Change - Announcement of Cessation::Removal of Director

Issuer & Securities

Issuer/ Manager
USP GROUP LIMITED
Securities
USP GROUP LIMITED - SG1CH0000007 - BRS
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
03-Dec-2023 17:41:36
Status
New
Announcement Sub Title
Removal of Director
Announcement Reference
SG231203OTHR99JY
Submitted By (Co./ Ind. Name)
Tang Mun Tak
Designation
Independent Non-Executive Director
Description (Please provide a detailed description of the event in the box below)
Removal of Mr Tanoto Sau Ian as Director

Additional Details

Name Of Person
Tanoto Sau Ian
Age
49
Is effective date of cessation known?
Yes
If yes, please provide the date
02/12/2023
Detailed Reason (s) for cessation
Following the conclusion of the extraordinary general meeting ("EGM") requisitioned by Mr Tan Wei Yang, Melvin and Mr Lim Shiwei, Mr Tanoto Sau Ian has been removed as Director of the Company by the shareholders via ordinary resolution at the EGM held on 2 December 2023.
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
Notice of Compliance was received from the Exchange on 11 April 2023.
Any other relevant information to be provided to shareholders of the listed issuer?
Yes
If Yes, Please provide full details
On 1 December 2023, an announcement had been made by the Company on Mr Tanoto Sau Ian's resignation as Managing Director, Executive Director and Chief Executive Officer of the Company. With the results of the EGM held today, Mr Tanoto Sau Ian would be removed as a Director of the Company with effect from 2 December 2023.
Date of Appointment to current position
20/02/2020
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
3
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
Managing Director, Executive Director and Chief Executive Officer
Role and responsibilities
Executive, Responsible for the Group's overall management, formulating the Group's strategic directions and expansion plans, and overseeing the Group's general operations.
Familial relationship with any director and/ or substantial shareholder of the listed issuer or of any of its principal subsidiaries
None
Shareholding interest in the listed issuer and its subsidiaries?
Yes
Shareholding Details
19,128,000
Past (for the last 5 years)
NA
Present
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