Change - Announcement of Cessation::Cessation of Non-Executive Lead Independent Director who is an Audit Committee Member

Issuer & Securities

Issuer/ Manager
CHINA FIBRETECH LTD.
Securities
CHINA FIBRETECH LTD. - BMG215452001 - AXL
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
28-Nov-2017 18:14:49
Status
New
Announcement Sub Title
Cessation of Non-Executive Lead Independent Director who is an Audit Committee Member
Announcement Reference
SG171128OTHRVFDM
Submitted By (Co./ Ind. Name)
Choo Han Kiat, Eric
Designation
Executive Director
Description (Please provide a detailed description of the event in the box below)
Cessation of Non-Executive Lead Independent Director who is an Audit Committee Member

Additional Details

Name Of Person
Low Wai Cheong
Age
48
Is effective date of cessation known?
Yes
If yes, please provide the date
28/11/2017
Detailed Reason (s) for cessation
Not re-elected at the Annual General Meeting held on 28 November 2017
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?
Yes
If Yes, Please provide full details
Mr Low has disagreed with the manner in which the former Executive Chairman and CEO and current Non-Executive Director Mr Wu Xinhua paid out the compensation to the claimants instead of resolving the matters with the claimants in court. Please refer to announcement released by the Company on 29 September 2016 on this matter.
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
Mr Low lost the support of Mr Wu Xinhua to continue as a director of the Company and was voted out substantially with votes from Wellgain International Holdings Limited, the company controlled by Mr Wu Xinhua.
Any other relevant information to be provided to shareholders of the listed issuer?
No
Date of Appointment to current position
04/05/2011
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.)
Non-Executive Lead Independent Director, Chairman of the Nominating Committee and a member of the Audit and Remuneration Committees.
Role and responsibilities
Non-Executive Lead Independent Director
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?
No
Past (for the last 5 years)
Nil
Present
Starland Holdings Limited