Change - Announcement of Cessation::RESIGNATION OF FINANCIAL CONTROLLER, BEING A KEY EXECUTIVE OFFICER OF THE COMPANY

Issuer & Securities

Issuer/ Manager
SIM LEISURE GROUP LTD.
Securities
SIM LEISURE GROUP LTD. - SGXE75616446 - URR
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
19-Nov-2021 21:13:00
Status
New
Announcement Sub Title
RESIGNATION OF FINANCIAL CONTROLLER, BEING A KEY EXECUTIVE OFFICER OF THE COMPANY
Announcement Reference
SG211119OTHRUH5Y
Submitted By (Co./ Ind. Name)
Sim Choo Kheng
Designation
Executive Director and Chief Executive Officer
Description (Please provide a detailed description of the event in the box below)
Resignation of Mr. Ng Jia Wei ("Mr. Ng") as Financial Controller, being a Key Executive Officer of the Company.

This announcement has been prepared by the Company and its contents have been reviewed by the Company's sponsor, ZICO Capital Pte. Ltd. (the "Sponsor") in accordance with Rule 226(2)(b) of the Singapore Exchange Securities Trading Limited (the "SGX-ST") Listing Manual Section B: Rules of Catalist.

This announcement has not been examined or approved by 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 Ms Goh Mei Xian, Associate Director, ZICO Capital Pte. Ltd. at 8 Robinson Road #09-00 ASO Building, Singapore 048544, telephone (65) 6636 4201.

Additional Details

Name Of Person
Ng Jia Wei
Age
42
Is effective date of cessation known?
Yes
If yes, please provide the date
12/12/2021
Detailed Reason (s) for cessation
Mr. Ng has, on 12 November 2021, tendered his resignation as the Financial Controller of the Company to pursue other career opportunities. The Board of Directors of the Company has accepted Mr. Ng's resignation on 15 November 2021. Mr. Ng will be serving a one-month notice period pursuant to his service contract with the Company and his last day of employment with the Company will be on 11 December 2021. For the avoidance of doubt, Mr. Ng will continue to ensure smooth functioning of the finance team operation of the Group until his last day of employment.

The Company is in the process of finding a replacement for the position of Financial Controller or equivalent, and will make the necessary announcement when a suitable candidate has been identified. In the meanwhile, the Company intends to engage an external accounting firm to handle the Group's financial requirements.

Based on its enquiries with Mr. Ng, the Company's Sponsor is satisfied that, other than disclosed in this announcement, there are no other material reasons for the resignation of Mr. Ng as the Financial Controller and Key Executive Officer of the Company.

In addition, there are no concerns with regards to financial reporting that led to the resignation of Mr. Ng and there are no disagreements between Mr. Ng and the Board of Directors of the Company with regards to practices that would have an impact on the Company's and the Group's financial reporting.
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?
Yes
If Yes, Please provide full details
Mr. Ng has included the Audit Committee of the Company ("AC") in his several email correspondences with the Sponsor regarding the Sponsor's enquiries with Mr. Ng on his resignation as the Financial Controller of the Company.

Within the various email correspondences and attachments, Mr. Ng highlighted issues in certain areas of internal controls (such as approval matrix and approval process for payments) and adequacy of resources in the finance team.

The AC noted the email correspondences and attachments provided by Mr. Ng, and will review and evaluate the matters raised. The Company will provide necessary updates to shareholders of the Company, if and when necessary.
Date of Appointment to current position
15/06/2021
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)
2
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.)
Financial Controller, being a Key Executive Officer of the Company.
Role and responsibilities
Mr. Ng is responsible for overseeing the financial and accounting functions of the Group including financial reporting, internal control and taxation.
Familial relationship with any director and/ or substantial shareholder of the listed issuer or of any of its principal subsidiaries
Nil.
Shareholding interest in the listed issuer and its subsidiaries?
No
Past (for the last 5 years)
Spirolite (Myanmar) Company Limited
Wah Seong Industrial Holdings Sdn. Bhd (Myanmar Branch)
Present
Nil