Change - Announcement of Cessation::Retirement of Independent and Non-Executive Director

Issuer & Securities

Issuer/ Manager
FAR EAST GROUP LIMITED
Securities
FAR EAST GROUP LIMITED - SG2D48972988 - 5TJ
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
09-Apr-2024 19:17:27
Status
New
Announcement Sub Title
Retirement of Independent and Non-Executive Director
Announcement Reference
SG240409OTHR437P
Submitted By (Co./ Ind. Name)
Loh Mun Yew
Designation
Chief Executive Officer and Executive Director
Effective Date and Time of the event
25/04/2024 00:00:00
Description (Please provide a detailed description of the event in the box below)
This announcement has been reviewed by the Company's sponsor, SAC Capital Private Limited (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 Ms Lee Khai Yinn (Tel: (65) 6232 3210) at 1 Robinson Road, #21-00 AIA Tower, Singapore 048542.

Additional Details

Name Of Person
Tan Hwee Kiong
Age
58
Is effective date of cessation known?
Yes
If yes, please provide the date
25/04/2024
Detailed Reason (s) for cessation
After serving on the Board for more than 9 years from the date of his appointment as Independent Director of the Company, Mr. Tan Hwee Kiong has decided to retire as a Director of the Company at the close of the Company's Annual General Meeting to be held on 25 April 2024, in view of the 9-year term limit on Independent Directors.

SAC Capital Private Limited, after having interviewed Mr. Tan Hwee Kiong, is satisfied that other than as disclosed in this announcement, there are no other reasons for the retirement of Mr. Tan Hwee Kiong.

Based on the current Board composition, the Board notes that the Audit Committee will not be able to meet the minimum requirement of having three (3) directors under Rule 704(7) of the Catalist Rules. Accordingly, the Board shall endeavour to fill the vacancy as soon as possible, and in any case, not later than three (3) months from the effective date of cessation of Mr. Tan Hwee Kiong. The Company is currently in the process of identifying and reviewing potential candidates.
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
28/06/2011
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
1
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
Independent and Non-Executive Director, Chairman of the Remuneration Committee and member of the Nominating and Audit Committees
Role and responsibilities
Non-Executive.
Familial relationship with any director and/ or substantial shareholder of the listed issuer or of any of its principal subsidiaries
Nil
Shareholding interest in the listed issuer and its subsidiaries?
No
Past (for the last 5 years)
Directorships:
Hart Engineering (Private) Limited
Leeden Fire Safety Pte. Ltd.
Eversafe Extinguisher Pte Ltd
Present
Directorships:
A's Food Pte. Ltd.
Savory Origin Pte. Ltd.