Change - Announcement of Cessation::Cessation of Executive Director, Liu Ming

Issuer & Securities

Issuer/ Manager
SHANGHAI TURBO ENTERPRISES LTD
Securities
SHANGHAI TURBO ENTERPRISES LTD - KYG8064W1160 - AWM
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
15-May-2023 18:42:19
Status
New
Announcement Sub Title
Cessation of Executive Director, Liu Ming
Announcement Reference
SG230515OTHRKQEL
Submitted By (Co./ Ind. Name)
Chong Eng Wee
Designation
Company Secretary
Description (Please provide a detailed description of the event in the box below)
Please refer to the information below.

Additional Details

Name Of Person
Liu Ming
Age
49
Is effective date of cessation known?
Yes
If yes, please provide the date
15/05/2023
Detailed Reason (s) for cessation
Mr Liu Ming ("Mr Liu") has voluntarily requested to resign as a director of Shanghai Turbo Enterprises Ltd, after much careful consideration.

The main reason for his resignation is the hefty extra costs to the Company, in order to engage an independent reviewer as required by SGX RegCo. This is undoubtedly a large expense to the Company, even though the Company's business has begun to improve recently. However, during this challenging difficult production period the Company is still facing great cash flow pressure, Mr Liu hopes his resignation can help to relieve the financial pressure on 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
03/03/2023
Does the AC have a minimum of 3 members (taking into account this cessation)?
No
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
4
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
Executive Director
Role and responsibilities
Executive Director. To oversee the operations of the business, both locally and overseas, to ensure significant improvement in business performance.
Familial relationship with any director and/ or substantial shareholder of the listed issuer or of any of its principal subsidiaries
No
Shareholding interest in the listed issuer and its subsidiaries?
No
Past (for the last 5 years)
Nil
Present
2021 - 2023 - Chief Consultant of Changzhou 3D Technological Complete Set Equipment Co., Limited