Change - Announcement of Cessation::Retirement of Independent Director - Mr Chan Chun Kit

Issuer & Securities

Issuer/ Manager
GS HOLDINGS LIMITED
Securities
GS HOLDINGS LIMITED - SG1CF0000001 - 43A
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
04-Jul-2022 23:24:19
Status
New
Announcement Sub Title
Retirement of Independent Director - Mr Chan Chun Kit
Announcement Reference
SG220704OTHRFKEX
Submitted By (Co./ Ind. Name)
Pang Pok
Designation
Chief Executive Officer and Executive Director
Description (Please provide a detailed description of the event in the box below)
Retirement of Mr Chan Chun Kit ("Mr Chan") as an Independent Director at the conclusion of the Company's Annual General Meeting to be held on 19 July 2022 who will consequently cease to be the Chairman of the Remuneration Committee and a member of the Audit and Risk Committee and Nominating Committee.

This announcement has been prepared by GS Holdings Limited (the "Company") and its contents have been reviewed by the Company's sponsor, UOB Kay Hian Private Limited (the "Sponsor") for compliance with the relevant rules 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 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
Chan Chun Kit
Age
39
Is effective date of cessation known?
Yes
If yes, please provide the date
19/07/2022
Detailed Reason (s) for cessation
Mr Chan will be retiring as an Independent Director of the Company pursuant to Article 113 of the Company's Constitution at the conclusion of the Annual General Meeting to be held on 19 July 2022. Mr Chan is not seeking re-election as a Director of the Company as he is required to devote more time to his principal work commitments due to new role and responsibilities in 2022.

Notwithstanding his retirement, Mr Chan has assured the Company that he will continue to provide the Company with any assistance required from him, including assistance for the purposes of the ongoing independent review.

Based on its enquiries, the Sponsor is satisfied that, save as disclosed in the announcement, there are no other material reasons for the cessation of Mr Chan as an Independent 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?
Yes
If Yes, Please provide full details
The Company is presently sourcing for the appointment of a new Independent Director to ensure compliance with the Code of Corporate Governance 2018 ("Code"), including Provisions 4.2, 6.2 and 10.2 which provide that each of the Nominating Committee, Remuneration Committee and Audit & Risk Committee (respectively) should comprise a minimum of 3 directors. The Company is cognizant of Catalist Rule 704(7) which states that in the event of any retirement which renders the audit committee unable to meet the minimum number (not less than three) the issuer should endeavour to fill the vacancy within two months, but in any case not later than three months. The Company will release an announcement on the appointment of the new Independent Director once such appointment is confirmed.
Any other relevant information to be provided to shareholders of the listed issuer?
No
Date of Appointment to current position
03/05/2019
Does the AC have a minimum of 3 members (taking into account this cessation)?
No
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
1
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
Independent Director, Chairman of the Remuneration Committee and a member of the Audit and Risk Committee and Nominating Committee.
Role and responsibilities
As above.
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)
1. Hua Han Health Industry Holdings Limited
2. Treasure Connects Holdings Limited
3. Shenzhen Mingwah Aohan High Technology Corporation Limited
4. Raffles Financial Group Limited
5. Universe Printshop Holdings Limited
Present
-