Change - Announcement of Cessation::Retirement of Lead Independent Non-Executive Director

Issuer & Securities

Issuer/ Manager
SERIAL SYSTEM LTD
Securities
SERIAL SYSTEM LTD - SG1E36851343 - S69
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
26-Apr-2024 18:45:52
Status
New
Announcement Sub Title
Retirement of Lead Independent Non-Executive Director
Announcement Reference
SG240426OTHR7TOH
Submitted By (Co./ Ind. Name)
Wui Heck Koon
Designation
Company Secretary
Description (Please provide a detailed description of the event in the box below)
Retirement of Mr Tan Lye Heng Paul ("Paul Tan") as a Lead Independent Non-Executive Director of Serial System Ltd (the "Company").

Additional Details

Name Of Person
Tan Lye Heng Paul
Age
59
Is effective date of cessation known?
Yes
If yes, please provide the date
30/04/2024
Detailed Reason (s) for cessation
Pursuant to Rule 210(5)(d)(iv) of the Listing Manual of the SGX-ST, Paul Tan who has served on the Board of Directors ("Board") for more than nine years, will not be considered independent upon the conclusion of the forthcoming annual general meeting on 30 April 2024 ("AGM"). Accordingly, Paul Tan will retire and not be seeking for re-appointment as Director of the Company at the AGM, and will cease to be the Chairman of the Audit Committee ("AC") and a member of the Nominating Committee and the Remuneration Committee of the Company following the conclusion of the AGM.

The Board, with the recommendations of the Nominating Committee, will identify and appoint new Independent Directors to ensure that the composition of the Board and the Board committees of the Company comply with the requirements under the Code of Corporate Governance 2018 and the rules under the Listing Manual of SGX-ST by the date of the AGM.
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
16/06/2011
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)
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.)
Lead Independent Director, Chairman of the AC and a member of the Nominating Committee and Remuneration Committee
Role and responsibilities
Role and responsibilities as an Independent Director, Chairman of the AC and a member of the Nominating Committee and Remuneration Committee
Familial relationship with any director and/ or substantial shareholder of the listed issuer or of any of its principal subsidiaries
No
Shareholding interest in the listed issuer and its subsidiaries?
Yes
Shareholding Details
Direct interest of 350,000 shares in Serial System Ltd
Other Directorships
Past (for the last 5 years)
Independent Director, Sin Ghee Huat Corporation Ltd
Independent Director, China Sunsine Chemical Holdings Ltd
Present
Chairman, Nexia Singapore PAC
Managing Director, CA Trust PAC
Independent Director, Second Chance Properties Ltd
Independent Director, Pollux Properties Ltd
Independent Director, AJJ Medtech Holdings Ltd
Independent Director, PSC Corporation Ltd