Change - Announcement of Cessation::Resignation of Executive Chairman and Chief Executive Officer

Issuer & Securities

Issuer/ Manager
MEGROUP LTD.
Securities
MEGROUP LTD. - SGXE43386122 - SJY
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
16-Jul-2024 06:25:22
Status
New
Announcement Sub Title
Resignation of Executive Chairman and Chief Executive Officer
Announcement Reference
SG240716OTHRO6PU
Submitted By (Co./ Ind. Name)
Yoo Loo Ping
Designation
Company Secretary
Description (Please provide a detailed description of the event in the box below)
Resignation of Executive Chairman and Chief Executive Officer.

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 Mr. Lance Tan, Senior Vice President, at 8 Anthony Road, #01-01, Singapore 229957, Telephone (65) 6590 6881.

Additional Details

Name Of Person
Wong Cheong Chee
Age
76
Is effective date of cessation known?
Yes
If yes, please provide the date
30/08/2024
Detailed Reason (s) for cessation
As part of the succession planning, Mr Wong Cheong Chee has expressed his desire to step down as the Executive Chairman and Chief Executive Officer of the Company with effect from 30 August 2024. Subsequently, Mr Wong will be appointed as the Group Senior Advisor to facilitate a smooth succession planning transition process.

Based on its enquiries, the Sponsor is satisfied that, save as disclosed in the announcement, there are no other material reasons for the cessation of Mr Wong as the Executive Chairman and Chief Executive Officer 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
26/09/2018
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
0
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
Executive Chairman and Chief Executive Officer
Role and responsibilities
Mr Wong is responsible for the Group's overall management and operations, including formulating our Group's strategic direction and expansion plans for both the Group's Manufacturing and Dealership businesses and has been instrumental in our Group's growth, leading to the expansion of our Manufacturing business and operations.
Familial relationship with any director and/ or substantial shareholder of the listed issuer or of any of its principal subsidiaries
Mr Wong is the father of (1) Ms Wong Keat Yee, the Executive Director; (2) Mr Wong Sai Hou, the Head of Group Expansion & Strategy and Head of Dealership; and (3) Mr Wong Sai Keat, the Head of Engineering and R&D, Manufacturing of the Group.

Mr Wong is also the husband of Mdm Lee Soh Hong, the Substantial Shareholder of the Company and uncle of Mr Lee Khoon Chuan, the Substantial Shareholder of the Company.
Shareholding interest in the listed issuer and its subsidiaries?
Yes
Shareholding Details
Direct interest in 205,000 Ordinary Shares in the share capital of MeGroup Ltd., and deemed to have interests in 61,232,497 Ordinary Shares in the share capital of MeGroup Ltd. by virtue of Mr Wong's interest of not less than 20% of the issued capital of the holding corporation, JCWW Holdings Pte. Ltd.
Past (for the last 5 years)
MNJ Motors Sdn. Bhd.
Present
Menang Nusantara Sdn. Bhd.
Menang Nusantara Holdings Sdn. Bhd.
MJN Motors Sdn. Bhd.
MJN Auto Sdn. Bhd.
MeMG Pte. Ltd.
MeAG Pte. Ltd.
JCWW Holdings Pte. Ltd.
MJN Automart Sdn. Bhd.
JCWW Sdn. Bhd.