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

Issuer & Securities

Issuer/ Manager
SAKAE HOLDINGS LTD.
Securities
SAKAE HOLDINGS LTD. - SG1O42912715 - 5DO
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Appointment
Date &Time of Broadcast
25-Jul-2023 20:48:11
Status
New
Announcement Sub Title
Appointment of Non-Executive and Independent Director
Announcement Reference
SG230725OTHR58GF
Submitted By (Co./ Ind. Name)
Tan Yiok Ping, Jason
Designation
Chief Financial Officer
Description (Please provide a detailed description of the event in the box below)
The Board of Directors of Sakae Holdings Ltd. (the "Company" and together with its subsidiaries, the "Group") is pleased to announce the appointment of Mr Ali Ijaz Ahmad as Independent Non-Executive Director of the Company with effect from 25 July 2023. Upon completion of the proposed sale of shares by its Executive Chairman and substantial shareholder, Mr Douglas Foo to Makara Capital Limited ("Makara Capital") ("Proposed Sale"), Mr Ali Ijaz Ahmad will be designated as Non-Independent Non-Executive Director of the Company.

Additional Details

Date Of Appointment
25/07/2023
Name Of Person
Ali Ijaz Ahmad
Age
51
Country Of Principal Residence
Singapore
The Board's comments on this appointment (including rationale, selection criteria, board diversity considerations, and the search and nomination process)
The Nominating Committee ("NC") had reviewed the qualification and working experience of Mr Ali Ijaz Ahmad and recommended his appointment as Independent Non-Executive Director of the Company. The Board, having considered the recommendation from the NC and was of the view that Mr Ali Ijaz Ahmad will be able to contribute towards the core competencies of the Board, unanimously approved the appointment of Mr Ali Ijaz Ahmad as Independent Non-Executive Director of the Company.

In the consideration of the independence of Mr Ali Ijaz Ahmad, the Board concurred with the NC, as at the date of appointment, he is not a director who falls under the non-independent circumstances described in Rule 210(5)(d) of the Listing Manual. As at the date of appointment, Mr Ali Ijaz Ahmad has no relationship with the substantial shareholder, Mr Douglas Foo.

Upon completion of the Proposed Sale, Mr Ali Ijaz Ahmad will be designated as Non-Independent Non-Executive Director of the Company due to the shareholdings of Makara Capital, of which Mr Ali Ijaz Ahmad is the Chief Executive Officer of Makara Capital and nominated by Makara Capital.

It is imperative for the Board to appoint Mr Ali Ijaz Ahmad prior to the completion of the Proposed Sale to tap into his wealth of knowledge and working experiences.
Whether appointment is executive, and if so, the area of responsibility
Non-Executive
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
Independent Non-Executive Director and designated as Non-Independent Non-Executive Director upon completion of the Proposed Sale.
Professional qualifications
Master in Public Administration from Harvard University (Kennedy School of Government), a Bachelor of Arts in Government and Physics from Bowdoin College and a Bachelor of Science in Electrical Engineering from Columbia University.
Any relationship (including immediate family relationships) with any existing director, existing executive officer, the issuer and/ or substantial shareholder of the listed issuer or any of its principal subsidiaries
None
Conflict of interests (including any competing business)
None
Working experience and occupation(s) during the past 10 years
March 2006 to present:

Chief Executive Officer of Makara Capital Partners Pte. Ltd.
Undertaking submitted to the listed issuer in the form of Appendix 7.7 (Listing Rule 704(7)) Or Appendix 7H (Catalist Rule 704(6))
Yes
Shareholding interest in the listed issuer and its subsidiaries?
No
# These fields are not applicable for announcements of appointments pursuant to Listing Rule 704 (9) or Catalist Rule 704 (8).
Past (for the last 5 years)
Intellectual Property Office of Singapore
Present
Makara Investment Advisors Pte Ltd, Makara Capital Partners Pte Ltd, Asia Development Fund Pte Ltd, Singapore Turkey Investment Company Pte Ltd, Makara Capital Limited, The Colonial Singapore Pte Ltd, Austrian Anadi Bank AG, Makara Strategic Acquisition Corp
(a) Whether at any time during the last 10 years, an application or a petition under any bankruptcy law of any jurisdiction was filed against him or against a partnership of which he was a partner at the time when he was a partner or at any time within 2 years from the date he ceased to be a partner?
No
(b) Whether at any time during the last 10 years, an application or a petition under any law of any jurisdiction was filed against an entity (not being a partnership) of which he was a director or an equivalent person or a key executive, at the time when he was a director or an equivalent person or a key executive of that entity or at any time within 2 years from the date he ceased to be a director or an equivalent person or a key executive of that entity, for the winding up or dissolution of that entity or, where that entity is the trustee of a business trust, that business trust, on the ground of insolvency?
No
(c) Whether there is any unsatisfied judgment against him?
No
(d) Whether he has ever been convicted of any offence, in Singapore or elsewhere, involving fraud or dishonesty which is punishable with imprisonment, or has been the subject of any criminal proceedings (including any pending criminal proceedings of which he is aware) for such purpose?
No
(e) Whether he has ever been convicted of any offence, in Singapore or elsewhere, involving a breach of any law or regulatory requirement that relates to the securities or futures industry in Singapore or elsewhere, or has been the subject of any criminal proceedings (including any pending criminal proceedings of which he is aware) for such breach?
No
(f) Whether at any time during the last 10 years, judgment has been entered against him in any civil proceedings in Singapore or elsewhere involving a breach of any law or regulatory requirement that relates to the securities or futures industry in Singapore or elsewhere, or a finding of fraud, misrepresentation or dishonesty on his part, or he has been the subject of any civil proceedings (including any pending civil proceedings of which he is aware) involving an allegation of fraud, misrepresentation or dishonesty on his part?
No
(g) Whether he has ever been convicted in Singapore or elsewhere of any offence in connection with the formation or management of any entity or business trust?
No
(h) Whether he has ever been disqualified from acting as a director or an equivalent person of any entity (including the trustee of a business trust), or from taking part directly or indirectly in the management of any entity or business trust?
No
(i) Whether he has ever been the subject of any order, judgment or ruling of any court, tribunal or governmental body, permanently or temporarily enjoining him from engaging in any type of business practice or activity?
No
(j) Whether he has ever, to his knowledge, been concerned with the management or conduct, in Singapore or elsewhere, of the affairs of :-
(i) any corporation which has been investigated for a breach of any law or regulatory requirement governing corporations in Singapore or elsewhere; or
No
(ii) any entity (not being a corporation) which has been investigated for a breach of any law or regulatory requirement governing such entities in Singapore or elsewhere; or
No
(iii) any business trust which has been investigated for a breach of any law or regulatory requirement governing business trusts in Singapore or elsewhere; or
No
(iv) any entity or business trust which has been investigated for a breach of any law or regulatory requirement that relates to the securities or futures industry in Singapore or elsewhere, in connection with any matter occurring or arising during that period when he was so concerned with the entity or business trust?
No
(k) Whether he has been the subject of any current or past investigation or disciplinary proceedings, or has been reprimanded or issued any warning, by the Monetary Authority of Singapore or any other regulatory authority, exchange, professional body or government agency, whether in Singapore or elsewhere?
No
Any prior experience as a director of an issuer listed on the Exchange?
No
If no, please state if the director has attended or will be attending training on the roles and responsibilities of a director of a listed issuer as prescribed by the Exchange
The Company will arrange for Mr Ali Ijaz Ahmad to attend training organised by the Singapore Institute of Directors.