Change - Announcement of Cessation::Resignation of Group Chief Executive Officer
Issuer & Securities
SOILBUILD CONSTRUCTION GROUP LTD.
SOILBUILD CONSTRUCTION GRP LTD - SG2F78993043 - S7P
Change - Announcement of Cessation
Date &Time of Broadcast
Announcement Sub Title
Resignation of Group Chief Executive Officer
Submitted By (Co./ Ind. Name)
LIM HAN REN
Description (Please provide a detailed description of the event in the box below)
Resignation of Mr Ganessaraj Soocelaraj as Group Chief Executive Officer of Soilbuild Construction Group Ltd.
Name Of Person
Ganessaraj Soocelaraj ("Mr Ganesh")
Is effective date of cessation known?
If yes, please provide the date
Detailed Reason (s) for cessation
To pursue his personal interests.
The Audit Committee, Nominating Committee and the Board of Directors are not aware of any other material reasons for the resignation of Mr Ganesh as the Group Chief Executive Officer ("Group CEO") of Soilbuild Construction Group Ltd (the "Company") and its subsidiaries (the "Group")
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?
If Yes, Please provide full details
The Nominating Committee and the Board of Directors has performed an exit interview and reviewed the reason for Mr Ganesh's resignation as stated above, and has ascertained that there are no material reasons in respect of the Company for his resignation.
Following Mr Ganesh's resignation, Mr Lim Han Ren ("Mr Lim"), Executive Director will also assume the role of Group CEO. Mr Lim will be supported by:
- Mr Ong Eng Hwa ("Mr Ong"), Chief Executive Officer, Construction Business who oversees the day-to-day operations of the construction business and is responsible for implementing the Company and the Group's strategies and policies;
- Mr Zhang Li Ping ("Mr Zhang"), Technical Director, Precast and Prefabrication, of the existing management team, who will be redesignated as General Manager, Precast and Prefabrication with effect from 1 June 2023. With his redesignation as General Manager, Precast and Prefabrication, Mr Zhang will oversee the day-to-day operations of the precast and prefabrication business; and
- The other key management personnels.
Mr Lim is responsible for the overall management of the Company and the Group and has also been actively leading the tender bidding process and overseeing the execution of both the construction and precast and prefabrication businesses of the Group during his previous tenure as Group General Manager and his current tenure as Executive Director. Accordingly, the Nominating Committee and the Board of Directors is of the view and that Mr Lim, together with the support of Mr Ong and Mr Zhang and the other key management personnel, will be able to drive the development and execution of business strategies and spearhead the growth of the Group.
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.)
Group Chief Executive Officer
Role and responsibilities
Mr Ganesh was responsible for the overall management and business development of the Company and the Group. Through his previous appointments across the Group, he has been instrumental in developing and charting the prefabrication, digital, sustainable, and innovation strategies to systematically improve operations for the Group.
Mr Ganesh was pivotal in spearheading the setting up of the precast and prefabrication division for the Group, including setting up manufacturing facilities such as the automated precast plant at the Soilbuild Prefab Innovation Hub (also known as the Integrated Construction and Prefabrication Hub ("ICPH")), the manufacturing facility for precast components in Pontian, Malaysia, and the precast yard at Pulau Punggol Timor in Singapore.
To further amplify the significance of the prefabrication division within the construction value chain, he determinedly pushed towards successfully obtaining the prefabricated mechanical, electrical and plumbing ("MEP") accreditation license issued by the Specialists Trade Alliance of Singapore ("STAS") for the Group.
His other significant contribution was the initiation of the Group's digitalisation journey, which continues to be a work in progress. This effort was set in motion with a tiered digital roadmap for the Group, which has allowed the Group to discerningly evaluate the various digital platforms and technologies for incremental adoption and gestation over time.
Mr Ganesh steered the Group towards an organisational learning culture by beginning the collaboration vision with local institutions for research and development projects.
A firm believer that the Group is in the people business, Mr Ganesh was passionate about pursuing a Memorandum of Understanding ("MOU") with Institute of Technical Education ("ITE"), for providing relevant courses to support growing human capital with the critical skillsets needed in the construction industry. The Group will provide its technical expertise to support ITE in developing their training curriculum and resources on precast and prefabrication processes as well as digital workflow in building construction. It will also share with ITE appropriate building information models (architectural, civil, structural, mechanical and electrical) to adopt as case studies so that their students can learn through real-world, authentic examples. Another initiative will be to co-develop and co-deliver training courses for adult learners and contribute towards upskilling those working in the Built Environment ("BE") industry.
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)
Precast Concrete Pte. Ltd.
Precast Concrete Builders Pte. Ltd.
SB Procurement Pte. Ltd.
Soil-Build (Pte.) Ltd.
Soilbuild Construction International Pte. Ltd.
Soilbuild Construction Engineering Pte. Ltd.
Soilbuild E&C Pte. Ltd.
Precast Concrete (M) Sdn Bhd
Precast Concrete (Pontian) Sdn Bhd
Precast Concrete Concrete Builder (India) Private Limited
Solstice Development Pte. Ltd.