Change - Announcement of Appointment::Appointment of Independent Non-Executive Chairman

Issuer & Securities

Issuer/ Manager
TOTM TECHNOLOGIES LIMITED
Securities
TOTM TECHNOLOGIES LIMITED - SG1BF8000005 - 42F
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Appointment
Date &Time of Broadcast
12-Dec-2024 19:19:29
Status
New
Announcement Sub Title
Appointment of Independent Non-Executive Chairman
Announcement Reference
SG241212OTHRK2SP
Submitted By (Co./ Ind. Name)
Irawan Mulyadi
Designation
Executive Director and Chief Executive Officer
Description (Please provide a detailed description of the event in the box below)
Appointment of Independent Non-Executive Chairman - Mr Phang Yew Kiat

This announcement has been reviewed by the Company's sponsor, SAC Capital Private Limited (the "Sponsor"). It 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. Charmian Lim (telephone no.: +65 6232 3210), at 1 Robinson Road, #21-00 AIA Tower, Singapore 048542.

Additional Details

Date Of Appointment
16/12/2024
Name Of Person
Phang Yew Kiat
Age
56
Country Of Principal Residence
Singapore
The Board's comments on this appointment (including rationale, selection criteria, board diversity considerations, and the search and nomination process)
The Board of Directors of the Company ("Board"), upon the recommendation of the Nominating Committee ("NC") had
approved the appointment of Mr Phang Yew Kiat ("Mr Phang") as Independent Non-Executive Chairman of the Company.
The NC and the Board had considered Mr Phang's work experience and qualifications, are satisfied that he has the requisite
experience and capability to assume the role of Independent Non-Executive Chairman of the Company.
Whether appointment is executive, and if so, the area of responsibility
Non-Executive
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
1) Independent Non-Executive Chairman
2) Chairman of Nominating Committee
3) Chairman of Remuneration Committee
4) Member of Audit Committee
Professional qualifications
1) Bachelor's degree in Microelectronic Systems Engineering from University of Manchester Institute of Science and Technology
2) Master of Business Administration in International Business from University of Bristol
Any relationship (including immediate family relationships) with any existing director, existing executive officer, the issuer and/ or substantial shareholder of the listed issuer or any of its principal subsidiaries
No
Conflict of interests (including any competing business)
No
Working experience and occupation(s) during the past 10 years
April 2017 to Present: Acore Capital Investments Pte Ltd - Co-Founder & Non-Executive Chairman
May 2015 to May 2021: United Nation - Economic and Social Commission for Asia and the Pacific (ESCAP) Business - Advisory Council & Chairman of Digital Economy Task Force
July 2014 to April 2020: Chong Sing Holdings FinTech Group Limited - Vice Chairman, Chief Executive Officer
March 2014 to July 2014: Chong Sing Holdings FinTech Group Limited - Co-Chairman and Executive Director
December 2013 to March 2014: Chong Sing Holdings FinTech Group Limited - Deputy Chairman and Executive Director
April 2017 to December 2018: Singlife Financial Pte. Ltd. - Founding Non-Executive Director
January 2017 to January 2019: Global Blockchain Business - Founding Executive Director
January 2024 to present: Chuan Holdings Limited - Executive Chairman
October 2020 to December 2023: Chuan Holdings Limited - Non-Executive Director
May 2016 to October 2020: Chuan Holdings Limited - Independent Non-Executive Director
January 2013 to April 2014: Haikou United Rural Commercial Bank - Chief Executive Officer
November 2013 to April 2020: United Credit Finance Group - Executive Director
Undertaking submitted to the listed issuer in the form of Appendix 7.7 (Listing Rule 704(7)) Or Appendix 7H (Catalist Rule 704(6))
Yes
Shareholding interest in the listed issuer and its subsidiaries?
No
# These fields are not applicable for announcements of appointments pursuant to Listing Rule 704 (9) or Catalist Rule 704 (8).
Past (for the last 5 years)
1. Chong Sing Holdings
FinTech Group Limited
2. Home Park II Limited
3. Palmer HMG Limited
4. PHM Laundry Services
Limited
5. Old Thorns Golf Hotel and
Country Estate (Holdings)
Limited
6. Home Park Estate Limited
7. Old Thorns Golf Hotel and
Country Estate Limited
8. Old Thorns Management
Limited
9. Castlemartyr Top Hotel
(Holdings) Limited
10. Castlemartyr Gate Lodges
(Holdings) Limited
11. Castlemartyr Country Hotel
Resort Limited
12. Castlemartyr Hotel Lodges
(Holdings) Limited
13. RoyAlp S.A.
14. Giri Holdings Inc.
15. Well Up (Hong Kong)
Limited
16. UCF Far East Pte Ltd
Present
1. Chuan Holdings Limited
2. Acore Capital Investments
3. SafeGuard Real Estate Holding Pte Ltd
4. HT Universal Investment Management Private Limited
5. Red Oak Tree Commodity Trading Private Limited
6. Alpine Investment Capital Limited
7. AlphaOne Private Limited
8. Orient Pacific Commodity Traders Private Limited
(a) Whether at any time during the last 10 years, an application or a petition under any bankruptcy law of any jurisdiction was filed against him or against a partnership of which he was a partner at the time when he was a partner or at any time within 2 years from the date he ceased to be a partner?
No
(b) Whether at any time during the last 10 years, an application or a petition under any law of any jurisdiction was filed against an entity (not being a partnership) of which he was a director or an equivalent person or a key executive, at the time when he was a director or an equivalent person or a key executive of that entity or at any time within 2 years from the date he ceased to be a director or an equivalent person or a key executive of that entity, for the winding up or dissolution of that entity or, where that entity is the trustee of a business trust, that business trust, on the ground of insolvency?
Yes
If Yes, Please provide full details
Mr Phang served as Deputy Chairman and Executive Director of Chong Sing Holdings FinTech Group Limited ("Chong Sing") (Stock Code: 8207), a company listed on GEM of The Stock Exchange of Hong Kong Limited from 23 December 2013 to 16 March 2014. He was subsequently appointed Co-Chairman and Executive Director from 17 March 2014 to 6 July 2014, and later Vice Chairman, Executive Director and CEO from 7 July 2014 to 30 April 2020.

