Change - Announcement of Cessation::Resignation of Independent Director, Chairman of the NC and the RC, and a member of the AC

Issuer & Securities

Issuer/ Manager
CHINA SHENSHAN ORCHARD HOLDINGS CO. LTD.
Securities
CHINA SHENSHAN ORCHARD HLDGS - BMG2860H2096 - BKV
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
01-Oct-2021 17:35:24
Status
New
Announcement Sub Title
Resignation of Independent Director, Chairman of the NC and the RC, and a member of the AC
Announcement Reference
SG211001OTHR0KO7
Submitted By (Co./ Ind. Name)
Hu Chao
Designation
Executive Director and Chief Executive Officer
Description (Please provide a detailed description of the event in the box below)
Resignation of Mr. Chia Seng Hee (Jack) as Independent Director of the Company, Chairman of the Nominating Committee ("NC") and the Remuneration Committee ("RC"), and a member of the Audit Committee ("AC") with effect from 2 October 2021.

Additional Details

Name Of Person
Chia Seng Hee (Jack)
Age
60
Is effective date of cessation known?
Yes
If yes, please provide the date
02/10/2021
Detailed Reason (s) for cessation
As stated in the Company's circular to shareholders dated 31 March 2021 ("Circular"), the Board seeks to strike an appropriate balance between tenure of service, continuity of experience and refreshment of the Board. Such refreshment process of the Board will take some time in order to maintain the stability of the Board, and the Board expects to replace two (2) incumbent Independent Directors with new Independent Directors within five (5) months from Completion (as defined below).

On 3 July 2021, all the conditions precedent for the completion of the Proposed Transactions (as defined in the Circular) had been fulfilled and/or waived in accordance with the terms of the Agreement (as defined in the Circular) and the Proposed Transactions had completed on the same day ("Completion").

For more information, please refer to the Company's separate announcement released to the Singapore Exchange Securities Trading Limited on 1 October 2021.

Mr. Chia Seng Hee (Jack) has therefore resigned as an Independent Director of the Company with effect from 2 October 2021, in support of and to facilitate the aforementioned Board renewal process. Following his resignation, Mr. Chia Seng Hee (Jack) shall cease to be Chairman of the NC and the RC, and a member of the AC.
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
26/06/2008
Does the AC have a minimum of 3 members (taking into account this cessation)?
Yes
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
2
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
Independent Director, Chairman of the NC and the RC, and a member of the AC.
Role and responsibilities
Assumed the roles and responsibilities of an Independent Director, Chairman of the NC and the RC, and a member of the AC.
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)
1. AGV Group Limited
2. Best Success (Hong Kong) Ltd.
3. China Hongcheng Holdings Limited
4. Combine Will International Holdings Limited
5. Debao Property Development Ltd.
6. Derong Real Estate Holdings Pte. Ltd.
7. Dynamic Real Estate Holdings Pte. Ltd.
8. Jack Global Consulting Pte. Ltd.
9. Legami Pte. Ltd.
10. Lifebrandz Ltd.
11. Shanghai Turbo Enterprises Limited
Present
1. CDW Holding Limited
2. mm2 Asia Ltd.
3. Ying Li International Real Estate Limited