Change - Announcement of Appointment::Appointment of Chief Executive Officer

Issuer & Securities

Issuer/ Manager
ASIAMEDIC LIMITED
Securities
ASIAMEDIC LIMITED - SG0505000059 - 505
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Appointment
Date &Time of Broadcast
10-Jun-2016 17:24:53
Status
New
Announcement Sub Title
Appointment of Chief Executive Officer
Announcement Reference
SG160610OTHROIBZ
Submitted By (Co./ Ind. Name)
Stanley Woo
Designation
Group Financial Controller
Description (Please provide a detailed description of the event in the box below)
This announcement has been prepared by the Company and reviewed by the Company s sponsor, Xandar Capital Pte Ltd (the "Sponsor"), for compliance with 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 including the accuracy or completeness of any of the information disclosed or the correctness of any of the statements made, opinions expressed or reports contained in this announcement. This announcement has not been examined or approved by the SGX-ST. The SGX-ST and the Sponsor assume no responsibility for the contents of this announcement including the correctness of any of the statements made, opinions expressed or reports contained in this announcement.

Contact person for the Sponsor: Ms Pauline Sim (Registered Professional, Xandar Capital Pte Ltd)
Address: 3 Shenton Way, #24-02 Shenton House, Singapore 068805
Telephone number: (65) 6319 4954

Additional Details

Date Of Appointment
13/06/2016
Name Of Person
Choo Kin Poo
Age
42
Country Of Principal Residence
Singapore
The Board's comments on this appointment (including rationale, selection criteria, and the search and nomination process)
The Board has reviewed the recommendations of the Nominating Committee ("NC"). Having considered Mr Choo's qualifications and experience, the Board and the NC are of the view that Mr Choo is a suitable candidate for the position of the Chief Executive Officer ("CEO") of the Group.

Mr Choo is currently the Group Vice President (Strategy Planning, Business Development & Operations) in Luye Medicals Group Pte Ltd ("LMG"). LMG is a controlling shareholder of the Company. Mr Choo will continue to act as the Group Vice President in LMG after his appointment as the CEO of the Group. The Board and the NC are of the view that Mr Choo's involvement with LMG will not be prejudicial to the interest of the Group as (i) the role and responsibilities of Mr Choo as the CEO of the Group as set out in Mr Choo's service agreement are no different from those set out in the service agreement of the previous CEO; and (ii) Mr Choo's principal commitment will be to AsiaMedic and he will, on average, allocate at least 3 days a week on the Group's affairs. The Company has also obtained undertakings from Mr Choo and LMG in respect of non-compete and non-solicitation obligations, as well as offerings of business opportunities relating to healthcare involving imaging, wellness and aesthetic in South-east Asia.
Whether appointment is executive, and if so, the area of responsibility
This is an executive appointment. Mr Choo will assume the role of Chief Executive Officer reporting to the Board. He will be responsible for carrying out the strategies and policies as established by the Board and for the overall management, development and financial performance of the Group.
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
Chief Executive Officer
Familial relationship with any director and/ or substantial shareholder of the listed issuer or of any of its principal subsidiaries
No
Conflict of interests (including any competing business)
No. There is no conflict of interests although
(i) Mr Choo is and will continue to be the Group Vice President (Strategy Planning, Business Development & Operations) of LMG (a controlling shareholder of the Company) after his appointment as the CEO of the Group.
(ii) Mr Choo is a director of certain companies in the Luye Group as set out in the present directorships of Mr Choo.

This is because, as at the date of this announcement,
(a) there is no competition or overlap between the businesses of the AsiaMedic Group and the Luye Group. The geographical segments and main business segments of the Luye Group are different from the AsiaMedic Group.
(b) there was no transaction or dealing between the AsiaMedic Group and the Luye Group since LMG became a controlling shareholder of the Company in June 2015, and there is no ongoing transaction or dealing between the AsiaMedic Group and the Luye Group.
(c) the AsiaMedic Group and the Luye Group have separate management teams.

