Change - Announcement of Cessation::ANNOUNCEMENT OF CESSATION OF EXECUTIVE DIRECTOR AND EXECUTIVE CHAIRMAN

Issuer & Securities

Issuer/ Manager
LIBRA GROUP LIMITED
Securities
LIBRA GROUP LIMITED - SG2D82975475 - 5TR
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
28-Jan-2020 22:08:02
Status
New
Announcement Sub Title
ANNOUNCEMENT OF CESSATION OF EXECUTIVE DIRECTOR AND EXECUTIVE CHAIRMAN
Announcement Reference
SG200128OTHR1K4F
Submitted By (Co./ Ind. Name)
CHRISTINE LIU YANG
Designation
CHIEF EXECUTIVE OFFICER AND EXECUTIVE DIRECTOR
Description (Please provide a detailed description of the event in the box below)
Please refer to the below.

This announcement has been prepared by the Company and its contents have been reviewed by the Company's sponsor, RHT Capital Pte. Ltd. (the Sponsor ) for compliance with the relevant rules of the Listing Manual Section B: Rules of Catalist of the Singapore Exchange Securities Trading Limited
(the SGX-ST ). The Sponsor has not independently verified the contents of this announcement.

This announcement has not been examined or approved by 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 Mr Lay Shi Wei, Registered Professional, RHT Capital Pte. Ltd. at 9 Raffles Place #29-01 Republic Plaza Tower 1 Singapore 048619, telephone (+65) 6381 6966.

Additional Details

Name Of Person
CHU SAU BEN
Age
54
Is effective date of cessation known?
Yes
If yes, please provide the date
28/01/2020
Detailed Reason (s) for cessation
The Board of Directors of Libra Group Limited (the "Company") was informed by Mr. Chu on 24 January 2020 that a bankruptcy order was made by the High Court of the Republic of Singapore on 9 January 2020 against him. Mr. Chu was only made aware of such order on 24 January 2020 as he was not residing at his place of address specified in the order since late December 2019. As a result of which, his office as an Executive Director and Executive Chairman is vacated pursuant with the constitution of the Company and the Companies Act, Chapter 50 of Singapore.

Based on its enquiries, the Company's Sponsor, RHT Capital Pte. Ltd., is satisfied that, save for the above, there are no other material reasons for the resignation of Mr. Chu Sau Ben as the Executive Chairman and Executive Director 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
06/12/2019
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)
3
Number of cessations of appointments specified in Listing Rule 704 (7) or Catalist Rule 704 (6) over the past 12 months
5
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
Executive Chairman and Executive Director

(Executive Chairman, Executive Director and Chief Executive Officer from 01/02/2016 to 06/12/2019)
Role and responsibilities
Overall company operation and business development
Familial relationship with any director and/ or substantial shareholder of the listed issuer or of any of its principal subsidiaries
Nil
Shareholding interest in the listed issuer and its subsidiaries?
Yes
Shareholding Details
10.5% of the Company
Past (for the last 5 years)
Cocoffee De Peninsula Sdn Bhd
Chu Foundation Pte. Ltd.
Cyber Builders Pte. Ltd.
FAME Local Products Sdn Bhd
Kin Xin Engineering Pte Ltd
KL Premium Outlet Sdn Bhd
Libra Aviation Pte. Ltd.
Libra Building Construction Pte. Ltd.
Libra Engineering Pte. Ltd.
Libra Engineering Sdn Bhd
Libra Group Limited
Libra Manufacturing Sdn Bhd
Neptune Aviation Ltd
Tian Di Global Sdn Bhd
YC Capital Consolidated Sdn Bhd
YC Travel & Tours Sdn Bhd
Yoo Seong Engineering Pte Ltd
Present
Nil