Change - Announcement of Cessation::RESIGNATION OF INDEPENDENT NON-EXECUTIVE DIRECTOR

Issuer & Securities

Issuer/ Manager
HOTEL GRAND CENTRAL LIMITED
Securities
HOTEL GRAND CENTRAL LTD - SG1J41888780 - H18
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
25-Mar-2019 17:12:11
Status
New
Announcement Sub Title
RESIGNATION OF INDEPENDENT NON-EXECUTIVE DIRECTOR
Announcement Reference
SG190325OTHRN5WT
Submitted By (Co./ Ind. Name)
HOTEL GRAND CENTRAL LIMITED
Designation
CORPORATE SECRETARY
Description (Please provide a detailed description of the event in the box below)
The Board of Directors of Hotel Grand Central Limited (the "Company") has considered the recommendation of the Nominating Committee and is of the view that Mr. Chng Beng Siong ceased to be independent under the Code of Corporate Governance 2018. The resignation of Mr. Chng Beng Siong as Independent and Non-Executive Director of the Company takes effect from 25 March 2019.

Additional Details

Name Of Person
CHNG BENG SIONG
Age
59
Is effective date of cessation known?
Yes
If yes, please provide the date
25/03/2019
Detailed Reason (s) for cessation
Under Principle 2.1 of the Code of Corporate Governance 2018, Mr. Chng Beng Siong step down as director in view that he is related to substantial shareholder and ceased to be independent.
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
29/06/2000
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
1
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
RC Chairman, AC member and NC member
Role and responsibilities
Independent director, RC Chairman and member of AC and NC
Familial relationship with any director and/ or substantial shareholder of the listed issuer or of any of its principal subsidiaries
His father - Mr. Chng Gim Huat who is a substantial shareholder of the Company.
Shareholding interest in the listed issuer and its subsidiaries?
Yes
Shareholding Details
(1) 37 ordinary shares - direct interest in Hotel Grand Central Limited
(2) 27,711,609 shares - deemed interest through Chng Gim Huat Holdings Pte Ltd
Past (for the last 5 years)
-
Present
-