Change - Announcement of Cessation::Resignation of Chief Financial Officer

Issuer & Securities

Issuer/ Manager
Y VENTURES GROUP LTD.
Securities
Y VENTURES GROUP LTD. - SG1DH7000008 - 1F1
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
10-Jul-2019 20:51:54
Status
New
Announcement Sub Title
Resignation of Chief Financial Officer
Announcement Reference
SG190710OTHRZZU3
Submitted By (Co./ Ind. Name)
Lew Chern Yong
Designation
Executive Chairman and Director
Description (Please provide a detailed description of the event in the box below)
Resignation of Joshua Huang Thien En as Chief Financial Officer of the Company.

This announcement has been prepared by the Company and its contents have been reviewed by the Company's Sponsor, RHT Capital Pte. Ltd. (the "Sponsor") for compliance with the relevant rules of the Singapore Exchange Securities Trading Limited (the "SGX-ST"). The Sponsor has not independently verified the contents of this announcement.

This announcement has not been examined or approved by the SGX-ST and the SGX-ST assume 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 Leong Weng Tuck, Registered Professional, RHT Capital Pte. Ltd. at 9 Raffles Place, #29-01 Republic Plaza Tower 1, Singapore 048619, Telephone: (65) 6381 6757

Additional Details

Name Of Person
Joshua Huang Thien En
Age
37
Is effective date of cessation known?
Yes
If yes, please provide the date
15/07/2019
Detailed Reason (s) for cessation
To pursue other career opportunities.

Mr Joshua Huang Thien En ("Mr Joshua Huang") is currently serving a one (1) month notice period. To ensure a smooth transition, Ms Goh Lay Lan, who is appointed as the Financial Controller of the Company, will assume the roles and responsibilities of Mr Joshua Huang. Ms Goh Lay Lan has been assisting the Company in its financial and accounting matters as a consultant since April 2019 to provide additional support and expertise to the finance team including assisting in the independent review by Deloitte & Touche Enterprise Risk Services Pte. Ltd. ("Deloitte") ("Independent Review"). Further details of the qualifications and working experience of Ms Goh Lay Lan are set out in her appointment announcement dated 10 July 2019. Mr Joshua Huang has confirmed that he is not aware of any concerns with regards to the financial reporting of the Company and the Independent Review, which is currently still ongoing, that might have led to his resignation.

Notwithstanding his cessation as Chief Financial Officer of the Company, in relation to the Independent Review, Mr Joshua Huang has agreed to continue to provide all relevant assistance that is necessary or required from Deloitte, the Company's Sponsor and/or SGX-ST and has further committed to do so until the completion of the Independent Review.

Based on its enquiries, the Company's Sponsor, RHT Capital Pte. Ltd., is satisfied that, other than as disclosed in this announcement, there are no other material reasons for the resignation of Mr Joshua Huang as the Chief Financial Officer of the Group.
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
01/09/2018
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
3
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
Chief Financial Officer
Role and responsibilities
Executive. Mr Joshua Huang was responsible for all finance activities and accounting operations, reviewing legal documents, liaising with external lawyer and providing finance strategic planning, budgeting and forecasting of the Company and the Group, as well as assisting in the independent review process.
Familial relationship with any director and/ or substantial shareholder of the listed issuer or of any of its principal subsidiaries
None
Shareholding interest in the listed issuer and its subsidiaries?
No
Past (for the last 5 years)
1. Supratechnic Pte Ltd
2. Scientific & Industrial Instrumentation Pte Ltd
3. Emcap Partners Pte. Ltd.
4. PT Supratechnic Instrumentasi Indonesia
Present
Nil