Change - Announcement of Cessation::RESIGNATION OF CHAIRMAN AND CHIEF EXECUTIVE OFFICER - TAN YEE CHIN
Issuer & Securities
SOON LIAN HOLDINGS LIMITED
SOON LIAN HOLDINGS LIMITED - SG1W36938981 - 5MD
Change - Announcement of Cessation
Date &Time of Broadcast
Announcement Sub Title
RESIGNATION OF CHAIRMAN AND CHIEF EXECUTIVE OFFICER - TAN YEE CHIN
Submitted By (Co./ Ind. Name)
Tan Yee Leong
Description (Please provide a detailed description of the event in the box below)
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 ("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 Alice Ng, Director of Continuing Sponsorship, ZICO Capital Pte. Ltd. at 8 Robinson Road #09-00 ASO Building Singapore 048544, telephone (65) 6636 4201.
Name Of Person
Tan Yee Chin
Is effective date of cessation known?
If yes, please provide the date
Detailed Reason (s) for cessation
Mr Tan Yee Chin ("Mr Tony Tan") had, on 25 February 2020, tendered his resignation as Chairman and Chief Executive Officer ("CEO") of Soon Lian Holdings Limited (the "Company", and together with its subsidiaries, the "Group") ("Resignation") citing health reasons. Pursuant to the Resignation, Mr Tony Tan will cease to hold any executive position and will resign from his directorships in all entities within the Group, and as the legal representatives of the subsidiaries of the Group established in the People's Republic of China and Taiwan.
Under the terms of his employment, unless otherwise agreed, Mr Tony Tan will be required to serve a six (6) months' notice period and his last day of service will be 24 August 2020. Mr Tony Tan will remain as Chairman and CEO of the Company until the effective date of his cessation (i.e. 25 August 2020) and will be working closely with the Board of Directors of the Company (the "Board") to ensure an orderly and smooth transition once a successor is identified.
The Board will commence the search for new CEO of the Company and new Chairman of the Board, and will make the appropriate announcement(s) when the relevant personnel is appointed.
After having interviewed Mr Tony Tan and to the best of its knowledge, the Company's Sponsor, ZICO Capital Pte. Ltd., is satisfied that, save as disclosed in this announcement, there are no material reasons for the cessation of Mr Tony Tan as Chairman 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?
If Yes, Please provide full details
Differences in views with the Executive Directors over the management and directions of the Group.
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.)
Chairman and CEO of the Company
Role and responsibilities
Mr Tony Tan is responsible for the overall management, operations, charting and reviewing of corporate directions and strategies of the Group.
Familial relationship with any director and/ or substantial shareholder of the listed issuer or of any of its principal subsidiaries
Mr Tony Tan is the brother of Mr Tan Yee Ho (Executive Director of the Company) and Mr Tan Yee Leong (Executive Director of the Company).
As at the date of this announcement, Mr Tony Tan is a substantial shareholder of the Company, holding an aggregate shareholding interest (direct and deemed) in 74,298,334 ordinary shares of the Company ("Shares") (representing approximately 68.79% of the issued share capital of the Company). Mr Tony Tan is also related to the other substantial shareholders of the Company, namely, Soon Tien Holdings Pte. Ltd., Mr Tan Yee Ho and Mr Tan Yee Leong.
Shareholding interest in the listed issuer and its subsidiaries?
As at the date of this announcement, Mr Tony Tan holds direct interest in 998,334 Shares. In addition, Mr Tony Tan is deemed to be interested in the 72,900,000 Shares held by Soon Tien Holdings Pte. Ltd. and the 400,000 Shares held by his wife, Ms Tan Lay Peng.
Past (for the last 5 years)
Fultech Industry (M) Sdn. Bhd.
1. SL Metals Pte. Ltd.
2. SL Metals (M) Sdn. Bhd.
3. SL Metals (Taiwan) Co., Ltd
4. SL Corporation Pte. Ltd.
5. SL Metals (Suzhou) Co., Ltd
6. Soon Tien Holdings Pte. Ltd.
7. Soon Tien Investments Pte. Ltd.
8. Concentrate Holdings Pte. Ltd.
9. Concentrate Engineering Pte. Ltd.
10. Concentrate Engineering (M) Sdn Bhd
11. SL Metals (Shenzhen) Co., Ltd (currently in the process of a members' voluntary winding up)