Change - Announcement of Cessation::Cessation of Ms. Lee Kim Lian, Juliana as Independent Director

Issuer & Securities

Issuer/ Manager
Stapled Security

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
11-Apr-2024 22:16:07
Announcement Sub Title
Cessation of Ms. Lee Kim Lian, Juliana as Independent Director
Announcement Reference
Submitted By (Co./ Ind. Name)
Tang Zhengming
Executive Director
Description (Please provide a detailed description of the event in the box below)
Cessation of Independent Director

This announcement has been reviewed by the Company's sponsor, UOB Kay Hian Private Limited (the "Sponsor").

This announcement has not been examined or approved by the Singapore Exchange Securities Trading Limited ("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 Lance Tan, Senior Vice President, at 8 Anthony Road, #01-01, Singapore 229957, telephone (65) 6590 6881.

Additional Details

Name Of Person
Lee Kim Lian, Juliana
Is effective date of cessation known?
If yes, please provide the date
Detailed Reason (s) for cessation
Ms. Lee Kim Lian, Juliana ("Ms. Lee") was appointed as an Independent Director of the Company on 29 December 2020 and was last re-elected as Director on 29 April 2022. In accordance with Regulation 114 of the Company's Constitution, Ms. Lee was due for retirement by rotation at the forthcoming annual general meeting to be held on 26 April 2024 (the "AGM").

In view of i) the Company's recent embarkment upon new services pursuant to a joint venture as announced by the Company on 31 March 2024 with a new management led by shareholder and Executive Director Ms. Tang Zhengming ("Ms. Tang"); ii) the appointment of new independent director, Mr. Ong Choon Yi and non-executive director, Mr. Thomas Pai who collectively have the relevant expertise including experience with the new services spearheaded by Ms. Tang; and iii) the process already put in motion for the recruitment of additional director(s) to further enhance board diversity of skills, knowledge and experience, Ms. Lee was of the view that it is now timely to retire as Independent Director of the Company for the rejuvenation and refreshment of its board of directors.

Accordingly, Ms. Lee will not be seeking re-appointment and will cease to be a Director of the Company after the conclusion of the AGM.

Based on its enquiries, the Company's sponsor, UOB Kay Hian Private Limited, is satisfied that, save as disclosed in the announcement, there are no other material reasons for the cessation of Ms. Lee as the 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?
Is there any matter in relation to the cessation that needs to be brought to the attention of the shareholders of the listed issuer?
Any other relevant information to be provided to shareholders of the listed issuer?
Date of Appointment to current position
Does the AC have a minimum of 3 members (taking into account this cessation)?
Number of Independent Directors currently resident in Singapore (taking into account this cessation)
Number of cessations of appointments specified in Listing Rule 704 (7) or Catalist Rule 704 (6) over the past 12 months
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
Independent Director
Chairman of NC and member of AC and RC
Role and responsibilities
Independent Director, Chairman of NC and member of AC and RC
Familial relationship with any director and/ or substantial shareholder of the listed issuer or of any of its principal subsidiaries
Shareholding interest in the listed issuer and its subsidiaries?
Past (for the last 5 years)
Denison Gas Limited
Aptus Law Corporation
Aptus Management Pte. Ltd.
Corporate House Pte. Ltd.
Dyna-Mac Holdings Ltd.
Nordic Group Limited
Uni-Asia Group Limited