Change - Announcement of Cessation::Resignation of Executive Director and Chief Executive Officer of the Company - Mr Chia Cher Khiang

Issuer & Securities

Issuer/ Manager
KIMLY LIMITED
Securities
KIMLY LIMITED - SG1DF1000008 - 1D0
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
11-Nov-2021 20:39:49
Status
New
Announcement Sub Title
Resignation of Executive Director and Chief Executive Officer of the Company - Mr Chia Cher Khiang
Announcement Reference
SG211111OTHR64E7
Submitted By (Co./ Ind. Name)
Hoon Chi Tern
Designation
Company Secretary
Description (Please provide a detailed description of the event in the box below)
Resignation of Mr. Chia Cher Khiang as Executive Director and Chief Executive Officer of the Company with effect from 11 November 2021.

This announcement has been reviewed by the Company's sponsor, PrimePartners Corporate Finance Pte. Ltd. (the "Sponsor"). It has not been examined or approved by the Singapore Exchange Securities Trading Limited (the "Exchange") and the Exchange assumes no responsibility for the contents of this document, including the correctness of any of the statements or opinions made or reports contained in this document.

The contact person for the Sponsor is Mr. Joseph Au, 16 Collyer Quay, #10-00 Income at Raffles, Singapore 049318, sponsorship@ppcf.com.sg.

Additional Details

Name Of Person
Chia Cher Khiang
Age
47
Is effective date of cessation known?
Yes
If yes, please provide the date
11/11/2021
Detailed Reason (s) for cessation
The Board has been informed by Mr. Chia Cher Khiang ("Mr. Chia") that he has been notified by the Commercial Affairs Department (the "CAD") of the Singapore Police Force on 11 November 2021 that he has been charged for an offence under Section 331(1) read with Section 204(1) of the Securities and Futures Act, Chapter 289 of Singapore (the "SFA" and the charge, the "SFA Charge"). The SFA Charge against Mr. Chia was in relation to the Company's failure to notify the Singapore Exchange Limited ("SGX") that its acquisition of Asian Story Corporation Pte. Ltd. ("ASC" and the acquisition, the "ASC Acquisition") was an interested person transaction, required to be immediately announced under Rule 905(1) of the SGX Catalist Listing Rules (the "Catalist Rules"). As a result, the Company had committed an offence under Section 203(1) read with Section 203(2) of the SFA, which offence was committed with Mr. Chia's consent as director of the Company.

Mr. Chia has notified the Board that he intends to resign from his role as Executive Director and Chief Executive Officer of the Company with effect from 11 November 2021 and the Board has agreed to accept his resignation.

The Board has requested Mr. Chia to remain as an employee of the Company following his resignation as Executive Director and Chief Executive Officer to assist and facilitate the Board and management in the transition, pending the conclusion of court proceedings relating to the SFA Charge, which terms of employment are to be mutually agreed.

After having interviewed Mr. Chia and to the best of its knowledge, the Sponsor is satisfied that save as disclosed in this announcement, there are no other material reasons for the cessation of Mr. Chia as Executive Director and Chief Executive Officer of the Company.

For more information, please refer to the Company's separate announcement released to the Singapore Exchange Securities Trading Limited on 29 November 2018, 4 December 2018 and 11 November 2021.
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
03/02/2017
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)
3
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.)
Executive Director and Chief Executive Officer of the Company.
Role and responsibilities
Assumed the roles and responsibilities of the Executive Director and Chief Executive Officer of the Company. Mr Chia is responsible for strategising and implementing key improvements to the Group's various processes so as to continually raise the Group's standards of productivity and food quality. Part of his portfolio also includes monitoring the key performance indicators of the Group's centralised functions, such as the Central Kitchen, human resources and procurement. He also assists the Executive Chairman in managing the Group's overall business development, expansion and various other business processes.
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
Direct interest of 16,513,391 ordinary shares and deemed interest of 2,960,000 ordinary shares held by his spouse.
Past (for the last 5 years)
Please see attached
Present
Please see attached

Attachments

Directorship_Mr Chia Cher Khiang Vincent.pdf
Total size =16K