Change - Announcement of Cessation::Announcement of Resignation as CEO of TAT Petroleum Pte Ltd

Issuer & Securities

Issuer/ Manager
SHS HOLDINGS LTD.
Securities
SHS HOLDINGS LTD. - SG1G33866144 - 566
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
17-Mar-2015 23:17:18
Status
New
Announcement Sub Title
Announcement of Resignation as CEO of TAT Petroleum Pte Ltd
Announcement Reference
SG150317OTHR3CSS
Submitted By (Co./ Ind. Name)
Goh Koon Seng
Designation
Executive Director
Description (Please provide a detailed description of the event in the box below)
Resignation of Mr Ng Keng Sing as CEO of TAT Petroleum Pte Ltd (a wholly owned subsidiary of SHS Holdings Ltd)

Additional Details

Name Of Person
Ng Keng Sing
Age
54
Is effective date of cessation known?
Yes
If yes, please provide the date
26/05/2015
Detailed Reason (s) for cessation
Notwithstanding the Group's Refined Petroleum Division having delivered a record profit for FY2014 (as announced on 27 Feb 2015), there remain underlying differences in management approaches and expectations between the Group CEO, Mr Henry Ng and Mr Ng Keng Sing on the future directions of the Refined Petroleum's businesses.
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
Mr Ng Keng Sing will be serving a three months notice and will be handing over his duties to the COO and CFO of Refined Petroleum Division, pending the identification of a replacement for him. Mr Ng Keng Sing's last day of service as CEO of TAT Petroleum Pte Ltd will be on 26 May 2015.
Any other relevant information to be provided to shareholders of the listed issuer?
No
Date of Appointment to current position
22/07/2013
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
1
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
CEO of TAT Petroleum Pte Ltd
Role and responsibilities
Management of the Group's Refined Petroleum distribution and trading businesses.
Familial relationship with any director and/ or substantial shareholder of the listed issuer or of any of its principal subsidiaries
None
Shareholding interest in the listed issuer and its subsidiaries?
No
Other Directorships
Past (for the last 5 years)
Unicorn Energy International Pte Ltd
Present
TAT Petroleum Pte Ltd
TAT Petroleum (Guangzhou) Trading Co. Ltd
TAT Petroleum Vietnam Co. Ltd
Eastern Tankstore Pte Ltd
PT Tat Indonesia