The Board will perform assessment periodically and closely monitor any unforeseen conflict of interest that may arise from time to time in Mr Choo's dual managerial roles in AsiaMedic and LMG.
Working experience and occupation(s) during the past 10 years
Dec 2015 to Current
Group Vice President
Strategy Planning, Business Development & Operations
Luye Medicals Group Pte Ltd

July 2012 to Dec 2015
Head, Asia Pacific.
Strategy & Planning - Business Development
Clinical Trials Strategy & Design Operations
Covance Drug Development,
Laboratory Corporation of America Holdings

2007 to 2012
Executive Director
Business Development, R&D, Corporate Services
National Healthcare Group, Singapore

2007 to 2010
Secondment
Diagnostic Radiology CCOE Development & Operations
National University Hospital Singapore

2005 to 2007
Regional Managing Director (Asia Pacific)
Hygieia Healthcare Ltd (Asia Pacific)
Shareholding interest in the listed issuer and its subsidiaries?
No
# These fields are not applicable for announcements of appointments pursuant to Listing Rule 704 (9) or Catalist Rule 704 (8).
Past (for the last 5 years)
Nil
Present
Luye Ailimei Health Industry Co., Ltd
Australian Hospital Partners Holdings Pty Ltd
Australian Hospital Partners Pty Ltd
Healthe Care Australia Pty Ltd
Luye Australia Holdings Pty Ltd
Luye Australia Pty Ltd
(a) Whether at any time during the last 10 years, an application or a petition under any bankruptcy law of any jurisdiction was filed against him or against a partnership of which he was a partner at the time when he was a partner or at any time within 2 years from the date he ceased to be a partner?
No
(b) Whether at any time during the last 10 years, an application or a petition under any law of any jurisdiction was filed against an entity (not being a partnership) of which he was a director or an equivalent person or a key executive, at the time when he was a director or an equivalent person or a key executive of that entity or at any time within 2 years from the date he ceased to be a director or an equivalent person or a key executive of that entity, for the winding up or dissolution of that entity or, where that entity is the trustee of a business trust, that business trust, on the ground of insolvency?
No
(c) Whether there is any unsatisfied judgment against him?
No
(d) Whether he has ever been convicted of any offence, in Singapore or elsewhere, involving fraud or dishonesty which is punishable with imprisonment, or has been the subject of any criminal proceedings (including any pending criminal proceedings of which he is aware) for such purpose?
No
(e) Whether he has ever been convicted of any offence, in Singapore or elsewhere, involving a breach of any law or regulatory requirement that relates to the securities or futures industry in Singapore or elsewhere, or has been the subject of any criminal proceedings (including any pending criminal proceedings of which he is aware) for such breach?
No
(f) Whether at any time during the last 10 years, judgment has been entered against him in any civil proceedings in Singapore or elsewhere involving a breach of any law or regulatory requirement that relates to the securities or futures industry in Singapore or elsewhere, or a finding of fraud, misrepresentation or dishonesty on his part, or he has been the subject of any civil proceedings (including any pending civil proceedings of which he is aware) involving an allegation of fraud, misrepresentation or dishonesty on his part?
No
(g) Whether he has ever been convicted in Singapore or elsewhere of any offence in connection with the formation or management of any entity or business trust?
No
(h) Whether he has ever been disqualified from acting as a director or an equivalent person of any entity (including the trustee of a business trust), or from taking part directly or indirectly in the management of any entity or business trust?
No
(i) Whether he has ever been the subject of any order, judgment or ruling of any court, tribunal or governmental body, permanently or temporarily enjoining him from engaging in any type of business practice or activity?
No
(j) Whether he has ever, to his knowledge, been concerned with the management or conduct, in Singapore or elsewhere, of the affairs of :-
(i) any corporation which has been investigated for a breach of any law or regulatory requirement governing corporations in Singapore or elsewhere; or
No
(ii) any entity (not being a corporation) which has been investigated for a breach of any law or regulatory requirement governing such entities in Singapore or elsewhere; or
No
(iii) any business trust which has been investigated for a breach of any law or regulatory requirement governing business trusts in Singapore or elsewhere; or
No
(iv) any entity or business trust which has been investigated for a breach of any law or regulatory requirement that relates to the securities or futures industry in Singapore or elsewhere, in connection with any matter occurring or arising during that period when he was so concerned with the entity or business trust?
No
(k) Whether he has been the subject of any current or past investigation or disciplinary proceedings, or has been reprimanded or issued any warning, by the Monetary Authority of Singapore or any other regulatory authority, exchange, professional body or government agency, whether in Singapore or elsewhere?
No
Any prior experience as a director of a listed company?
No
If No, Please provide details of any training undertaken in the roles and responsibilities of a director of a listed company
NA.