Change - Announcement of Cessation::CESSATION AS CHIEF EXECUTIVE OFFICER

Issuer & Securities

Issuer/ Manager
AXCELASIA INC.
Securities
AXCELASIA INC. - MYA012218006 - 42U
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
28-Jun-2019 17:31:08
Status
New
Announcement Sub Title
CESSATION AS CHIEF EXECUTIVE OFFICER
Announcement Reference
SG190628OTHR53CP
Submitted By (Co./ Ind. Name)
Dato' Tang Swee Guan
Designation
Chief Executive Officer and Executive Director
Description (Please provide a detailed description of the event in the box below)
This announcement has been prepared by the Company and its contents have been reviewed by the Company's sponsor, PrimePartners Corporate Finance Pte. Ltd. (the "Sponsor") in accordance with Rules 226(2)(b) and 753(2) of the Singapore Exchange Securities Trading Limited (the "SGX-ST") Listing Manual Section B: Rules of Catalist.

This announcement has not been examined or approved by the SGX-ST. 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 Ms Tan Pei Woon, Associate Director, Continuing Sponsorship (Mailing Address: 16 Collyer Quay, #10-00 Income at Raffles, Singapore 049318 and Email: sponsorship@ppcf.com.sg).

Additional Details

Name Of Person
Dato' Peter Tang Swee Guan
Age
66
Is effective date of cessation known?
Yes
If yes, please provide the date
01/07/2019
Detailed Reason (s) for cessation
Dato' Peter Tang Swee Guan ceases his role as the CEO of the Group for the purposes of succession planning. He will continue to be an Executive Director and will be re-designated as Deputy Executive Chairman effective from 1 July 2019.

Based on its enquiries, the Company's Sponsor, PrimePartners Corporate Finance Pte. Ltd., is satisfied that, save as disclosed in this announcement, there are no other material reasons for the cessation of Dato' Peter Tang Swee Guan as the CEO of the Group.
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?
Yes
If Yes, Please provide full details
Dato' Peter Tang Swee Guan will assume the role of Deputy Executive Chairman upon relinquishing his role as CEO. As Deputy Executive Chairman, he will continue to have supervision and oversight of the tax advisory services and business support services provided by the Group as well as the finance function of the Group. In addition, he will chair Board meetings in the absence of the Non-Executive Chairman and attend to such matters or tasks as the Group CEO may from time to time delegate.
Any other relevant information to be provided to shareholders of the listed issuer?
No
Date of Appointment to current position
01/01/2018
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)
1
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
Role and responsibilities
To lead the management in setting strategies, objectives and mission for the day-to-day operation of the Group.
Familial relationship with any director and/ or substantial shareholder of the listed issuer or of any of its principal subsidiaries
Dato' Peter Tang Swee Guan is the spouse of Datin Chai Seow Lin, Managing Director of Axcelasia Corporate Services Sdn Bhd and Axcelasia Global Business Services Sdn Bhd.
Shareholding interest in the listed issuer and its subsidiaries?
Yes
Shareholding Details
An aggregate of 41,296,700 (25.76%) shares in the Company comprising direct interest of 37,852,700 shares and deemed interest of 3,444,000 shares held by his wife, Datin Chai Seow Lin.
Past (for the last 5 years)
Andersen Tax Sdn Bhd
CFIT Consulting Sdn Bhd
Taxand GST Sdn Bhd
Present
Axcelasia Talent Sdn Bhd
Axcelasia Global Business Services Sdn Bhd
Axcelasia Corporate Services Sdn Bhd
Axcelasia Taxand Sdn Bhd
Audex Governance Sdn Bhd
Axcelasia Vietnam Co.Ltd
Axcelasia Laos Co.Ltd
Axcelasia Singapore Pte Ltd
Aman Unik Sdn Bhd
Kailee Sdn Bhd
Peter Tang & Associates