Change - Announcement of Cessation::CESSATION OF EXECUTIVE DIRECTOR / CHIEF EXECUTIVE OFFICER

Issuer & Securities

Issuer/ Manager
SERRANO LIMITED
Securities
SERRANO LIMITED - SG1AD7000003 - 40R
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
16-Dec-2016 08:05:52
Status
New
Announcement Sub Title
CESSATION OF EXECUTIVE DIRECTOR / CHIEF EXECUTIVE OFFICER
Announcement Reference
SG161216OTHR40CQ
Submitted By (Co./ Ind. Name)
Choh Thian Chee Irving
Designation
Independent Chairman
Effective Date and Time of the event
15/12/2016 17:00:00
Description (Please provide a detailed description of the event in the box below)
This announcement has been prepared by Serrano Limited (the "Company") and its contents have been reviewed by the Company's sponsor, United Overseas Bank Limited (the "Sponsor"), for compliance with the relevant rules of the Singapore Exchange Securities Trading Limited (the "SGX-ST").

The Sponsor has not independently verified the contents of this announcement. This announcement has not been examined or approved by the SGX-ST. The Sponsor and the SGX-ST assume 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 contact person for the Sponsor is Mr David Tham, Senior Director, Equity Capital Markets, who can be contacted at 80 Raffles Place, #03-03 UOB Plaza 1, Singapore 048624, Telephone: +65 6533 9898.

Additional Details

Name Of Person
Chia Wing Keong
Age
49
Is effective date of cessation known?
Yes
If yes, please provide the date
15/12/2016
Detailed Reason (s) for cessation
A bankruptcy order was made by the High Court of the Republic of Singapore ("Court") against Mr Chia Wing Keong on 15 December 2016. Consequentially, his office as a Executive Director and Chief Executive Director of the Company is vacated in accordance with Article 96(1) of the constitution of the Company and Section 148 of the Companies Act, Chapter 50 of Singapore.
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
18/09/2012
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
5
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
Executive Director and Chief Executive Officer
Role and responsibilities
Executive. Responsible for the overall management of the Company and its subsidiaries (the "Group"), including formulating the Group's strategic goals, expansion plans and business strategies.
Familial relationship with any director and/ or substantial shareholder of the listed issuer or of any of its principal subsidiaries
Son of Mr Chia Ah Kau and Mdm Ng Wan, who hold 36.7% and 43.3% of the issued and paid-up share capital of the Company's substantial shareholder, Wah Heng Design Corporation Pte Ltd ("Wah Heng"), respectively. As at the date of this announcement, Wah Heng holds 14.06% of the issued and paid-up share capital of the Company. The remaining shareholders of Wah Heng are Mr Chia Wing Keong and Mr Chia Wing Heng, who each holds 10.0% of the issued and paid-up share capital of Wah Heng.

Brother of Ms Chia Lay Kiong (Executive Director) and Mr Chia Wing Heng.
Shareholding interest in the listed issuer and its subsidiaries?
Yes
Shareholding Details
Mr Chia Wing Keong holds a direct interest in 28,868,314 shares in the Company, and is deemed to be interested in the 7,579,142 shares in the Company held by his spouse, Ms How Choon Hiong, by virtue of Section 4 of the Securities and Futures Act, Cap. 289 of Singapore.
Past (for the last 5 years)
AD Import & Export Pte. Ltd.
Home Enhancement Sdn Bhd
Home Interior (Thailand) Co., Ltd.
Sorrento Vietnam Shareholding
Company
Present
Artiwood Supervina Pte Ltd *
Serrano Design Pte. Ltd. *
Serrano Holdings Pte Ltd *
Serrano (Thailand) Ltd. *
SI Import & Export Pte. Ltd. *
Wah Heng Design Corporation Pte Ltd *

* Pursuant to the bankruptcy order made by the Court on 15 December 2016 against Mr Chia Wing Keong, his offices as director in the Company and all other Singapore-incorporated companies, including those of the Company's subsidiaries, shall be vacated in accordance with Section 148 of the Companies Act, Chapter 50 of Singapore. Mr Chia Wing Keong will also be vacating his office as a director in the Company's associated company, Serrano (Thailand) Ltd., which is incorporated in Thailand.