Change - Announcement of Cessation::Cessation as Chief Executive Officer

Issuer & Securities

Issuer/ Manager
MOOREAST HOLDINGS LTD.
Securities
MOOREAST HOLDINGS LTD. - SGXE69578966 - 1V3
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
21-Nov-2024 18:38:10
Status
New
Announcement Sub Title
Cessation as Chief Executive Officer
Announcement Reference
SG241121OTHRY34J
Submitted By (Co./ Ind. Name)
Sim Koon Lam
Designation
Executive Director, CEO and Deputy Chairman
Description (Please provide a detailed description of the event in the box below)
Cessation of Mr Sim Koon Lam as Chief Executive Officer of the Company.

This announcement has been prepared by the Company and its contents have been reviewed by the Company's sponsor, W Capital Markets Pte. Ltd. (the "Sponsor"), for compliance with the relevant rules of the Singapore Exchange Securities Trading Limited ("SGX-ST"). This announcement has not been examined or approved by the SGX-ST and the SGX-ST assumes no responsibility for the contents of this announcement, including the accuracy, completeness or correctness of any of the information, statements or opinions made or reports contained in this announcement.

The contact person for the Sponsor is Ms Alicia Chang, Registered Professional, W Capital Markets Pte. Ltd., at 65 Chulia Street, #43-01, OCBC Centre, Singapore 049513, telephone (65) 6513 3525.

Additional Details

Name Of Person
Sim Koon Lam
Age
66
Is effective date of cessation known?
Yes
If yes, please provide the date
31/12/2024
Detailed Reason (s) for cessation
As part of the Group's succession planning, Mr Sim Koon Lam will relinquish his position as Chief Executive Officer ("CEO") of the Company on 31 December 2024. He will remain as an Executive Director and Deputy Chairman of the Company to focus on the corporate and strategic affairs of the Group.

The Board has identified Mr Eirik Ellingsen to take over Mr Sim Koon Lam's duties as CEO. The Board intends to leverage on Mr Eirik Ellingsen's extensive expertise and network within the offshore wind industry to capture business opportunities, as the Group positions itself as a key player in the global floating offshore wind market.

The Sponsor is satisfied that, other than as disclosed in this announcement, there are no other material reasons for the cessation of Mr Sim Koon Lam as the CEO 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
28/10/2021
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
1
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
Executive Director and Deputy Chairman
Role and responsibilities
Mr Sim Koon Lam retains the roles and responsibilities of an Executive Director and Deputy Chairman of the Company, to focus on the corporate and strategic affairs of the Group
Familial relationship with any director and/ or substantial shareholder of the listed issuer or of any of its principal subsidiaries
Spouse of Mrs Elaine Sim, Executive Director of the Company.

Mr Sim Koon Lam holds 60% of Feng Tai Investment Pte. Ltd.. By virtue of Section 4 of the Securities and Futures Act 2001, Mr Sim Koon Lam is deemed interested in the shares held by Feng Tai Investment Pte. Ltd., the controlling shareholder of the Company.
Shareholding interest in the listed issuer and its subsidiaries?
Yes
Shareholding Details
Mr Sim Koon Lam holds 60% of the issued capital of Feng Tai Investment Pte. Ltd.. By virtue of Section 4 of the Securities and Futures Act 2001, Mr Sim Koon Lam is deemed to be interested in the shares held by Feng Tai Investment Pte. Ltd., the controlling shareholder of the Company.
Past (for the last 5 years)
Nil
Present
Group Companies:
Mooreast Asia Pte. Ltd.
Mooreast Renewables Pte. Ltd.
Mooreast Rigging Pte. Ltd.
Mooreast Europe BV
Mooreast UK Co., Limited
Mooreast Taiwan Limited
Mooreast Malaysia Sdn. Bhd.


Other Companies:
Sheeny Pte Ltd
Sim Kwang Wah Trading Pte. Ltd.
Feng Tai Investment Pte. Ltd.
Ji Shan Hearts Ltd.