Change - Announcement of Cessation::Cessation of Mr Lim Soo Peng as MD and redesignation as Executive Director

Issuer & Securities

Issuer/ Manager
CHEMICAL INDUSTRIES (FAR EAST) LIMITED.
Securities
CHEMICAL INDUSTRIES (F.E.) LTD - SG1B37000984 - C05
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
28-Sep-2021 22:28:39
Status
New
Announcement Sub Title
Cessation of Mr Lim Soo Peng as MD and redesignation as Executive Director
Announcement Reference
SG210928OTHRHH8Q
Submitted By (Co./ Ind. Name)
Foo Soon Soo
Designation
Company Secretary
Description (Please provide a detailed description of the event in the box below)
Mr Lim Soo Peng will be re-designated from the Managing Director to an Executive Director with effect from 1 October 2021. He will remain as an Executive Director during the transition to a professionally managed company up to 31 December 2021. He will retire from his executive appointment but remain as a Non-Executive Director with effect from 1 January 2022.

Additional Details

Name Of Person
Lim Soo Peng
Age
93
Is effective date of cessation known?
Yes
If yes, please provide the date
01/10/2021
Detailed Reason (s) for cessation
The appointment of Mr Chng Hee Kok as Interim Chief Executive Officer, the re-designation of Mr Lim Soo Peng from the Managing Director ("MD") to an Executive Director and re-designation of Mr Cecil Lim as Executive Director to Non-Executive Director, announced on 28 September 2021, are in line with the overall strategy of the Company to move from a family-run company to one that is professionally managed, as set out in the address of the MD to the shareholders at the AGM on 21 July 2021 and endorsed by the Nominating Committee and the Board.

Mr Lim will be re-designated from the MD to an Executive Director with effect from 1 October 2021 up to 31 December 2021. He will retire from his executive appointment but remain as a Non-Executive Director with effect from 1 January 2022.

Please refer to the Company's general announcement dated 28 September 2021 on the changes to board of directors and corporate management for more details.
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
16/03/1962
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)
4
Number of cessations of appointments specified in Listing Rule 704 (7) or Catalist Rule 704 (6) over the past 12 months
6
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
Managing Director
Role and responsibilities
Mr Lim is responsible for operations of the Group.
Familial relationship with any director and/ or substantial shareholder of the listed issuer or of any of its principal subsidiaries
Father of Mr Lim Yew Khang Cecil and Mr Lim Yew Nghee, who are Non-Executive and Non-Independent Directors
Shareholding interest in the listed issuer and its subsidiaries?
Yes
Shareholding Details
Deemed interest in 36,507,750 shares comprising 48.07% of total issued shares.
Past (for the last 5 years)
None
Present
Subsidiaries of Chemical Industries (Far East) Limited
S.P. Lim & Company Pte Ltd
Eastern Rubber Company (Malaya) Pte Limited
S. P. Lim Trust Limited
S. P. Lim Holdings Pte. Ltd.