Change - Announcement of Cessation::ANNOUNCEMENT OF CESSATION OF EXECUTIVE DIRECTOR AND EXECUTIVE CHAIRMAN
Issuer & Securities
LIBRA GROUP LIMITED
LIBRA GROUP LIMITED - SG2D82975475 - 5TR
Change - Announcement of Cessation
Date &Time of Broadcast
Announcement Sub Title
ANNOUNCEMENT OF CESSATION OF EXECUTIVE DIRECTOR AND EXECUTIVE CHAIRMAN
Submitted By (Co./ Ind. Name)
CHRISTINE LIU YANG
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.
Name Of Person
CHU SAU BEN
Is effective date of cessation known?
If yes, please provide the date
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?
Is there any matter in relation to the cessation that needs to be brought to the attention of the shareholders of the listed issuer?
Any other relevant information to be provided to shareholders of the listed issuer?
Date of Appointment to current position
Does the AC have a minimum of 3 members (taking into account this cessation)?
Number of Independent Directors currently resident in Singapore (taking into account this cessation)
Number of cessations of appointments specified in Listing Rule 704 (7) or Catalist Rule 704 (6) over the past 12 months
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
Shareholding interest in the listed issuer and its subsidiaries?
10.5% of the Company
Past (for the last 5 years)
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