Change - Announcement of Cessation::Cessation of Mr Kushairi Bin Zaidel as Chairman and Independent Director

Issuer & Securities

Issuer/ Manager
MAGNUS ENERGY GROUP LTD.
Securities
MAGNUS ENERGY GROUP LTD. - SG1AI2000007 - 41S
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
30-Oct-2019 22:34:30
Status
New
Announcement Sub Title
Cessation of Mr Kushairi Bin Zaidel as Chairman and Independent Director
Announcement Reference
SG191030OTHRAGAQ
Submitted By (Co./ Ind. Name)
Luke Ho Khee Yong
Designation
Chief Executive Officer
Description (Please provide a detailed description of the event in the box below)
This announcement has been reviewed by the Company's sponsor, Stamford Corporate Services Pte Ltd (the "Sponsor"). It has not been examined or approved by the Singapore Exchange Securities Trading Limited (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 Mr Bernard Lui.
Tel: 6389 3000 Email: bernard.lui@morganlewis.com

Additional Details

Name Of Person
Kushairi Bin Zaidel
Age
61
Is effective date of cessation known?
Yes
If yes, please provide the date
30/10/2019
Detailed Reason (s) for cessation
Retired pursuant to Regulation 101(1) of the Constitution of the Company and was not re-elected by shareholders at the Annual General Meeting held on 30 October 2019.

Sponsor has interviewed Kushairi Bin Zaidel and is satisfied that there are no other reasons for the cessation
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?
Yes
If Yes, Please provide full details
The Company should follow up with the issues raised in the report on the review of selected transactions undertaken by the Company prepared by Provenance Capital Pte. Ltd. and take steps to appoint auditors in compliance with the Companies Act. The Company must also take steps to follow up on the approval and the filing of the accounts.

No new directors have been appointed following the Annual General Meeting of the Company. The Company must take steps to reconstitute the Audit Committee, the Nominating Committee and the Remuneration Committee and appoint a Chairman of the Board, the Audit Committee and the Nominating Committee.
Any other relevant information to be provided to shareholders of the listed issuer?
No
Date of Appointment to current position
05/11/2012
Does the AC have a minimum of 3 members (taking into account this cessation)?
No
Number of Independent Directors currently resident in Singapore (taking into account this cessation)
1
Number of cessations of appointments specified in Listing Rule 704 (7) or Catalist Rule 704 (6) over the past 12 months
5
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
Chairman and Independent Director, Chairman of of the Nominating Committee and a member of the Audit Committee and Remuneration Committee.
Role and responsibilities
Chairman and Independent Director, Chairman of of the Nominating Committee and a member of the Audit Committee and Remuneration Committee.
Familial relationship with any director and/ or substantial shareholder of the listed issuer or of any of its principal subsidiaries
No
Shareholding interest in the listed issuer and its subsidiaries?
Yes
Shareholding Details
Mr Kushairi Bin Zaidel's total shareholding is 114,372,020 ordinary shares as of 30 October 2019.
Past (for the last 5 years)
2009 - 2019 Kuantan Flour Mills Bhd
- Director
Present
2015 - Current - MEG Global Resources Limited
- Director
2014 - Current - MEG Management Sdn. Bhd.
- Director
2012 - Current - CEG Fabrication & Supplies Sdn Bhd
- Director
2012 - Current - Borneo Sterilisation Services Sdn Bhd
- Director
2009 - Current - BK Management and Services Sdn Bhd
- Director
20015 - Current - EPR (Kuching) Sdn Bhd
- Director
1998 - Current - Gegasan Abadi Holdings Sdn Bhd
- Director
1997 - Current - Mr. Laundrette Sdn Bhd
- Director
1996 - Current - Dynaku Sdn Bhd
- Director
1996 - Current - Bahagia Kenyalang Holdings (M) Sdn Bhd
- Director
1994 - Current - Gegasan Abadi Properties Sdn Bhd
- Director
1993 - Current - Warisan Kenyalang Sdn Bhd
- Director