Change - Announcement of Cessation::Retirement of Independent Director

Issuer & Securities

Issuer/ Manager
ICP LTD.
Securities
ICP LTD - SG2G87000003 - 5I4
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
03-Oct-2023 12:19:56
Status
New
Announcement Sub Title
Retirement of Independent Director
Announcement Reference
SG231003OTHREVFQ
Submitted By (Co./ Ind. Name)
Ong Min'er
Designation
Financial Controller
Description (Please provide a detailed description of the event in the box below)
This announcement has been prepared by the Company and its contents have been reviewed by the Company's Sponsor, RHT Capital Pte. Ltd. (the "Sponsor"), for compliance with the relevant rules of the 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 correctness of any of the statements or opinions made, or reports contained in this announcement.

The contact person for the Sponsor is:-

Name: Mr. Khong Choun Mun (Registered Professional, RHT Capital Pte. Ltd.)
Address: 36 Robinson Road, #10-06 City House, Singapore 068877
Email: sponsor@rhtgoc.com

Additional Details

Name Of Person
Ong Kok Wah
Age
78
Is effective date of cessation known?
Yes
If yes, please provide the date
18/10/2023
Detailed Reason (s) for cessation
Pursuant to Regulation 109 of the Company's Constitution, Mr Ong Kok Wah ("Mr Ong") is due to retire by rotation at the upcoming annual general meeting to be held on 18 October 2023 at 3 pm ("AGM") of the Company. He will not be seeking re-election and will retain office until the conclusion of the forthcoming AGM as part of the Board renewal process. Accordingly, he will retire as an independent director of the Company and step down as the Chairman of the Remuneration Committee and Member of Audit Committee and Nominating Committee to comply with Catalist Rule 406(3)(d)(iv).

After having interviewed Mr Ong and to the best of its knowledge, the Company's Sponsor, RHT Capital Pte. Ltd, is satisfied that save as disclosed in this announcement, there are no other material reasons for the cessation of Mr Ong as an Independent Director.

The Company is in the midst of sourcing for a suitable candidate to fill the vacancy so as to meet the requirement of the Catalist Rules on the minimum number of members in the Audit Committee by 17 January 2024. The Company will update shareholders accordingly once it has appointed a suitable candidate to fill the vacancy.
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?
Yes
If Yes, Please provide full details
Do Independent Directors make up at least one-third of the board (taking into account this cessation)?
Yes
Date of Appointment to current position
21/01/2013
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
1
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
- Independent Director
- Chairman of Remuneration Committee
- Member of Audit Committee
- Member of Nominating Committee
Role and responsibilities
Non-Executive
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
35,600,000 ordinary shares in listed issuer (direct interest)
Past (for the last 5 years)
Public Company:
1. Polaris Ltd.

Private Company:
1. Midscale Hotel Investments Pte. Ltd.
2. MHI HK 1 Pte. Ltd.
3. MHI MY 1 Pte. Ltd.
4. Travelodge Hotels (Asia) Pte. Ltd.
5. FM2TV(HQ) Pte. Ltd
Present
Private Company:
1. GMT Bravo Pte. Ltd.
2. GMT Charlie Pte. Ltd.
3. Mercatus Biomedical Investments Pte. Ltd.
4. Pellucid Networks Pte. Ltd.
5. Purplestream Convergence Pte. Limited
6. Ascendent Technologies Pte. Ltd
7. Fral Ballistics Pte. Ltd.