Change - Announcement of Appointment::Appointment of Director and Chairman of a Principal Subsidiary who is a substantial shareholder

Issuer & Securities

Issuer/ Manager
RAFFLES UNITED HOLDINGS LTD.
Securities
RAFFLES UNITED HOLDINGS LTD. - SG1C10012922 - K22
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Appointment
Date &Time of Broadcast
24-Aug-2015 17:45:13
Status
New
Announcement Sub Title
Appointment of Director and Chairman of a Principal Subsidiary who is a substantial shareholder
Announcement Reference
SG150824OTHR39GF
Submitted By (Co./ Ind. Name)
Teh Geok Koon
Designation
Executive Director cum Chief Operating Officer
Description (Please provide a detailed description of the event in the box below)
Following the announcement released to SGX on 20 April 2015 on retirement of Mr Kwek Che Yong as executive director at AGM, Mr Kwek was appointed as Director and Board Chairman of Kian Ho Pte Ltd ("KHPL"), its wholly-owned subsidiary, with effect from 20 April 2015 as well as Adviser to the Company on the same date

Additional Details

Date Of Appointment
20/04/2015
Name Of Person
Kwek Che Yong
Age
70
Country Of Principal Residence
Singapore
The Board's comments on this appointment (including rationale, selection criteria, and the search and nomination process)
The Board and Remuneration Committee assessed and considered Mr Kwek's extensive experience and expertise in the bearings and seals industry and concurred with management's proposal on his appointment as Chairman of the Board of its wholly-owned subsidiary, Kian Ho Pte Ltd ("KHPL"). Following the announcement released to SGX on 20 April 2015, Mr Kwek was appointed as Director and Board Chairman of KHPL with effect from 20 April 2015 as well as Adviser to the Company on the same date.

The Board expects KHPL to become a principal subsidiary by the end of 2015.
Whether appointment is executive, and if so, the area of responsibility
Executive role, Chairman of the Board of KHPL
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
Chairman of the Board of KHPL in addition to his existing role as Adviser to the Company
Familial relationship with any director and/ or substantial shareholder of the listed issuer or of any of its principal subsidiaries
Director of KHB Holdings Pte Ltd, a substantial shareholder of the Company; and substantial shareholder through his direct and deemed interest held through KHB Holdings Pte Ltd
Conflict of interests (including any competing business)
Nil
Working experience and occupation(s) during the past 10 years
1. November 1973 to April 2015: Executive Non-Independent Director of the Company
2. April 2015 to present: Chairman of the Board of KHPL and Adviser to the Company

Shareholding interest in the listed issuer and its subsidiaries?
Yes
Shareholding Details
0.51% direct interest and 11.82% deemed interest in the Company through KHB Holdings Pte Ltd because of his 66.67% shareholdings in KHB Holdings Pte Ltd.
# 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)
November 1973 to April 2015: Executive Non-Independent Director of Raffles United Holdings Ltd
Present
1. Kian Ho Pte Ltd
2. KHB Holdings 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
No
(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
November 1973 to April 2015: Executive Non-Independent Director of Raffles United Holdings Ltd