Change - Announcement of Cessation::Retirement of Non-Executive Director - Liew Nyok Wah

Issuer & Securities

Issuer/ Manager
SEN YUE HOLDINGS LIMITED
Securities
SEN YUE HOLDINGS LIMITED - SG1M25902545 - 5BS
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
16-Jan-2023 21:58:18
Status
New
Announcement Sub Title
Retirement of Non-Executive Director - Liew Nyok Wah
Announcement Reference
SG230116OTHR0J96
Submitted By (Co./ Ind. Name)
Yap Meng Sing
Designation
Executive Chairman
Description (Please provide a detailed description of the event in the box below)
Retirement of Mr. Liew Nyok Wah ("Mr. Liew") as Non-Executive Director of the Company pursuant to Regulation 89 of the Company's Constitution at the conclusion of the Annual General Meeting of the Company on 13 January 2023 ("AGM").

This announcement has been reviewed by the Company's sponsor, PrimePartners Corporate Finance Pte. Ltd. (the "Sponsor"). It has not been examined or approved by the Singapore Exchange Securities Trading Limited (the "Exchange") and the Exchange assumes no responsibility for the contents of this document, including the correctness of any of the statements or opinions made or reports contained in this document.

The contact person for the Sponsor is Joseph Au, 16 Collyer Quay, #10-00 Collyer Quay Centre, Singapore 049318, sponsorship@ppcf.com.sg.

Additional Details

Name Of Person
Liew Nyok Wah
Age
61
Is effective date of cessation known?
Yes
If yes, please provide the date
13/01/2023
Detailed Reason (s) for cessation
Following the cessation of service pursuant to notice of termination dated 5 August 2022 served by the Company, Mr. Liew would not be seeking for re-election at the AGM and would be retiring as a Non-Executive Director of the Company pursuant to Regulation 89 of the Company's Constitution.

The Sponsor, after having interviewed Mr. Liew and to its best knowledge, is satisfied that, save as disclosed in the announcement, there are no material reasons for the retirement of Mr. Liew as Non-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?
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?
Yes
If Yes, Please provide full details
1. The queries raised and the recommendations made in my earlier announcement dated 4 October 2022 received no responses from the board. In particular, the potential breach of Section 218 of the Securities and Futures Act ("SFA") were not looked into. This could be detrimental to minority and other shareholders as information of the group operating subsidiaries (including their profitability and other information), as well as the signing of a significant contract with a supplier in 2021, which has a significant positive financial impact were not disclosed to minority and other shareholders.

2. No board meetings were held for the recent FY2021 audit adjustments where more than S$6m adjustments were made. I disagree with the Annual Report and I did not give my approval for the Annual Report. Notably, no parties are taking responsibility for the Annual Report Corporate Governance report. Are all the audit adjustments and information provided verified to be accurate? If there are any inaccuracies, would this constitute a breach of Section 197 of the SFA?

3. No reasons were provided to me on the auditors refusal to seek reappointment, which is of concern to me as the auditors has just been appointed in July 2022, for a period of less than 6 months. Are there any information from the appointment date to December 2022 that should be highlighted by the auditors to the directors and shareholders? This would be important to shareholders as the financial year FY2022 for the group has concluded on 30 September 2022.
Date of Appointment to current position
03/09/2014
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
2
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
Non-Executive Director
Role and responsibilities
Mr. Liew was in charge of the business operations of the Company before he was re-designated from Executive Director to Non-Executive Director on 5 August 2022. Thereafter, he is assumed role and responsibilities as Non-Executive Director.
Familial relationship with any director and/ or substantial shareholder of the listed issuer or of any of its principal subsidiaries
No.
Shareholding interest in the listed issuer and its subsidiaries?
Yes
Shareholding Details
Direct interest in 62,000,000 shares of the Company
Other Directorships
Past (for the last 5 years)
SYH E-Waste Management Pte. Ltd.
SYH Resources Pte. Ltd.
PNE-Sino Pte. Ltd.
SMC Industrial Pte. Ltd.
PNE Micron Engineering Sdn. Bhd.
PNE Marvellous Sdn. Bhd.
CED System Sdn. Bhd.
PNE Precision Sdn. Bhd.
Macore Technology (M) Sdn. Bhd.
Present
Jackspeed Automobile (S) Pte. Ltd.
Hong Nam Industry (M) Sdn. Bhd.