Change - Announcement of Cessation::Retirement of Mr Tay Kah Chye as Independent Chairman

Issuer & Securities

Issuer/ Manager
ASIATIC GROUP (HOLDINGS) LIMITED
Securities
ASIATIC GROUP (HOLDINGS) LTD - SG1N86910089 - 5CR
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
12-Jul-2024 19:58:45
Status
New
Announcement Sub Title
Retirement of Mr Tay Kah Chye as Independent Chairman
Announcement Reference
SG240712OTHR9BRW
Submitted By (Co./ Ind. Name)
Yoo Loo Ping
Designation
Company Secretary
Description (Please provide a detailed description of the event in the box below)
Retirement of Mr Tay Kah Chye as Independent Chairman

This announcement has been reviewed by the Company's sponsor, PrimePartners Corporate Finance Pte. Ltd. (the "Sponsor"). It has not been examined or approved by the Singapore Exchange Securities Trading Limited (the "Exchange") and the Exchange 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 Lim Hui Ling, 16 Collyer Quay, #10-00 Collyer Quay Centre, Singapore 049318, sponsorship@ppcf.com.sg.

Additional Details

Name Of Person
Tay Kah Chye
Age
77
Is effective date of cessation known?
Yes
If yes, please provide the date
29/07/2024
Detailed Reason (s) for cessation
Pursuant to Rule 406(3)(d)(iv) of the Catalist Rules of the SGX-ST, Mr Tay Kah Chye ("Mr Tay") will cease to be considered independent after the conclusion of the upcoming Annual General Meeting ("AGM") to be held on 29 July 2024. As part of the Board renewal process, Mr Tay will be retiring and will not seek for re-election as a Director of the Company at the AGM. Accordingly, Mr Tay will also cease to be Independent Chairman of the Board, and member of Audit and Risk Committee ("ARC"), Nominating Committee ("NC") and Remuneration Committee ("RC").

The Board would like to express its gratitude towards Mr Tay for his valuable and significant contributions to the Company during his tenure of service.

After having interviewed Mr Tay and to the best of its knowledge, the Company's Sponsor, PrimePartners Corporate Finance Pte. Ltd., is satisfied that save as disclosed in this announcement, there are no other material reasons for the resignation of Mr Tay as Independent Chairman of the Board and member of ARC, NC, RC.
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
01/10/2013
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)
3
Number of cessations of appointments specified in Listing Rule 704 (7) or Catalist Rule 704 (6) over the past 12 months
1
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
Independent Director, Chairman of the Board, Member of Audit and Risk Committee, Nominating Committee and Remuneration Committee
Role and responsibilities
As above.
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
5,000,000 ordinary shares in the Company
Past (for the last 5 years)
(i) Chemical Industries (Far East) Ltd
(ii) Academy of Water Safety and Swimming Private Limited
(iii) Asiatravel.com Holdings Ltd
(iv) Wilmar International Limited
Present
(i) CLMV Consult (Net) Private Limited
(ii) PATA Consultancy Pte. Ltd.
(iii) PATA International Enterprise Pte. Ltd.
(iv) Cambox Investment Pte Ltd (in voluntarily liquidation)
(v) Cambox Pte Ltd (Cambodia)(in voluntarily liquidation)