Change - Announcement of Cessation::Cessation of Independent Director

Issuer & Securities

Issuer/ Manager
9R LIMITED - SGXE45420721 - 1Y1
Stapled Security

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
23-Apr-2024 17:27:16
Announcement Sub Title
Cessation of Independent Director
Announcement Reference
Submitted By (Co./ Ind. Name)
Lai Kuan Loong, Victor
Company Secretary
Description (Please provide a detailed description of the event in the box below)
Cessation of Independent Director

This announcement has been reviewed by the Company's sponsor, UOB Kay Hian Private Limited (the "Sponsor"). This announcement has not been examined or approved by the Singapore Exchange Securities Trading Limited ("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 Mr. Lance Tan, Senior Vice President, at 8 Anthony Road, #01-01, Singapore 229957, telephone (65) 6590 6881.

Additional Details

Name Of Person
Wee Hock Kee
Is effective date of cessation known?
If yes, please provide the date
Detailed Reason (s) for cessation
Requested by the controlling shareholders to step down. Message was conveyed by the Executive Director/CEO on 22 February 2024 without board deliberation and approval. No reason related to my performance was given and I am unable to comprehend this request when looking back at the results of the board effectiveness evaluation exercise conducted for the financial year 2023. Please look into the individual director performance assessment report for each director pertaining to financial year 2023. This was a peer review.

The Company's sponsor, UOB Kay Hian Private Limited notes the reason provided by Mr Wee and wishes to refer shareholders to the announcement made by the Company on 23 April 2024 on this matter.
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?
If Yes, Please provide full details
In relation to the accounts receivables provisioning for FY ended 31/12/23 amounting to S$2.44m, an amount of S$1.353m is due from Eostre Berhad. The board has initiated a full review of this customer to ensure there is no conflict of interest and the unsecured credit as well as price-related terms were extended on an arm's length basis. KYC (know your customer) risk assessment and debt recovery will have to be closely monitored by the Audit and Risk Committee (ARC) for these accounts receivables.
Is there any matter in relation to the cessation that needs to be brought to the attention of the shareholders of the listed issuer?
If Yes, Please provide full details
Board succession planning policy and framework to be established. This is to ensure independent directors who have discharged their fiduciary duties are duly recognized and retained. The fear of being removed through rotation and retirement should be allayed.
Any other relevant information to be provided to shareholders of the listed issuer?
If Yes, Please provide full details
Recently the board had undertaken a performance review on the CEO for the FY 2023 and there were concerns raised on his ability to lead and manage the business of the Group. This was discussed in the Nomination Committee (NC) and an action plan had been laid out to address these gaps. His performance review will be managed by the Board Chairman.
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.)
Independent Non-executive Director
Chairman of Nominating Committee
Member of Audit and Risk Committee and Remuneration Committee
Role and responsibilities
Mr Wee Hock Kee assumes the roles and responsibilities of an Independent Non-executive Director, Chairman of Nominating Committee and member of Audit and Risk Committee and Remuneration Committee.
Familial relationship with any director and/ or substantial shareholder of the listed issuer or of any of its principal subsidiaries
Shareholding interest in the listed issuer and its subsidiaries?
Past (for the last 5 years)
MIMOS Berhad
Principal Commitments:
Pertubuhan Keselamatan Sosial (PERKESO)
Malaysian Aviation Commission (MAVCOM)
The Institute of Internal Auditors Malaysia (IIAM)
BackToHealth (M) Sdn. Bhd.
ErgoRehab Sdn. Bhd.
Support Plus Systems (M) Sdn Bhd
CG Board Asia Pacific Sdn. Bhd.