Change - Announcement of Cessation::Cessation of Interim Chief Executive Officer - Mirzan bin Mahathir

Issuer & Securities

Issuer/ Manager
SBI OFFSHORE LIMITED
Securities
SBI OFFSHORE LIMITED - SG1Y97950360 - 5PL
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
01-Sep-2020 07:43:47
Status
New
Announcement Sub Title
Cessation of Interim Chief Executive Officer - Mirzan bin Mahathir
Announcement Reference
SG200901OTHRVZ9M
Submitted By (Co./ Ind. Name)
Chan Lai Yin
Designation
Company Secretary
Description (Please provide a detailed description of the event in the box below)
This announcement has been prepared by SBI Offshore Limited (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
Mirzan bin Mahathir
Age
62
Is effective date of cessation known?
Yes
If yes, please provide the date
01/09/2020
Detailed Reason (s) for cessation
Mr Mirzan bin Mahathir ("Mr Mirzan") was appointed as Interim Chief Executive Officer ("CEO") of the Company from 3 July 2020 to 31 August 2020 to facilitate the progression of the Company's proposed acquisition of the Berlitz group of companies ("Proposed Acquisition"). Upon the lapse of the share sale agreement in respect of the Proposed Acquisition, Mr Mirzan ceased to be the Interim CEO with effect from 1 September 2020 (i.e. last day of service as 31 August 2020) ("Cessation") due to expiry of his employment contract with the Company.

The Sponsor, after interviewing Mr Mirzan and to the best of its knowledge, is satisfied that, save as disclosed in this announcement, there are no other material reasons for the Cessation.
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
03/07/2020
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)
2
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.)
Interim Chief Executive Officer
Role and responsibilities
As the Interim CEO, Mr Mirzan was responsible for overseeing and facilitating the progression of the Proposed Acquisition, and deal with the several ongoing matters faced by the Company.
Familial relationship with any director and/ or substantial shareholder of the listed issuer or of any of its principal subsidiaries
Mirzan bin Mahathir is a substantial shareholder of the Company.
Shareholding interest in the listed issuer and its subsidiaries?
Yes
Shareholding Details
Mr Mirzan is deemed interested in the 46,736,000 shares in the Company held by CE Ventures Offshore Ltd ("CE Ventures") by virtue of his shareholding in CE Ventures.
Past (for the last 5 years)
Please refer to Appendix A
Present
Please refer to Appendix A

Attachments

Appendix A.pdf
Total size =10K