions to the Board and the PNE Group. Upon his resignation, he will step down as a member of Audit Committee.
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
04/05/2000
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)
4
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 Director
- Member of Audit Committee
Role and responsibilities
Non-Executive Director
Familial relationship with any director and/ or substantial shareholder of the listed issuer or of any of its principal subsidiaries
Tan Kong Heng, Tan Koon Chwee, Tan Kong Leong, and Tan Kwong Soon, who are all directors as well as substantial shareholders of the Company, are siblings. They, together with Messrs Tan Kong Sin and Tan Kwang Hua (Deceased), who are also substantial shareholders of the Company, are siblings.

Mr Tan Wei Kang, who is also a substantial shareholder and Head of business development of a subsidiary, is a nephew of all the substantial shareholders listed above. Ms Teo Boon Lui, the spouse of Mr Tan Kwong Soon who is also a substantial shareholder by virtue of the joint CDP account she has with Mr Tan Kwong Soon and under which the Company's shares are held.
Shareholding interest in the listed issuer and its subsidiaries?
Yes
Shareholding Details
Deemed Interest 4,709,750
Past (for the last 5 years)
Da Xi Enterprises Ltd
Present
Brilliance Resources Sdn Bhd
Duolink Networks Sdn Bhd
Focal Dynamic Sdn Bhd
General Leader (M) Sdn Bhd
PNE Appliance Controls Pte Ltd
PNE Electric Sdn Bhd
Simi Ocean Sdn Bhd