Change - Announcement of Cessation::Retirement of Lead Independent Director

Issuer & Securities

Issuer/ Manager
JUBILEE INDUSTRIES HOLDINGS LTD.
Securities
JUBILEE INDUSTRIES HLDGS LTD - SGXE67467741 - NHD
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
18-Sep-2025 18:39:15
Status
New
Announcement Sub Title
Retirement of Lead Independent Director
Announcement Reference
SG250918OTHRV8QQ
Submitted By (Co./ Ind. Name)
Dato' Terence Tea Yeok Kian
Designation
Executive Chairman and CEO
Description (Please provide a detailed description of the event in the box below)
Retirement of Mr Cheong Keng Chuan, Alfred as Lead Independent Director of the Company

This announcement has been reviewed by the Company's sponsor, Evolve Capital Advisory Private Limited ("Sponsor"). It has not been examined or approved by the Singapore Exchange Securities Trading Limited (the "Exchange") and the Exchange 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 Jerry Chua (Tel: (65) 6241 6626), at 160 Robinson Road, #20-01/02, SBF Center, Singapore 068914.

Additional Details

Name Of Person
Cheong Keng Chuan, Alfred
Age
56
Is effective date of cessation known?
Yes
If yes, please provide the date
29/09/2025
Detailed Reason (s) for cessation
Pursuant to Catalist Rule 406(3)(d)(iv), a director will not be independent if he has been a director of the issuer for an aggregate period of more than nine years (whether before or after listing) and such director may continue to be considered independent until the conclusion of the next annual general meeting of the issuer.

Mr Cheong Keng Chuan, Alfred ("Mr Cheong") was appointed as an Independent Director of the Company on 23 June 2016 and has served as an Independent Director of the Company for more than nine years. As a result, following the conclusion of the forthcoming annual general meeting of the Company (the "AGM"), Mr Cheong will no longer be considered independent and will retire at the AGM without seeking re-election.

Accordingly, at the conclusion of the AGM, Mr Cheong will step down as the Lead Independent Director of the Company, Chairman of the Audit Committee and Remuneration Committee, and a member of the Nominating Committee.

In view of Mr Cheong's retirement, each of the Audit Committee, Nominating Committee and Remuneration Committee will fall below the minimum of 3 directors as required under the Code of Corporate Governance 2018.

The Company is also cognisant of Catalist Rule 704(7) which states that in the event of any cessation which renders the Audit Committee unable to meet the minimum number (not less than 3), the issuer should endeavour to fill the vacancy within two months, but in any case not later than three months. The Company will be sourcing for a new Independent Director to fill the aforementioned vacancies, as well as appoint a Lead Independent Director, to ensure compliance with the provisions of the Code of Corporate Governance 2018 and the Catalist Rules. The Company will make further announcements to keep Shareholders informed as and when there are material updates and developments on the foregoing matters.

The Company's Sponsor, having interviewed Mr Cheong, is satisfied that, save as disclosed in this announcement, there are no material reasons for the retirement of Mr Cheong as the Lead Independent Director of the Company.
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
23/06/2016
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)
2
Number of cessations of appointments specified in Listing Rule 704 (7) or Catalist Rule 704 (6) over the past 12 months
1
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
Lead Independent Director, Chairman of the Audit Committee and Remuneration Committee, and a member of the Nominating Committee
Role and responsibilities
As described above.
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
Other Directorships
Past (for the last 5 years)
China Hongxing Sports Limited
Present
1. Deputy CEO, Crowe Horwath First Trust LLP
2. Acrometa Group Limited
3. Giti Tire Corporation
4. Crowe Horwath First Trust Corporate Advisory Pte. Ltd.
5. Crowe Horwath First Trust Management Services Pte. Ltd.
6. Crowe Horwath First Trust Risk Advisory Pte. Ltd.
7. Crowe Horwath Capital Pte. Ltd.
8. Crowe Horwath First Trust Appraisal Pte. Ltd.
9. AIH Capital Pte. Ltd.