Change - Announcement of Cessation::RESIGNATION OF CHIEF FINANCIAL OFFICER

Issuer & Securities

Issuer/ Manager
AXCELASIA INC.
Securities
AXCELASIA INC. - MYA012218006 - 42U
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
22-Apr-2020 21:37:10
Status
New
Announcement Sub Title
RESIGNATION OF CHIEF FINANCIAL OFFICER
Announcement Reference
SG200422OTHRJU9R
Submitted By (Co./ Ind. Name)
Dato' Tang Swee Guan
Designation
Deputy Executive Chairman
Description (Please provide a detailed description of the event in the box below)
RESIGNATION OF CHIEF FINANCIAL OFFICER

This announcement has been prepared by Axcelasia Inc. ("Company") and its contents have been reviewed by the Company's sponsor, UOB Kay Hian Private Limited ("Sponsor") for compliance with the relevant rules of the Singapore Exchange Securities Trading Limited (the "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 accuracy, completeness or correctness of any of the information, 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
Sivaruban Kandasamy
Age
43
Is effective date of cessation known?
Yes
If yes, please provide the date
22/04/2020
Detailed Reason (s) for cessation
Following the completion of the disposal, Tricor Malaysia has approached Mr Sivaruban Kandasamy and has offered him an executive role in Tricor Malaysia. After due consideration, Mr Sivaruban Kandasamy has accepted the offer from Tricor Malaysia.

The Board has accepted Mr Sivaruban Kandasamy's resignation as the Chief Financial Officer of the Company ("CFO").

The Sponsor, after having interviewed Mr Sivaruban Kandasamy, is satisfied that, save as disclosed in the announcement, there are no material reasons for the resignation of Mr Sivaruban Kandasamy as the CFO. In addition, there are no concerns with regards to financial reporting that led to the resignation of Mr Sivaruban Kandasamy and there are no disagreements between Mr Sivaruban Kandasamy and the Board of Directors of the Company with regards to practices that would have an impact to the Company's financial reporting.
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
01/06/2016
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)
1
Number of cessations of appointments specified in Listing Rule 704 (7) or Catalist Rule 704 (6) over the past 12 months
3
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
Chief Financial Officer
Role and responsibilities
To oversee the finance matters and corporate actions of the Group.

These roles will now be undertaken by the Financial Controller.
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)
Nil
Present
Nil