REPL::Change - Announcement of Cessation::Resignation of Mr Diong Tai Pew as Lead Independent Director of the Company
Issuer & Securities
Issuer/ Manager
HENGYANG PETROCHEMICAL LOGISTICS LIMITED
Securities
HENGYANG PETROCHEM LOG LIMITED - SG1Y78948920 - 5PD
Stapled Security
No
Announcement Details
Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
18-Dec-2023 18:31:05
Status
Replacement
Announcement Sub Title
Resignation of Mr Diong Tai Pew as Lead Independent Director of the Company
Announcement Reference
SG231217OTHR6VZM
Submitted By (Co./ Ind. Name)
Gu Wen Long
Designation
Executive Director and Chief Executive Officer
Description (Please provide a detailed description of the event in the box below)
Resignation of Mr Diong Tai Pew as Lead Independent Director of the Company.
This cessation announcement has been amended on 18 December 2023 to include the folllowing sponsor's statement:
This announcement has been reviewed by the Company's Sponsor, Xandar Capital Pte Ltd ("Sponsor").
This announcement has not been examined or approved by the Singapore Exchange Securities Trading Limited (the "SGX-ST") and 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 Pauline Sim, Head of Corporate Finance, at 3 Shenton Way, #24-02 Shenton House, Singapore 068805, telephone (65) 6319 4954.
Additional Details
Name Of Person
Diong Tai Pew
Age
72
Is effective date of cessation known?
Yes
If yes, please provide the date
31/12/2023
Detailed Reason (s) for cessation
Mr Diong Tai Pew ("Mr Diong") has been with the Company for more than 9 years since his appointment as a Lead Independent Director of the Company. In view of the nine-year tenure limit for independent directors prescribed under the Singapore Exchange Securities Trading Limited Listing Manual Section B: Rules of Catalist, Mr Diong has decided to step down and resign to facilitate board renewal.
Following Mr Diong's resignation, Mr Diong will cease to be the Chairman of the Audit Committee, and a member of the Remuneration Committee and Nominating Committee.
In preparation of Mr Diong's resignation, the Board has commenced the search for new directors. Mr Diong (in his capacity as a member of the Nominating Committee of the Company) has interviewed the independent director candidates prior to his resignation. The Board is in the midst of finalising the appointment of the new directors and will continue to be in compliance with the Code of Corporate Governance 2018 following Mr Diong's resignation. The Board will be announcing the appointment of the new independent directors in due course.
After having interviewed Mr Diong and to the best of its knowledge, the Company's sponsor, Xandar Capital Pte. Ltd., is satisfied that save as disclosed in this announcement, there are no other material reasons for the resignation of Mr Diong as the Lead Independent Director, Chairman of the Audit Committee, and a member of the Remuneration Committee and Nominating Committee of the Company.
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
19/11/2008
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
0
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
Lead Independent Director, Chairman of the Audit Committee, Member of the Remuneration Committee, Member of the Nominating Committee
Role and responsibilities
Non-Executive, Lead Independent Director
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
676,100 ordinary shares
Past (for the last 5 years)
SIG Gases Berhad
V.S. Industry Berhad
VS International Group Ltd.
Present
Nil.
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