Change - Announcement of Cessation::Resignation of Executive Director and Chief Executive Officer

Issuer & Securities

Issuer/ Manager
IPS SECUREX HOLDINGS LIMITED
Securities
IPS SECUREX HOLDINGS LIMITED - SG1BJ0000005 - 42N
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
08-May-2024 19:42:15
Status
New
Announcement Sub Title
Resignation of Executive Director and Chief Executive Officer
Announcement Reference
SG240508OTHR667G
Submitted By (Co./ Ind. Name)
Chan Tien Lok
Designation
Non-Executive Director
Description (Please provide a detailed description of the event in the box below)
Resignation of Executive Director and Chief Executive Officer.

This announcement has been prepared by IPS Securex Holdings Limited ("Company") and has been reviewed by the Company's sponsor, United Overseas Bank Limited ("Sponsor"), for compliance with Rules 226(2)(b) and 753(2) of the Singapore Exchange Securities Trading Limited ("SGX-ST") Listing Manual Section B: Rules of Catalist.

This announcement has not been examined or approved by the SGX-ST. 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. David Tham, Senior Director, Equity Capital Markets, who can be contacted at 80 Raffles Place, #03-03 UOB Plaza 1, Singapore 048624, Telephone: +65 6533 9898.

Additional Details

Name Of Person
Kelvin Lim Ching Song
Age
46
Is effective date of cessation known?
No
If No, please advise when the date will be announced
The effective date will be announced once it has been determined. See below.
Detailed Reason (s) for cessation
Mr. Kelvin Lim Ching Song ("Mr. Lim") has tendered his resignation as the Executive Director ("ED") and Chief Executive Officer ("CEO") of IPS Securex Holdings Limited (the "Company"). He has decided to resign from his position to pursue personal interests and spend more quality time with family. Under the terms of his employment, unless otherwise agreed, Mr. Lim is required to serve a notice period till 3 November 2024. The effective date of Mr. Lim's cessation as the ED and CEO will be announced as soon as it has been determined.

Mr. Lim will remain as the ED and CEO until the effective date of his cessation and will be working closely with the Board of Directors of the Company to ensure a smooth transition. An announcement will be made when the new CEO has been appointed.

After having interviewed Mr. Lim and save for the Company s search for a successor to Mr. Lim, to the best of its knowledge, the Sponsor is not aware of any material adverse developments relating to the Group arising from the cessation of Mr. Lim as the ED 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?
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
10/10/2013
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.)
Executive Director and Chief Executive Officer
Role and responsibilities
Executive. Responsible for overall business development, strategic planning and operations of the Group.
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?
Yes
Shareholding Details
Direct interest: 58,014,400 shares
Past (for the last 5 years)
Nil
Present
IPS Securex Pte. Ltd.
IPS Securex (B) Sdn Bhd (Brunei)
Securex GS Pte. Ltd.

Mr. Lim will step down from the directorship of these subsidiaries same time as his cessation date as the ED and CEO of the Company.