Change - Announcement of Cessation::Resignation of Independent and Non-Executive Director

Issuer & Securities

Issuer/ Manager
JUBILEE INDUSTRIES HOLDINGS LTD.
Securities
JUBILEE INDUSTRIES HLDGS LTD - SGXE67467741 - NHD
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
05-Nov-2024 18:31:43
Status
New
Announcement Sub Title
Resignation of Independent and Non-Executive Director
Announcement Reference
SG241105OTHRL327
Submitted By (Co./ Ind. Name)
Dato' Terence Tea Yeok Kian
Designation
Executive Chairman and CEO
Description (Please provide a detailed description of the event in the box below)
This announcement has been prepared by the Company and its contents have been reviewed by the Company's sponsor, Evolve Capital Advisory Private Limited ("Sponsor"), for compliance with the relevant rules of the Singapore Exchange Securities Trading Limited ("SGX-ST").

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 details of the contact person for the Sponsor are as follows:-
Name: Mr. Jerry Chua (Registered Professional, Evolve Capital Advisory Private Limited)
Address: 160 Robinson Road, #20-01/02, SBF Center, Singapore 068914
Tel: (65) 6241 6626

Additional Details

Name Of Person
Ding Hock Chai
Age
50
Is effective date of cessation known?
Yes
If yes, please provide the date
05/11/2024
Detailed Reason (s) for cessation
Mr. Ding Hock Chai ("Mr Ding") has tendered his resignation as an Independent and Non-Executive Director of the Company with effect from 5 November 2024. This decision is made to ensure the independence of the Board and to avoid any potential conflicts of interest as Mr. Ding is contemplating a potential role in representing certain parties in transactions involving shareholders of the Company. Accordingly, Mr. Ding will also resign as a member of the Audit Committee and Remuneration Committee.

In view of Mr Ding's resignation, each of the Audit Committee and Remuneration Committee will fall below the minimum of 3 directors as required under the Code of Corporate Governance 2018.

The Company is also cognisant of Catalist Rule 704(7), which states that in the event of any cessation 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 be sourcing for a new Independent Director to fill the aforementioned vacancies and ensure compliance with the provisions of the Code of Corporate Governance 2018 and the Catalist Rules, and will provide shareholders with further updates on the foregoing matter in due course.

The Company's Sponsor, having interviewed Mr. Ding, is satisfied that, save as disclosed in the announcement, there are no material reasons for the resignation of Mr. Ding as an Independent and 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?
No
Date of Appointment to current position
03/05/2024
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 and Non-Executive Director and member of the Audit and Remuneration Committees.
Role and responsibilities
Non-Executive
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)
Nil
Present
September 2023 to Present
Director, Assurance Dynamics Pte. Ltd.

April 2024 to Present
Director, Tiong Woon Corporation Holding Ltd.