On 19 June 2020, a winding up petition against Chong Sing was filed by Eternity Sky Investments Limited on the ground that Chong Sing is unable to pay its debts. It was subsequently ordered to be wound up by the Grand Court of the Cayman Islands on 14 September 2020.
(c) Whether there is any unsatisfied judgment against him?
No
(d) Whether he has ever been convicted of any offence, in Singapore or elsewhere, involving fraud or dishonesty which is punishable with imprisonment, or has been the subject of any criminal proceedings (including any pending criminal proceedings of which he is aware) for such purpose?
No
(e) Whether he has ever been convicted of any offence, in Singapore or elsewhere, involving a breach of any law or regulatory requirement that relates to the securities or futures industry in Singapore or elsewhere, or has been the subject of any criminal proceedings (including any pending criminal proceedings of which he is aware) for such breach?
No
(f) Whether at any time during the last 10 years, judgment has been entered against him in any civil proceedings in Singapore or elsewhere involving a breach of any law or regulatory requirement that relates to the securities or futures industry in Singapore or elsewhere, or a finding of fraud, misrepresentation or dishonesty on his part, or he has been the subject of any civil proceedings (including any pending civil proceedings of which he is aware) involving an allegation of fraud, misrepresentation or dishonesty on his part?
No
(g) Whether he has ever been convicted in Singapore or elsewhere of any offence in connection with the formation or management of any entity or business trust?
No
(h) Whether he has ever been disqualified from acting as a director or an equivalent person of any entity (including the trustee of a business trust), or from taking part directly or indirectly in the management of any entity or business trust?
No
(i) Whether he has ever been the subject of any order, judgment or ruling of any court, tribunal or governmental body, permanently or temporarily enjoining him from engaging in any type of business practice or activity?
No
(j) Whether he has ever, to his knowledge, been concerned with the management or conduct, in Singapore or elsewhere, of the affairs of :-
(i) any corporation which has been investigated for a breach of any law or regulatory requirement governing corporations in Singapore or elsewhere; or
Yes
If Yes, Please provide full details
On 8 July 2019, Chong Sing's material subsidiary, UCF Pay Limited ("UCF"), an online payments provider, was instructed by a regulatory authority in the People's Republic of China ("PRC") to take serious remedial actions for significant non-compliance in its business operations. The issue involved the unauthorised withdrawal of funds by certain senior management of a customer by altering the customer's credit limit in UCF. The customer had admitted to the unauthorised withdrawal. UCF suspended its operations, and Chong Sing requested a trading suspension effective 8 July 2019. UCF had taken remedial actions, including replenishment of the unauthorised funds and Chong Sing had further tightened its internal controls on its subsidiary's operations and formulated policies for supervision on UCF and other subsidiaries. Chong Sing was requested by GEM Listing Committee to cancel its listing under GEM Rule 9.14A and subsequently delisted in November 2020 due to prolonged suspension of trading.

To the best of Mr Phang's knowledge, UCF nor its senior management and board, as well as Chong Sing, its senior management and board had in no way benefitted from the unauthorised withdrawal of funds. Mr Phang confirmed that, to the best of his knowledge, he was not aware of any warnings, fine nor charge against UCF and Chong Sing, nor its senior management team and directors.
(ii) any entity (not being a corporation) which has been investigated for a breach of any law or regulatory requirement governing such entities in Singapore or elsewhere; or
No
(iii) any business trust which has been investigated for a breach of any law or regulatory requirement governing business trusts in Singapore or elsewhere; or
No
(iv) any entity or business trust which has been investigated for a breach of any law or regulatory requirement that relates to the securities or futures industry in Singapore or elsewhere, in connection with any matter occurring or arising during that period when he was so concerned with the entity or business trust?
No
(k) Whether he has been the subject of any current or past investigation or disciplinary proceedings, or has been reprimanded or issued any warning, by the Monetary Authority of Singapore or any other regulatory authority, exchange, professional body or government agency, whether in Singapore or elsewhere?
No
Any prior experience as a director of an issuer listed on the Exchange?
No
If no, please state if the director has attended or will be attending training on the roles and responsibilities of a director of a listed issuer as prescribed by the Exchange
Mr Phang will be attending training on the roles and responsibilities of a director of a listed company in Singapore as
prescribed by the Exchange.
Please provide details of relevant experience and the nominating committee's reasons for not requiring the director to undergo training as prescribed by the Exchange (if applicable)
Not applicable.