Change - Announcement of Cessation::Cessation of Independent Director and Chairman of Audit Committee

Issuer & Securities

Issuer/ Manager
ASIATIC GROUP (HOLDINGS) LIMITED
Securities
ASIATIC GROUP (HOLDINGS) LTD - SG1N86910089 - 5CR
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
26-Jul-2018 18:51:03
Status
New
Announcement Sub Title
Cessation of Independent Director and Chairman of Audit Committee
Announcement Reference
SG180726OTHRDRVD
Submitted By (Co./ Ind. Name)
Kenneth Leong
Designation
Company Secretary
Description (Please provide a detailed description of the event in the box below)
Cessation of Independent Director, Chairman of Audit Committee, member of Nominating Committee and Remuneration Committee.


This announcement (the "Announcement") has been prepared by the Company and its contents have been reviewed by the Company's sponsor, PrimePartners Corporate Finance Pte. Ltd. (the "Sponsor") for compliance with the Singapore Exchange Securities Trading Limited (the "SGX-ST") Listing Manual Section B: Rules of Catalist. The Sponsor has not verified the contents of the 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 the Announcement, including the accuracy, completeness or correctness of any of the information, statements or opinions made or reports contained in the Announcement.

The contact person for the Sponsor is Mr Lance Tan, Director, Continuing Sponsorship (Mailing Address: 16 Collyer Quay, #10-00 Income at Raffles, Singapore 049318 and E-mail: sponsorship@ppcf.com.sg).

Additional Details

Name Of Person
Seah Hai Yang
Age
56
Is effective date of cessation known?
Yes
If yes, please provide the date
26/07/2018
Detailed Reason (s) for cessation
At the Company's annual general meeting held on 26 July 2018, Mr Seah Hai Yang ("Mr Seah"), an Independent and Non-Executive Director who was first appointed in 2007, retired by rotation in accordance with the Constitution. To facilitate Board renewal, Mr Seah had expressed his views that having served for more than 9 years, he will retire and not seek re-election.

Other than as disclosed in this announcement, there are no other reasons for the cessation of Mr Seah as a Director of the Company.

Based on its enquiries, the Company's Sponsor, PrimePartners Corporate Finance Pte. Ltd., is satisfied that, other than as disclosed in the announcement ,there are no material reasons for the retirement of Mr Seah as a 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
25/09/2007
Does the AC have a minimum of 3 members (taking into account this cessation)?
No
Number of Independent Directors currently resident in Singapore (taking into account this cessation)
2
Number of cessations of appointments specified in Listing Rule 704 (7) or Catalist Rule 704 (6) over the past 12 months
0
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
Independent and Non-Executive Director, Audit Committee Chairman, Member of Nominating Committee and Remuneration Committee.
Role and responsibilities
He is a Non-Executive Independent Director, Chairman of the Audit Committee and a member of the Nominating Committee and Remuneration Committee.
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?
No
Past (for the last 5 years)
NIL
Present
Van Der Broeck's Consultancy Pte. Ltd., RHT Corporate Advisory Pte. Ltd., RHT Corporate Advisory (HK) Limited.