Change - Announcement of Cessation::RETIREMENT OF CHAIRMAN OF THE BOARD AND NON-EXECUTIVE DIRECTOR

Issuer & Securities

Issuer/ Manager
PNE INDUSTRIES LTD
Securities
PNE INDUSTRIES LTD - SG1BF2000001 - BDA
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
02-Jan-2024 17:41:12
Status
New
Announcement Sub Title
RETIREMENT OF CHAIRMAN OF THE BOARD AND NON-EXECUTIVE DIRECTOR
Announcement Reference
SG240102OTHR5HM1
Submitted By (Co./ Ind. Name)
Tan Meng Siew
Designation
Company Secretary
Description (Please provide a detailed description of the event in the box below)
Retirement of Chairman of the Board and Non-Executive Director at the Annual General Meeting and ceased to be a member of the Nominating and Remuneration Committee.

Additional Details

Name Of Person
Tan Kong Heng
Age
82
Is effective date of cessation known?
Yes
If yes, please provide the date
18/01/2024
Detailed Reason (s) for cessation
As part of the Board renewal process, Mr Tan Kong Heng will be retiring by rotation pursuant to Regulation 93 of the Constitution of PNE Industries Ltd ("PNE"). The Board and Management of PNE would like to express their gratitude to Mr Tan Kong Heng for his invaluable contributions and guidance to the Board and the PNE Group. Upon his retirement from the Board at the conclusion of the annual general meeting to be held on 18 January 2024, Mr Tan Kong Heng will also step down as a member of both the Remuneration and Nominating Committees.
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
25/09/1999
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)
4
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.)
- Non-Executive Director
- Member of Nominating Committee
- Member of Remuneration Committee
Role and responsibilities
Non-Executive Director
Familial relationship with any director and/ or substantial shareholder of the listed issuer or of any of its principal subsidiaries
Tan Kong Heng, Tan Koon Chwee, Tan Kong Leong, and Tan Kwong Soon who are all directors as well as substantial shareholders of the Company, are siblings. They, together with Messrs Tan Kong Sin and Tan Kwang Hua (Deceased), who are also substantial shareholders of the Company, are siblings.

Mr Tan Wei Kang, who is also a substantial shareholder and Head of business development of a subsidiary, is a nephew of all the substantial shareholders listed above. Mr Tan Kong Heng is the brother-in-law of Ms Teo Boon Lui (the spouse of Mr Tan Kwong Soon) who is also a substantial shareholder by virtue of the joint CDP account she has with Mr Tan Kwong Soon and under which the Company's shares are held.
Shareholding interest in the listed issuer and its subsidiaries?
Yes
Shareholding Details
8,829,100
Past (for the last 5 years)
NIL
Present
Focal Dynamic Sdn Bhd
General Leader (M) Sdn Bhd
PNE Appliance Controls Pte Ltd
PNE Electric Sdn Bhd
PNE Translite Pte Ltd