Change - Announcement of Cessation::Cessation of Independent Director

Issuer & Securities

Issuer/ Manager
ASCENT BRIDGE LIMITED
Securities
ASCENT BRIDGE LIMITED - SG1AJ1000006 - AWG
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
29-Oct-2025 08:58:44
Status
New
Announcement Sub Title
Cessation of Independent Director
Announcement Reference
SG251029OTHRZQPJ
Submitted By (Co./ Ind. Name)
Foo Soon Soo
Designation
Company Secretary
Description (Please provide a detailed description of the event in the box below)
Cessation of Mr Siow Chee Keong as Independent Director of the Company.

Additional Details

Name Of Person
Siow Chee Keong
Age
71
Is effective date of cessation known?
Yes
If yes, please provide the date
28/10/2025
Detailed Reason (s) for cessation
Mr Siow raised concerns regarding the purported lack of corporate governance practices and the purported lack of transparency / management's lack of co-operation which supposedly affected the functioning of the Audit & Risk Committee. Mr Siow was also unhappy with the appointment of lawyers by the Board to advise on the EGM requisitioned by members on 7 October 2025 under section 176 of the Companies Act to remove Dr Tan and Mr Siow Chee Keong as independent directors (the "EGM Requisition").

Mr Siow was upset by EGM Requisition announced by the Board on 8 October 2025. In view of the EGM Requisition, the Board requested Mr Siow to resign. Mr Siow refused to do so and was upset by the Board's request for his resignation. Thereafter, Mr Siow and Dr Tan started raising a number of corporate governance issues concerning the Company. The Board was informed by the Company Secretary on 17 October 2025 that a meeting was arranged with SGX RegCo attended only by himself and Dr Tan (the other director who is also one of the subject persons proposed to be removed by the EGM Requisition) in the morning of 16 October 2025 to discuss matters concerning the Company. Mr Siow and Dr Tan did not inform the Board regarding their meeting with SGX RegCo, before the meeting.

In the afternoon of 16 October 2025, Mr Siow together with Dr Tan convened a Board meeting attended only by both of them with the Company Secretary, without the presence of the other Board members.

The Chairman of the Board together with Dr Tan and Mr Siow and the Company's external auditors met with SGX RegCo in the afternoon of 24 October 2025, on the invitation of SGX RegCo.

Thereafter, the Company received the resignation letters of both Mr Siow and Dr Tan on 28 October 2025 in respect of their resignations from the Board.

The Board is of the opinion that there is absolutely no basis for the allegations made by Mr Siow in relation to the alleged lack of transparency and poor corporate governance practices of the Company, in any respect whatsoever. The Board would like to highlight that Mr Siow's allegations are completely contradictory to the Statement of Corporate Governance on page 67 of the Company's most recent Annual Report announced on 11 September 2025, which he had approved prior to the despatch of the same to the Company's shareholders in connection with the Company's Annual General Meeting ("AGM") on 26 September 2025. At the Company's most recent AGM on 26 September 2025 where Mr Siow had attended as the Chairman of the Company's Audit and Risk Committee, at no time did Mr Siow raise any issue regarding the Company's corporate governance practices when he had every opportunity to do so.
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?
Yes
If Yes, Please provide full details
Please refer to reasons given for the resignation.
Is there any matter in relation to the cessation that needs to be brought to the attention of the shareholders of the listed issuer?
Yes
If Yes, Please provide full details
Please refer to reasons given for the resignation.
Any other relevant information to be provided to shareholders of the listed issuer?
Yes
If Yes, Please provide full details
As provided in the reasons given for the resignation.
Date of Appointment to current position
19/02/2021
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
3
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
Independent Director, Chairman of the Audit & Risk Committee, Chairman of the Remuneration Committee and Member of the Nominating Committee
Role and responsibilities
Independent Director, Chairman of the Audit & Risk Committee, Chairman of the Remuneration Committee and Member of the Nominating 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
Other Directorships
Past (for the last 5 years)
Pico (Thailand) Public Company Limited
NGF BioEnterprise Pte Ltd
Forise International Limited
Present
Compass Venture Inc.
Virtus Assure Pte Ltd