Change - Announcement of Cessation::Resignation of Independent Director

Issuer & Securities

Issuer/ Manager
ZIWO HOLDINGS LTD.
Securities
ZIWO HOLDINGS LTD. - SG1Y74948866 - I9T
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
28-Apr-2017 19:12:31
Status
New
Announcement Sub Title
Resignation of Independent Director
Announcement Reference
SG170428OTHR66TZ
Submitted By (Co./ Ind. Name)
Ting Chun Yuen
Designation
Executive Chairman and Chief Executive Officer
Description (Please provide a detailed description of the event in the box below)
RESIGNATION OF INDEPENDENT DIRECTOR

Additional Details

Name Of Person
Lim Heng Chong Benny
Age
46
Is effective date of cessation known?
Yes
If yes, please provide the date
27/04/2017
Detailed Reason (s) for cessation
The Board of Directors ("Board") of Ziwo Holdings Ltd. (the "Company") wishes to announce that Mr Lim Heng Chong Benny ("Mr Lim") has retired from office and did not seek for re-election as an Independent Director at the Annual General Meeting of the Company held on 27 April 2017. Mr Lim's resignation is due to the diversification plans of the Company and the needs to refresh the Board.

Accordingly, Mr Lim will relinquish his appointment as Chairman of the Nominating Committee and a member of the Audit Committee and Remuneration Committee of the Company respectively.

The Board notes that following the resignation of Mr Lim, the Audit Committee is unable to meet the requirement of Rule 704(8) of the Listing Manual of the Singapore Exchange Securities Trading Limited ("SGX-ST"). Accordingly, the Board and the Nominating Committee is currently in the process of searching for a suitable candidate to be appointed to the Board to satisfy the requirement on the minimum number of not less than three Audit Committee members within two months, but in any case not later than three months, from 27 April 2017, pursuant to Rule 704(8) of the Listing Manual of the SGX-ST.

The Board will make appropriate announcement(s) in due course with respect to the appointment of any new Independent Director to the Board.
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
25/08/2009
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)
1
Number of cessations of appointments specified in Listing Rule 704 (7) or Catalist Rule 704 (6) over the past 12 months
4
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
Independent Director
Role and responsibilities
Independent Director of the Board, Chairman of the Nominating Committee and a member of the Audit Committee and Remuneration Committee respectively
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
Ziwo Holdings Ltd. - 200,000 shares (direct interest)
Past (for the last 5 years)
Sysma Holdings Limited
Present
China Sunsine Chemical Holdings Ltd.