Change - Announcement of Appointment::Redesignation of Executive Chairman - Yap Meng Sing

Issuer & Securities

Issuer/ Manager
SEN YUE HOLDINGS LIMITED
Securities
SEN YUE HOLDINGS LIMITED - SG1M25902545 - 5BS
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Appointment
Date &Time of Broadcast
21-Mar-2025 22:32:22
Status
New
Announcement Sub Title
Redesignation of Executive Chairman - Yap Meng Sing
Announcement Reference
SG250321OTHRXX8K
Submitted By (Co./ Ind. Name)
Shirley Tan
Designation
Company Secretary
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 Pte. Ltd. (the "Sponsor"). It has not been examined or approved by the Singapore Exchange Securities Trading Limited (the "Exchange") and the Exchange assumes no responsibility of 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. Tay Sim Yee (Telephone no.: (65) 6232 3210), 1 Robinson Road, #21-01 AIA Tower, Singapore 048542.

Additional Details

Date Of Appointment
21/03/2025
Name Of Person
Yap Meng Sing
Age
77
Country Of Principal Residence
Singapore
Date of last re-appointment (if applicable)
21/03/2025
The Board's comments on this appointment (including rationale, selection criteria, board diversity considerations, and the search and nomination process)
Mr. Yap Meng Sing ("Mr. Yap") has been re-elected as Director of the Company upon the conclusion of the annual general meeting held on 21 March 2025. As disclosed on page 29 of the Company's annual report for the year ended 30 September 2024, Mr. Yap has indicated his intention to be re-designated to Non-Executive Chairman as part of the Company's succession planning. In this role, Mr. Yap will step back from day-to-day operations while continuing to provide strategic guidance, ensuring a clear distinction between his leadership of the Board and the executives responsible for managing the Company's business.
Whether appointment is executive, and if so, the area of responsibility
Non-Executive
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
Non-Executive Chairman
Professional qualifications
Nil
Any relationship (including immediate family relationships) with any existing director, existing executive officer, the issuer and/ or substantial shareholder of the listed issuer or any of its principal subsidiaries
Mr. Yap is the director and shareholder of Electroloy Metal Pte. Ltd. ("Electroloy"), the controlling shareholder of the Company, father of Ms. Shann Yap Shiau Wei, General Manager cum personal assistant to the then Executive Chairman, who is also a director of principal subsidiaries of the Group.
Conflict of interests (including any competing business)
Modeltech Sdn Bhd ("Modeltech") is a company owned by Yap Sock Eng and Yap Meng Khiang, siblings of Mr. Yap. Modeltech is a private limited company incorporated and based in Malaysia, and is principally engaged in the business of processing of non-ferrous and precious metal scraps such as lead, tin and silver. Their customers are mainly based in Malaysia.

The Board note that any potential conflict of interest arising from Mr. Yap s associates in Modeltech is mitigated by the following:

(a) Mr. Yap is not a director or shareholder of Modeltech and is not involved in the management or day-to-day operations of Modeltech;

(b) The business of Modeltech is distinct and separate from Sen Yue s core businesses;

(c) The target market and customer of Sen Yue are different due to the difference in the type of commodities handled and Modeltech serves a different group of customers who are mainly based in Malaysia while SMCI s customers are mainly based in China and Thailand.

(d) Mr. Yap has provided a non-compete undertaking under his service agreement in relation to his appointment as Executive Chairman and CEO previously, including amongst others an undertaking not to participate, directly or indirectly, in the management or operations of Modeltech or any other business similar to the of the Group.
Working experience and occupation(s) during the past 10 years
1 May 2024 to 21 March 2025:
- Executive Chairman of the Company

August 2022 to 30 April 2024:
- Executive Chairman and CEO of the Company

May 1977 to present:
- Founder and director of Electroloy's group of business including the following companies:

