Change - Announcement of Cessation::Cessation of Acting Chief Executive Officer

Issuer & Securities

Issuer/ Manager
EINDEC CORPORATION LIMITED
Securities
EINDEC CORPORATION LIMITED - SG1CE9000005 - 42Z
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
06-Dec-2019 00:49:46
Status
New
Announcement Sub Title
Cessation of Acting Chief Executive Officer
Announcement Reference
SG191206OTHR5LYA
Submitted By (Co./ Ind. Name)
Shirley Tan
Designation
Company Secretary
Description (Please provide a detailed description of the event in the box below)
Cessation of Mr. Tay Meng Heng ("Mr. Tay") as Acting Chief Executive Officer ("CEO") of Eindec Corporation Limited (the "Company", and together with its subsidiaries, the "Group")

This announcement has been prepared by the Company and its contents have been reviewed by the Company's sponsor, ZICO Capital Pte. Ltd. (the "Sponsor"), in accordance with Rule 226(2)(b) of the Singapore Exchange Securities Trading Limited ("SGX-ST") Listing Manual Section B: Rules of Catalist.

This announcement has not been examined or approved by 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. Alice Ng, Director of Continuing Sponsorship, ZICO Capital Pte. Ltd., at 8
Robinson Road, #09-00 ASO Building, Singapore 048544, telephone (65) 6636 4201.

Additional Details

Name Of Person
Tay Meng Heng
Age
52
Is effective date of cessation known?
Yes
If yes, please provide the date
19/12/2019
Detailed Reason (s) for cessation
Mr. Tay is the Chief Financial Officer ("CFO") of Weiye Holdings Limited ("Weiye Holdings"), parent and controlling shareholder of the Company. He was appointed as the Acting CEO of the Company on 26 December 2017 following the resignation of the then CEO of the Company. He tendered his resignation as CFO of Weiye Holdings on 5 August 2019 and reaffirmed his decision to resign as the CFO of Weiye Holdings in end of November 2019, as he decided to take a career break. Correspondingly, Mr. Tay will cease to be the Acting CEO of the Company.

The Sponsor, after having interviewed Mr. Tay, is satisfied that, other than as disclosed in this announcement, there are no material reasons for the cessation of Mr. Tay as the Acting CEO of the Company.

The Company is in the midst of identifying a suitable candidate to fill the position of CEO. In the interim, Ms. Queenie Foo Quek Cheng ("Ms. Foo"), the CFO of the Company, will be appointed as the Acting CEO and assumes the roles and responsibilities of Mr. Tay. The particulars of Ms. Foo pursuant to the requirement of Rule 704(6) of the Catalist Rules has been set out in the appointment template dated 6 December 2019.
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
26/12/2017
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)
3
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.)
Acting CEO
Role and responsibilities
Supported by the management team of the Company, Mr. Tay is responsible for the overall Group's business operations and performance of the Group.
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?
No
Past (for the last 5 years)
Xie Tong International Pte. Ltd.
Xie Tong Technology Pte. Ltd.
Present
Eindec Holdings Pte. Ltd.
Eindec Singapore Pte. Ltd.

Concurrent with his resignation, Mr. Tay will also resign as a director of the Company's subsidiaries, Eindec Holdings Pte. Ltd. and Eindec Singapore Pte. Ltd. with effect from 19 December 2019.