Change - Announcement of Cessation::CESSATION OF EXECUTIVE CHAIRMAN AND DIRECTOR

Issuer & Securities

Issuer/ Manager
ADDVALUE TECHNOLOGIES LTD
Securities
ADDVALUE TECHNOLOGIES LTD - SG1I67883666 - A31
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
31-Mar-2023 21:10:07
Status
New
Announcement Sub Title
CESSATION OF EXECUTIVE CHAIRMAN AND DIRECTOR
Announcement Reference
SG230331OTHR1C9B
Submitted By (Co./ Ind. Name)
TAN KHAI PANG
Designation
CHIEF EXECUTIVE OFFICER
Description (Please provide a detailed description of the event in the box below)
Cessation of Dr Colin Chan Kum Lok as Executive Chairman and Director of the Company

Additional Details

Name Of Person
DR COLIN CHAN KUM LOK
Age
66
Is effective date of cessation known?
Yes
If yes, please provide the date
01/04/2023
Detailed Reason (s) for cessation
Dr Colin Chan Kum Lok will retire from his position as Executive Chairman and Director on 31 March 2023 and assume the role as Advisor to the Board and to the Chief Executive Officer with effect on and from 1 April 2023. Accordingly, he will also relinquish his role as a member of the Board Exco Committee.
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
17/01/1996
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)
2
Number of cessations of appointments specified in Listing Rule 704 (7) or Catalist Rule 704 (6) over the past 12 months
0
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
Board Chairman
Board Exo Committee Member
Role and responsibilities
Formulate vision and mission. Develop strategic objectives and overall management of the company. Responsible for the restructuring and transforming the Group to be a leading global satellite communications company.
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?
Yes
Shareholding Details
37,490,000 ordinary shares in the Company
Past (for the last 5 years)
Nil
Present
Dr Chan is a director of all the subsidiaries of the Group, except for Revere Space Inc. and Zhongxin Chuangzhi (Beijing) Technology Ltd. Co.