Change - Announcement of Cessation::Resignation of Chief Executive Officer and Executive Director

Issuer & Securities

Issuer/ Manager
PROSPERCAP CORPORATION LIMITED
Securities
PROSPERCAP CORPORATION LTD - SGXE73186327 - PPC
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
29-Jul-2025 07:55:35
Status
New
Announcement Sub Title
Resignation of Chief Executive Officer and Executive Director
Announcement Reference
SG250729OTHRG2S4
Submitted By (Co./ Ind. Name)
Iqbal Jumabhoy
Designation
Chief Executive Officer and Executive Director
Description (Please provide a detailed description of the event in the box below)
Resignation of Chief Executive Officer and Executive Director.

This announcement has been reviewed by the Company's sponsor, PrimePartners Corporate Finance Pte. Ltd. (the "Sponsor"). This announcement has not been examined or approved by the Singapore Exchange Securities Trading Limited (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 contact person for the Sponsor is Ms Foo Jien Jieng, 16 Collyer Quay, #10-00 Collyer Quay Centre, Singapore 049318, sponsorship@ppcf.com.sg

Additional Details

Name Of Person
Iqbal Jumabhoy
Age
67
Is effective date of cessation known?
Yes
If yes, please provide the date
31/07/2025
Detailed Reason (s) for cessation
Mr Iqbal Jumabhoy ("Mr Jumabhoy") has served as the Chief Executive Officer ("CEO") and Executive Director of the Company since 23 January 2024.

Having achieved the major milestones of the Company, Mr Jumabhoy thought it would be apt for him to step down as CEO and Executive Director of the Company at this juncture to allow another candidate to lead the Group towards its next phase of development and growth. During his tenure, Mr Jumabhoy guided the Company through the reverse take-over and the crucial refinancing exercises. He is instrumental in building a strong operations team and the setting up of needed systems and infrastructure of the Company.

Notwithstanding his stepping down, Mr Jumabhoy will be appointed Senior Advisor to the Board for a period of three (3) months commencing from 1 August 2025. As Senior Advisor, Mr Jumabhoy will continue to provide invaluable inputs and advice, and will be working closely with the Board to achieve a smooth transition and handover.

The Board and Management would like to express their appreciation to Mr Jumabhoy for his contributions and guidance to the Board and the Company respectively. In the interim, Mr Weerachai Amornrat-Tana, Vice Chairman of the Board and Non-Independent Non-Executive Director of the Company, will with effect from 1 August 2025 be appointed Acting Chief Executive Officer of the Company until such time when a suitable replacement is found.

After having interviewed Mr Jumabhoy and to the best of its knowledge, the Company's Sponsor, PrimePartners Corporate Finance Pte. Ltd., is satisfied that save as disclosed in this announcement, there are no other material reasons for the cessation of Mr Jumabhoy as the CEO and 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
23/01/2024
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)
2
Number of cessations of appointments specified in Listing Rule 704 (7) or Catalist Rule 704 (6) over the past 12 months
10
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
Chief Executive Officer, Executive Director and Member of the Investment Committee.
Role and responsibilities
Areas of responsibility (among others):
1. Providing leadership for the continued growth of the Group.
2. Developing and executing strategies and tactics to achieve the vision and goals of the Group.
Familial relationship with any director and/ or substantial shareholder of the listed issuer or of any of its principal subsidiaries
No.
Shareholding interest in the listed issuer and its subsidiaries?
No
Past (for the last 5 years)
-Larus Investment Pte. Ltd.
-Edge Equity Limited
-I.Net International Limited
-Otisco Investment Pte. Ltd.
-Raffles Park Holdings Pte. Ltd.
-Stris Investment Pte. Ltd.
-Tringle Investment Pte. Ltd.
-Winder Investment Pte. Ltd.
-Wire Developers Private Limited
-Wire Group Pte. Ltd.
-The Rajabali Jumabhoy Foundation Limited
Present
-3dCerts Pte. Ltd.
-Blackbook Technologies Pte. Ltd.
-Blackbook Travels Pte. Ltd.
-Blackbook Uno Pte. Ltd.
-Continental Traders Pte. Ltd.
-Edge Capital Pte. Ltd.
-Elevandi Limited
-Freemont Capital Pte. Ltd.
-Global Finance & Technology Network
-Namak Investment Pte. Ltd.
-Salvia Investment Pte. Ltd.
-SIG (S) Pte. Ltd.
-Stovve Food Group Pte. Ltd.
-The Jumabhoy Foundation Limited
-Winder Pte. Ltd.