Change - Announcement of Cessation::RESIGNATION OF GROUP CHIEF EXECUTIVE OFFICER
Issuer & Securities
SHC CAPITAL ASIA LIMITED
SHC CAPITAL ASIA LIMITED - SG2E89982663 - 5UE
Change - Announcement of Cessation
Date &Time of Broadcast
Announcement Sub Title
RESIGNATION OF GROUP CHIEF EXECUTIVE OFFICER
Submitted By (Co./ Ind. Name)
Chan Lai Yin
Description (Please provide a detailed description of the event in the box below)
There are 6 cessations (taking into account this cessation) and 4 new appointments taking place contemporaneously.
This announcement has been reviewed by the Company's sponsor, CIMB Bank Berhad, Singapore Branch ("Sponsor"), for compliance with the Singapore Exchange Securities Trading Limited ("SGX-ST") Listing Manual Section B: Rules of Catalist ("Catalist Rules"). The Sponsor has not independently verified the contents of this announcement. This announcement has not been examined or approved by the SGX-ST. The Sponsor and the SGX-ST assume 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 Tan Cher Ting, Director, Corporate Finance, CIMB Bank Berhad, Singapore Branch, at 50 Raffles Place, #09-01 Singapore Land Tower, Singapore 048623, Telephone: +65 6337 5115.
Name Of Person
Quek Sun Hui
Is effective date of cessation known?
If yes, please provide the date
Detailed Reason (s) for cessation
In connection with the proposed disposal ("Proposed Disposal") of the entire issued and paid-up share capital of SHC Insurance Pte. Ltd. ("SHCI") by the Company, Mr Quek Sun Hui had entered into a service agreement with SHCI in relation to his continued employment with SHCI. Following the completion of the Proposed Disposal on 1 August 2014, Mr Quek Sun Hui has resigned from his position held in the Company as Group Chief Executive Officer with immediate effect.
For the purpose of Rule 704(6)(b) of the Catalist Rules, Mr Quek Sun Hui has confirmed that he is not aware of any irregularities in the Company which would have a material impact on the Company, including financial reporting. The Sponsor is satisfied that there are no other reasons for Mr Quek Sun Hui's resignation.
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.)
Group Chief Executive Officer
Role and responsibilities
Mr Quek Sun Hui was appointed as the Chief Executive of SHCI on 1 November 2007 and was appointed as the Group Chief Executive Officer of the Company on 28 June 2012. As the Group Chief Executive Officer, Mr Quek was responsible for all aspects of the insurance operations, risk management and financial management of the Company and SHCI.
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?
9,348,000 options to subscribe for 9,348,000 new ordinary shares in the Company.
Past (for the last 5 years)