Change - Announcement of Cessation::Retirement of Chief Executive Officer and Managing Director
Issuer & Securities
CHEUNG WOH TECHNOLOGIES LTD
CHEUNG WOH TECHNOLOGIES LTD - SG1M94907805 - C50
Change - Announcement of Cessation
Date &Time of Broadcast
Announcement Sub Title
Retirement of Chief Executive Officer and Managing Director
Submitted By (Co./ Ind. Name)
Law Yu Chui
Description (Please provide a detailed description of the event in the box below)
The Board of Directors (the "Board") of Cheung Woh Technologies Ltd (the "Company", together with its subsidiaries, collectively the "Group") wishes to announce the retirement of Mr Law Kung Ying as Chief Executive Officer ("CEO") of the Company with effect from 28 February 2020. Mr Law Kung Ying will relinquish his position as Managing Director but remain in the Board as Chairman of the Board until the forthcoming Annual General Meeting. Mr Law Kung Ying has been re-designated as Non-Executive Non-Independent Director of the Company.
The Board would like to take this opportunity to record their heartfelt appreciation and thanks to Mr Law Kung Ying for his contributions.
Name Of Person
Law Kung Ying
Is effective date of cessation known?
If yes, please provide the date
Detailed Reason (s) for cessation
Mr Law Kung Ying has decided to retire due to health reason.
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?
Is there any matter in relation to the cessation that needs to be brought to the attention of the shareholders of the listed issuer?
Any other relevant information to be provided to shareholders of the listed issuer?
Date of Appointment to current position
Does the AC have a minimum of 3 members (taking into account this cessation)?
Number of Independent Directors currently resident in Singapore (taking into account this cessation)
Number of cessations of appointments specified in Listing Rule 704 (7) or Catalist Rule 704 (6) over the past 12 months
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
Chief Executive Officer, Managing Director, Chairman of the Board and member of the Nominating Committee.
Role and responsibilities
Mr Law is responsible for the strategic developments of the Group. He devises and implements strategic business plans and identifies new markets, products and customers. He oversees the overall operations of the HDD Components Segment.
Familial relationship with any director and/ or substantial shareholder of the listed issuer or of any of its principal subsidiaries
Mr Law Kung Ying is a brother of Law Kung Ming (Executive Director) and Law Yu Chui (Executive Director and Substantial Shareholder). He is a son of Lee Hang Ngok (Substantial Shareholder).
Shareholding interest in the listed issuer and its subsidiaries?
Direct interest of 10,419,600 ordinary shares in the Company.
Past (for the last 5 years)
Tysan Precision Engineering (Suzhou) Co., Ltd
Suzhou Tysan Steel Co., Ltd
Cheung Woh Technologies (Johor) Sdn. Bhd.
Cheung Woh Technologies (Malaysia) Sdn. Bhd.
Cheung Woh Precision (Zhuhai) Co., Ltd
Cheung Woh Technologies (Zhuhai) Co., Ltd
Cheung Woh International (Macao Commercial Offshore) Company Limited
Nexsuss Holdings Pte. Ltd.