Change - Announcement of Cessation::Cessation as Independent Director (Mr. Yap Tien Wei)

Issuer & Securities

Issuer/ Manager
ZICO HOLDINGS INC.
Securities
ZICO HOLDINGS INC. - MYA007968003 - 40W
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
28-Apr-2024 12:57:37
Status
New
Announcement Sub Title
Cessation as Independent Director (Mr. Yap Tien Wei)
Announcement Reference
SG240428OTHRRNPN
Submitted By (Co./ Ind. Name)
Datuk Ng Hock Heng
Designation
Group Chief Executive Officer
Description (Please provide a detailed description of the event in the box below)
Resignation of Mr. Yap Tien Wei as the Independent Director of the Company.

This announcement has been reviewed by the Company's sponsor, Stamford Corporate Services Pte. Ltd. (the "Sponsor"). It 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 Vanessa Ng.
Tel: 6389 3065 Email: vanessa.ng@morganlewis.com

Additional Details

Name Of Person
Mr. Yap Tien Wei
Age
45
Is effective date of cessation known?
Yes
If yes, please provide the date
27/04/2024
Detailed Reason (s) for cessation
Mr. Yap Tien Wei ("Mr. Yap") retired pursuant to Article 97 of the Company's Constitution and did not seek re-election as a Director at the Company's Annual General Meeting ("AGM") held on 27 April 2024. This decision is made as there may be potential conflicts of interest between his role as the Chief Executive Officer and Registered Officer in Northwaters Capital Pte. Ltd., a firm that provides licensed fund management services, and his directorship in the Company in view of the Company's subsidiary, ZICO Asset Management Pte. Ltd, strategically pivoting from an External Asset Management (EAM) business model to asset and fund management business in Singapore. The similarity in the business model between Northwaters Capital Pte. Ltd. and ZICO Asset Management Pte. Ltd. could pose potential conflicts of interest, especially concerning potential target clients. Mr. Yap will relinquish his positions as the Chairman of Nominating Committee, and the member of the Audit and Risk Committee and Remuneration Committee.

The Board of Directors express its gratitude and appreciation to Mr. Yap for his invaluable guidance during his tenure as the director of the Company.

Information relating to the re-composition of the Board Committees will be released in a separate announcement.
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
12/05/2023
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)
1
Number of cessations of appointments specified in Listing Rule 704 (7) or Catalist Rule 704 (6) over the past 12 months
4
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
Independent Director
Member of Audit and Risk Committee
Chairman of Nominating Committee
Member of Remuneration Committee
Role and responsibilities
Independent Director
Member of Audit and Risk Committee
Chairman of Nominating Committee
Member of Remuneration Committee
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
Northwaters Capital Pte. Ltd.

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Millennium Gate Wealth Fund Pte. Ltd.