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

Issuer & Securities

Issuer/ Manager
SABANA REAL ESTATE INVESTMENT MANAGEMENT PTE. LTD.
Securities
SABANA INDUSTRIAL REIT - SG2C57965205 - M1GU
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
26-Apr-2022 18:59:29
Status
New
Announcement Sub Title
Cessation of Independent and Non-Executive Director
Announcement Reference
SG220426OTHRQEBO
Submitted By (Co./ Ind. Name)
Han Yong Lee (Donald)
Designation
Chief Executive Officer
Description (Please provide a detailed description of the event in the box below)
Cessation of Independent and Non-Executive Director

Additional Details

Name Of Person
Chan Wai Kheong
Age
62
Is effective date of cessation known?
Yes
If yes, please provide the date
26/04/2022
Detailed Reason (s) for cessation
Mr Chan Wai Kheong, an independent and non-executive director of the Company, ceased to be a director of the Company upon the conclusion of the Annual General Meeting on 26 April 2022 as the resolution to endorse the appointment of Mr Chan Wai Kheong as a director of the Company was not carried.

Upon Mr Chan's cessation, he will also cease to be a member of the Nominating and Remuneration Committee and a member of the Audit and Risk Committee.

The Board expressed their gratitude and appreciation to Mr Chan for his invaluable contributions during his tenure as 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?
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?
Yes
If Yes, Please provide full details
The Board wishes to inform Unitholders that pursuant to Mainboard Rules 704(8), the Company shall endeavour to find a replacement for Mr Chan Wai Kheong within two months, but in any case not later than three months from the effective date of cessation.

The Company will search for a suitable candidate as the new Independent Director and will release the announcement on the appointment of the new Independent Director in due course. In the event that the Company is unable to appoint a suitable candidate within three months, approval for an extension will be sought from the relevant authorities.

Any other relevant information to be provided to shareholders of the listed issuer?
No
Date of Appointment to current position
02/06/2021
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)
2
Number of cessations of appointments specified in Listing Rule 704 (7) or Catalist Rule 704 (6) over the past 12 months
2
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
Independent and Non-executive Director
Role and responsibilities
Roles and responsibilities of an independent and non-executive director.
Familial relationship with any director and/ or substantial shareholder of the listed issuer or of any of its principal subsidiaries
No
Shareholding interest in the listed issuer and its subsidiaries?
Yes
Shareholding Details
As at the date of this Announcement, Mr Chan has an aggregate interest in 4,980,342 Sabana REIT Units representing approximately 0.46% of the total number of units in Sabana REIT. Mr Chan holds a direct interest in 4,969,613 Sabana REIT Units and a deemed interest in 10,729 Sabana REIT Units. Mr Chan's deemed interest in 10,729 Sabana REIT Units is held through Oakgrove Pte Ltd, an investment holding entity which Mr Chan is a controlling shareholder.
Past (for the last 5 years)
Independent Director, Sabana Real Estate Investment Management Pte Ltd
Present
Director, Charlie Chan Capital Partners Pte Ltd