Change - Announcement of Appointment::Appointment of Independent Director who is an Audit Committee Member

Issuer & Securities

Issuer/ Manager
OLS ENTERPRISE LTD.
Securities
OLS ENTERPRISE LTD. - SG1AA8000008 - ADJ
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Appointment
Date &Time of Broadcast
20-Nov-2015 17:22:55
Status
New
Announcement Sub Title
Appointment of Independent Director who is an Audit Committee Member
Announcement Reference
SG151120OTHRDWD4
Submitted By (Co./ Ind. Name)
Koo Ah Seang
Designation
Executive Chairman
Description (Please provide a detailed description of the event in the box below)
Appointment of Mr Yong Chor Ken as Independent Director.

This announcement has been prepared by the Company and its contents have been reviewed by the Company's sponsor, Provenance Capital Pte. Ltd. (the "Sponsor"), for compliance with the Singapore Exchange Securities Trading Limited (the "SGX-ST") Listing Manual Section B: Rules of Catalist. The Sponsor has not verified the contents of this announcement.

This announcement has not been examined or approved by the SGX-ST. The Sponsor and the SGX-ST assume no responsibility for the contents of this announcement, including the accuracy, completeness or correctness of any of the information, statements or opinions made or reports contained in this announcement.

The contact person for the Sponsor is Mr Terence Lim, Director, at 96 Robinson Road, #13-01, SIF Building, Singapore 068899, telephone (65) 6227-1580.

Additional Details

Date Of Appointment
20/11/2015
Name Of Person
Yong Chor Ken
Age
50
Country Of Principal Residence
Singapore
The Board's comments on this appointment (including rationale, selection criteria, and the search and nomination process)
With the recommendation from the Nominating Committee, the Board after reviewing Mr Yong's independence status, qualification and working experience, has approved the appointment of Mr Yong as an Independent Director of the Company. The Board considers Mr Yong to be independent for the purpose of Rule 704(7) of the SGX-ST Listing Manual Section B: Rules of Catalist.
Whether appointment is executive, and if so, the area of responsibility
Non-Executive
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
Independent Director, Chairman of Nominating Committee and member of Audit and Remuneration Committees
Familial relationship with any director and/ or substantial shareholder of the listed issuer or of any of its principal subsidiaries
Nil
Conflict of interests (including any competing business)
Nil
Working experience and occupation(s) during the past 10 years
November 2015 to Present
Transcorp Holdings Limited - Acting Chief Financial Officer

July 2011 to Present
Alternative Advisors Investments Pte Ltd - Director

January 2009 to Present
Alternative Advisors Pte Ltd - Director

May 2014 to April 2015
Sincap Group Limited - Lead Independent Director

September 2010 to February 2012
China Enersave Limited and its group of companies - CEO (Interim) / Director

February 2009 to April 2011
First Media Design School Pte Ltd - Director / CEO

November 2007 to May 2008
SNF Corporation Limited - Independent Director

September 1997 to February 2009
Penguin International Limited - Executive Director
Shareholding interest in the listed issuer and its subsidiaries?
No
# These fields are not applicable for announcements of appointments pursuant to Listing Rule 704 (9) or Catalist Rule 704 (8).
Past (for the last 5 years)
Sincap Group Limited
China Enersave Limited and its group of companies
First Media Design School Pte Ltd
Present
Alternative Advisors Investments Pte Ltd
Alternative Advisors Pte Ltd
(a) Whether at any time during the last 10 years, an application or a petition under any bankruptcy law of any jurisdiction was filed against him or against a partnership of which he was a partner at the time when he was a partner or at any time within 2 years from the date he ceased to be a partner?
No
(b) Whether at any time during the last 10 years, an application or a petition under any law of any jurisdiction was filed against an entity (not being a partnership) of which he was a director or an equivalent person or a key executive, at the time when he was a director or an equivalent person or a key executive of that entity or at any time within 2 years from the date he ceased to be a director or an equivalent person or a key executive of that entity, for the winding up or dissolution of that entity or, where that entity is the trustee of a business trust, that business trust, on the ground of insolvency?
No
(c) Whether there is any unsatisfied judgment against him?
No
(d) Whether he has ever been convicted of any offence, in Singapore or elsewhere, involving fraud or dishonesty which is punishable with imprisonment, or has been the subject of any criminal proceedings (including any pending criminal proceedings of which he is aware) for such purpose?
No
(e) Whether he has ever been convicted of any offence, in Singapore or elsewhere, involving a breach of any law or regulatory requirement that relates to the securities or futures industry in Singapore or elsewhere, or has been the subject of any criminal proceedings (including any pending criminal proceedings of which he is aware) for such breach?
No
(f) Whether at any time during the last 10 years, judgment has been entered against him in any civil proceedings in Singapore or elsewhere involving a breach of any law or regulatory requirement that relates to the securities or futures industry in Singapore or elsewhere, or a finding of fraud, misrepresentation or dishonesty on his part, or he has been the subject of any civil proceedings (including any pending civil proceedings of which he is aware) involving an allegation of fraud, misrepresentation or dishonesty on his part?
No
(g) Whether he has ever been convicted in Singapore or elsewhere of any offence in connection with the formation or management of any entity or business trust?
No
(h) Whether he has ever been disqualified from acting as a director or an equivalent person of any entity (including the trustee of a business trust), or from taking part directly or indirectly in the management of any entity or business trust?
No
(i) Whether he has ever been the subject of any order, judgment or ruling of any court, tribunal or governmental body, permanently or temporarily enjoining him from engaging in any type of business practice or activity?
No
(j) Whether he has ever, to his knowledge, been concerned with the management or conduct, in Singapore or elsewhere, of the affairs of :-
(i) any corporation which has been investigated for a breach of any law or regulatory requirement governing corporations in Singapore or elsewhere; or
Yes
If Yes, Please provide full details
Mr. Yong Chor Ken was a Director of Penguin Ferry Services Pte Ltd ("PFS") from 1 September 2004 to 30 December 2008. In July 2012, the Competition Commission of Singapore ("CCS") imposed financial penalties on PFS for engaging in anti-competitive conduct by exchanging and providing sensitive and confidential price information in relation to ferry tickets sold to corporate clients and (infringement period: 9 Nov 2007 to 17 Nov 2009) and travel agents (infringement period: 17 June 2008 to 20 May 2009). Notwithstanding that Mr. Yong was a Director of PFS during the infringement period, Mr. Yong was not responsible for or involved in the management of the relevant operational unit. The CCS did not interview or investigate Mr. Yong and did not impose any penalties on him.
(ii) any entity (not being a corporation) which has been investigated for a breach of any law or regulatory requirement governing such entities in Singapore or elsewhere; or
No
(iii) any business trust which has been investigated for a breach of any law or regulatory requirement governing business trusts in Singapore or elsewhere; or
No
(iv) any entity or business trust which has been investigated for a breach of any law or regulatory requirement that relates to the securities or futures industry in Singapore or elsewhere, in connection with any matter occurring or arising during that period when he was so concerned with the entity or business trust?
No
(k) Whether he has been the subject of any current or past investigation or disciplinary proceedings, or has been reprimanded or issued any warning, by the Monetary Authority of Singapore or any other regulatory authority, exchange, professional body or government agency, whether in Singapore or elsewhere?
No
Any prior experience as a director of a listed company?
Yes
If Yes, Please provide details of prior experience
Sincap Group Limited - Lead Independent Director
China Enersave Limited - Director
SNF Corporation Limited - Independent Director
Shining Corporation Limited - Independent Director
Penguin International Limited - Executive Director

Attachments

OLS-Ann-Board Composition.pdf
Total size =70K