Change - Announcement of Cessation::Resignation of Head of Corporate Investments

Issuer & Securities

Issuer/ Manager
SHEN YAO HOLDINGS LIMITED
Securities
SHEN YAO HOLDINGS LIMITED - SGXE51426224 - A78
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
17-Oct-2022 18:42:05
Status
New
Announcement Sub Title
Resignation of Head of Corporate Investments
Announcement Reference
SG221017OTHRE9UO
Submitted By (Co./ Ind. Name)
Yao Liang
Designation
Executive Director
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, W Capital Markets Pte. Ltd. (the "Sponsor").

This announcement has not been examined or approved by the Singapore Exchange Securities Trading Limited (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 Ms Sheila Ong, Registered Professional, W Capital Markets Pte Ltd, 65 Chulia Street, #43-01 OCBC Centre, Singapore 049513, Telephone (65) 6513 3543.

Additional Details

Name Of Person
Yao Jiajia
Age
28
Is effective date of cessation known?
Yes
If yes, please provide the date
30/11/2022
Detailed Reason (s) for cessation
Ms Yao is resigning as she wishes to be able to devote more time to her personal commitments.

The Company has put on hold its ongoing investment activities until such time it is able to identify a suitable strategy in view of the uncertainty and volatility across global markets as well as when there is more certainty in terms of funds that can be allocated for investments. Currently, the Group does not have any open positions in the investment trading activities portfolio. As such, there are currently no plans to find a replacement for this role.

The Sponsor, having spoken to Ms Yao, is satisfied that, other than as disclosed in this announcement, there are no other material reasons for the resignation of Ms Yao.
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
15/05/2020
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)
1
Number of cessations of appointments specified in Listing Rule 704 (7) or Catalist Rule 704 (6) over the past 12 months
4
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
Head of Corporate Investments
Role and responsibilities
She is responsible for overseeing all investment activities undertaken by the Group.
Familial relationship with any director and/ or substantial shareholder of the listed issuer or of any of its principal subsidiaries
Ms Yao is the daughter of Yao Liang, the Executive Chairman and Chief Executive Officer of the Company. Ms Yao is also a 5% shareholder in Sheng Investment Pte. Ltd., a 14.83% substantial shareholder of the Company.
Shareholding interest in the listed issuer and its subsidiaries?
Yes
Shareholding Details
Ms Yao is a 5% shareholder in Sheng Investment Pte. Ltd., a 14.83% substantial shareholder of the Company. However, by virtue of Section 7(4A) of the Companies Act, as she holds less than 20% of Sheng Investment Pte. Ltd., Ms Yao is not considered to have an interest in the shares of the Company held by Sheng Investment Pte. Ltd.
Past (for the last 5 years)
-
Present
Shen Yao (Singapore) Pte. Ltd.
Shen Yao Investments Pte. Ltd.
Ironbark Mining Pty Ltd
Moliagul Mining Pty Ltd
Shen Yao Capital Pty Ltd
Uganda Minerals Pty Ltd
Sheng Investment Pte. Ltd.
Deep Value Pte. Ltd.
Plutus Mazu Pte. Ltd.