Change - Announcement of Cessation::Resignation of Executive Director and Chief Executive Officer - Mr. Liu Changsheng

Issuer & Securities

Issuer/ Manager
Stapled Security

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
26-Jul-2021 22:59:07
Announcement Sub Title
Resignation of Executive Director and Chief Executive Officer - Mr. Liu Changsheng
Announcement Reference
Submitted By (Co./ Ind. Name)
Linus Ng
Company Secretary
Description (Please provide a detailed description of the event in the box below)
Resignation of Mr. Liu Changsheng as Executive Director and Chief Executive Officer of the Company with effect from 31 July 2021.

Additional Details

Name Of Person
Liu Changsheng
Is effective date of cessation known?
If yes, please provide the date
Detailed Reason (s) for cessation
Mr. Liu Changsheng ("Mr. Liu") has tendered his resignation as Executive Director and Chief Executive Officer of the Company. His last day with the Company will be 31 July 2021.

Mr. Liu decided to resign in view of the Company's new business direction which focuses on Singapore and South East Asia (Mr. Liu is a Chinese residing in China) and to devote more time with his family. The Company has agreed for Mr. Liu to shorten his notice period in view that Mr. Liu has to attend to his family needs urgently due to the flood in China.

The Board, with the assistance of the Nominating Committee, is in the process of searching for, and endeavours to identify and appoint a suitable candidate for the role of Chief Executive Officer as soon as possible. In the interim period, the management team will be led by Mr. Chin Teck Oon, an Executive Director of 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?
Is there any matter in relation to the cessation that needs to be brought to the attention of the shareholders of the listed issuer?
Any other relevant information to be provided to shareholders of the listed issuer?
Date of Appointment to current position
Does the AC have a minimum of 3 members (taking into account this cessation)?
Number of Independent Directors currently resident in Singapore (taking into account this cessation)
Number of cessations of appointments specified in Listing Rule 704 (7) or Catalist Rule 704 (6) over the past 12 months
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
Mr. Liu Changsheng was appointed as Executive Director on 10 December 2018 and he was appointed as Chief Executive Officer on 1 February 2020.
Role and responsibilities
Mr. Liu was responsible for executing the Group's strategies and overseeing the Group's day-to-day operations and administrative matters.

Mr. Liu is also a director of certain of the Company's subsidiaries, being Bluegas Private Limited and Kimtech Pte. Ltd. Mr. Liu will resign as directors of the foregoing subsidiaries at the same time.
Familial relationship with any director and/ or substantial shareholder of the listed issuer or of any of its principal subsidiaries
Shareholding interest in the listed issuer and its subsidiaries?
Past (for the last 5 years)
Qingdao Zhongheng Huaxin Financial Leasing Co., Ltd.
HBDHF Finance Limited
Guorong China Finance Bank (Beijing) Asset Management Company Limited
Henan Shengning Industrial Co., Ltd.
Henan Express Carving Building Material Co., Ltd.
Metech International Limited
Nolash Tech Pte. Ltd.
Nolash Agritech (Shanghai) Co., Ltd.
GS Holdings Limited
Raffles Brands Pte. Ltd.
Raffles Brands Management (Shanghai) Co., Ltd.
Raffles Financial Group Limited
Raffles Xchange Limited
Wish Hospitality Holdings Pte. Ltd.
Wish Health Management (Shanghai) Co., Ltd.
Hao Kou Wei (Shanghai) Food and Beverage Management Co., Ltd.
Changsheng Investment Development Limited
KTL Global Limited
Bluegas Private Limited
Kimtech Pte. Ltd.