Change - Announcement of Appointment::Appointment of Independent Director
Issuer & Securities
Issuer/ Manager
MAGNUS ENERGY GROUP LTD.
Securities
MAGNUS ENERGY GROUP LTD. - SG1AI2000007 - 41S
Stapled Security
No
Announcement Details
Announcement Title
Change - Announcement of Appointment
Date &Time of Broadcast
22-Nov-2019 18:09:11
Status
New
Announcement Sub Title
Appointment of Independent Director
Announcement Reference
SG191122OTHRPPWA
Submitted By (Co./ Ind. Name)
Luke Ho Khee Yong
Designation
Chief Executive Officer
Effective Date and Time of the event
22/11/2019 00:00:00
Description (Please provide a detailed description of the event in the box below)
Appointment of Mr Lee Chong Ping as Independent Director.
This announcement has been reviewed by the Company s sponsor, Stamford Corporate Services Pte Ltd (the "Sponsor"). It has not been examined or approved by the Singapore Exchange Securities Trading Limited (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. Bernard Lui.
Telephone: +65 6389 3000. Email: bernard.lui@morganlewis.com
Additional Details
Date Of Appointment
22/11/2019
Name Of Person
Lee Chong Ping
Age
40
Country Of Principal Residence
Singapore
The Board's comments on this appointment (including rationale, selection criteria, and the search and nomination process)
The Nominating Committee ("NC") has considered Mr Lee's professional qualifications such as his Degree in Technology (Management), his fellow membership of the Association of Chartered Certified Accountants, and that Mr Lee is also a non-practising member of Institute of Singapore Chartered Accountants and non-practising member of Malaysian Institute of Accountants. The NC has also considered Mr Lee's past working experiences as chief financial officer as well as financial controller in various listed companies and considered his skills to be complementary to the skills of the Board as an Independent Director as well as the Chairman of the Audit Committee ("AC").
The Board accepted NC's recommendation and has approved his appointment as Independent Director of the Company, the Chairman of the Audit Committee, and a member in the NC and Remuneration Committee ("RC"). The Board is of view that Mr Lee Chong Ping has the requisite knowledge and experience to assume the duties and responsibilities as an Independent Director and the Chairman of the AC, as well as a member of the NC and RC.
The Board considers Mr Lee Chong Ping to be independent for the purposes of Rule 704(7) of the Singapore Exchange Securities Trading Limited (the "SGX-ST") Listing Manual Section B: Rules of Catalist (the "Catalist Rules").
Whether appointment is executive, and if so, the area of responsibility
Non-executive.
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
Non-Executive Independent Director. Chairman of the Audit Committee. Member of the Nominating and Remuneration Committees.
Professional qualifications
Degree in Technology (Management)- University Technology of Malaysia
Fellow member of the Association of Chartered Certified Accountants (FCCA)
Non-practising member of Institute of Singapore Chartered Accountants (ISCA)
Non-practising member of Malaysian Institute of Accountants (MIA)
Any relationship (including immediate family relationships) with any existing director, existing executive officer, the issuer and/ or substantial shareholder of the listed issuer or any of its principal subsidiaries
No
Conflict of interests (including any competing business)
No
Working experience and occupation(s) during the past 10 years
May 2016 to January 2020 - CFM Holdings Limited - Chief Financial Officer
June 2015 to November 2015 - Transcorp Holdings Limited - Chief Financial Officer
September 2012 to May 2015 - China Sky Chemical Fibre Co., Ltd - Financial Controller
July 2011 to September 2012 - Sen Yue Holdings Limited (FKA PNE Micron Holdings Ltd) - Corporate Accounts Manager
April 2010 to June 2011 - Patek Group Ltd. - Assistant Manager
June 2009 to March 2010 - Oceanus Group Limited - Group Accountant
December 2006 to June 2009 - KPMG LLP Singapore - Audit Senior
Undertaking submitted to the listed issuer in the form of Appendix 7.7 (Listing Rule 704(7)) Or Appendix 7H (Catalist Rule 704(6))
Yes
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)
Transcorp Holdings Limited - Chief Financial Officer
China Sky Chemical Fibre Co., Ltd - Financial Controller
Present
CFM Holdings Limited - Chief Financial Officer
Pangu Creation Media (Singapore) Pte Ltd - Director
(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 an issuer listed on the Exchange?
No
If no, please state if the director has attended or will be attending training on the roles and responsibilities of a director of a listed issuer as prescribed by the Exchange
Mr Lee Chong Ping will undergo training on the roles and responsibilities of a director of a listed issuer to meet the mandatory training requirements under Rule 406(3)(a) of the Catalist Rules within the one (1) year timeframe as prescribed by the SGX-ST and the costs of such training will be borne by the Company
Please provide details of relevant experience and the nominating committee's reasons for not requiring the director to undergo training as prescribed by the Exchange (if applicable)
N.A.
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