(a) Electroloy Metal Pte Ltd;
(b) Electroloy Technologies Pte Ltd;
(c) Electroloy Corporation Sdn Bhd;
(d) Electroloy (India) Pvt Ltd;
(e) Electroloy Metal (Suzhou) Co. Ltd;
(f) Electroloy Metal (Shenzhen) Co. Ltd;
(g) Electroloy Technologies (Huizhou) Co. Ltd; and
(h) Electroloy (HK) Co. Ltd
Undertaking submitted to the listed issuer in the form of Appendix 7.7 (Listing Rule 704(7)) Or Appendix 7H (Catalist Rule 704(6))
Yes
Shareholding interest in the listed issuer and its subsidiaries?
Yes
Shareholding Details
Mr. Yap holds a direct interest of 5,950,000 shares, representing 0.18% shareholding in Sen Yue. He is deemed to have interest in the 1,750,000,000 shares of the Company, representing 54.05% shareholdings in Sen Yue, held by Electroloy by virtue of his shareholdings in Electroloy, Section 7 of the Singapore Companies Act 1967 and the Section 4 of the Securities and Futures Act 2001.
Other Principal Commitments* Including Directorships#
*"Principal Commitments" has the same meaning as defined in the Code
# These fields are not applicable for announcements of appointments pursuant to Listing Rule 704 (9) or Catalist Rule 704 (8).
Past (for the last 5 years)
- SMCI Refinery Pte Ltd
- Macore Technology (M) Sdn Bhd
- PNE Precision Sdn Bhd
- SMC Industrial (HK) Limited
- SMC Industrial (UK) Co. Limited
Present
- Electroloy Metal Pte Ltd
- Electroloy Technologies Pte Ltd
- Electroloy Corporation Sdn Bhd
- Electroloy (India) Pvt Ltd
- Electroloy (HK) Co. Ltd
- Electroloy Metal (Shenzhen) Co. Ltd
- Electroloy Metal (Suzhou) Co. Ltd
- Electroloy Technologies (Huizhou) Co. Ltd
- SYH Resources Pte Ltd
- SMC Industrial Pte Ltd
- PNE Micron Engineering Sdn Bhd
- PNE Marvellous Sdn Bhd;
- CED System Sdn Bhd
- Hong Nam Industry (M) Sdn Bhd
- PNE Micron (Kuala Lumpur) Sdn Bhd
- PNE-Sino Pte Ltd
(a) Whether at any time during the last 10 years, an application or a petition under any bankruptcy law of any jurisdiction was filed against him or against a partnership of which he was a partner at the time when he was a partner or at any time within 2 years from the date he ceased to be a partner?
No
(b) Whether at any time during the last 10 years, an application or a petition under any law of any jurisdiction was filed against an entity (not being a partnership) of which he was a director or an equivalent person or a key executive, at the time when he was a director or an equivalent person or a key executive of that entity or at any time within 2 years from the date he ceased to be a director or an equivalent person or a key executive of that entity, for the winding up or dissolution of that entity or, where that entity is the trustee of a business trust, that business trust, on the ground of insolvency?
No
(c) Whether there is any unsatisfied judgment against him?
No
(d) Whether he has ever been convicted of any offence, in Singapore or elsewhere, involving fraud or dishonesty which is punishable with imprisonment, or has been the subject of any criminal proceedings (including any pending criminal proceedings of which he is aware) for such purpose?
No
(e) Whether he has ever been convicted of any offence, in Singapore or elsewhere, involving a breach of any law or regulatory requirement that relates to the securities or futures industry in Singapore or elsewhere, or has been the subject of any criminal proceedings (including any pending criminal proceedings of which he is aware) for such breach?
No
(f) Whether at any time during the last 10 years, judgment has been entered against him in any civil proceedings in Singapore or elsewhere involving a breach of any law or regulatory requirement that relates to the securities or futures industry in Singapore or elsewhere, or a finding of fraud, misrepresentation or dishonesty on his part, or he has been the subject of any civil proceedings (including any pending civil proceedings of which he is aware) involving an allegation of fraud, misrepresentation or dishonesty on his part?
No
(g) Whether he has ever been convicted in Singapore or elsewhere of any offence in connection with the formation or management of any entity or business trust?
No
(h) Whether he has ever been disqualified from acting as a director or an equivalent person of any entity (including the trustee of a business trust), or from taking part directly or indirectly in the management of any entity or business trust?
No
(i) Whether he has ever been the subject of any order, judgment or ruling of any court, tribunal or governmental body, permanently or temporarily enjoining him from engaging in any type of business practice or activity?
No
(j) Whether he has ever, to his knowledge, been concerned with the management or conduct, in Singapore or elsewhere, of the affairs of :-
(i) any corporation which has been investigated for a breach of any law or regulatory requirement governing corporations in Singapore or elsewhere; or
Yes
If Yes, Please provide full details
On 12 April 2024, the Company has received an order under Section 20 of the Criminal Procedure Code 2010 (the "Order") from the Enforcement Department of the Monetary Authority of Singapore ("MAS"). Pursuant to the Order, the Company was required to provide certain documents to assist with the MAS's investigation into offences under the Securities and Futures Act 2001. The Company has furnished certain documents to MAS, including documents between August 2020 to August 2022. Electroloy, the controlling shareholder of the Company, has received a separate order by the MAS to assist with the Investigation. Please refer to the Company's announcement dated 14 April 2024 for more details.
(ii) any entity (not being a corporation) which has been investigated for a breach of any law or regulatory requirement governing such entities in Singapore or elsewhere; or
No
(iii) any business trust which has been investigated for a breach of any law or regulatory requirement governing business trusts in Singapore or elsewhere; or
No
(iv) any entity or business trust which has been investigated for a breach of any law or regulatory requirement that relates to the securities or futures industry in Singapore or elsewhere, in connection with any matter occurring or arising during that period when he was so concerned with the entity or business trust?
No
(k) Whether he has been the subject of any current or past investigation or disciplinary proceedings, or has been reprimanded or issued any warning, by the Monetary Authority of Singapore or any other regulatory authority, exchange, professional body or government agency, whether in Singapore or elsewhere?
No
Disclosure applicable to the appointment of Director only.
Any prior experience as a director of an issuer listed on the Exchange?
Yes
If Yes, Please provide details of prior experience
Mr. Yap has been a director of the Company since 5 August 2022.
Please provide details of relevant experience and the nominating committee's reasons for not requiring the director to undergo training as prescribed by the Exchange (if applicable)
Not applicable