Change - Announcement of Cessation::Redesignation to Non-Executive and Non-Independent Director, Member of AC and RC

Issuer & Securities

Issuer/ Manager
HOSEN GROUP LTD.
Securities
HOSEN GROUP LTD - SG1Q03920366 - 5EV
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
11-Apr-2024 07:49:26
Status
New
Announcement Sub Title
Redesignation to Non-Executive and Non-Independent Director, Member of AC and RC
Announcement Reference
SG240411OTHR7A7B
Submitted By (Co./ Ind. Name)
Lai Foon Kuen
Designation
Company Secretary
Description (Please provide a detailed description of the event in the box below)
Redesignation to Non-Executive and Non-Independent Director, member of the Audit Committee ("AC") and Remuneration Committee ("RC") respectively.

This announcement has been reviewed by the Company's sponsor, PrimePartners Corporate Finance Pte. Ltd. (the "Sponsor"). It has not been examined or approved by the Singapore Exchange Securities Trading Limited (the "Exchange") and the Exchange assumes no responsibility for the contents of this document, including the correctness of any of the statements or opinions made or reports contained in this document.

The contact person for the Sponsor is Ms. Ng Shi Qing, 16 Collyer Quay, #10-00 Collyer Quay Centre, Singapore 049318, sponsorship@ppcf.com.sg

Additional Details

Name Of Person
Wee Piew
Age
60
Is effective date of cessation known?
Yes
If yes, please provide the date
30/04/2024
Detailed Reason (s) for cessation
After the conclusion of Annual General Meeting ("AGM") to be held on 30 April 2024, Mr Wee Piew would have served on the Board of the Company for more than nine years and will therefore not be considered independent under Catalist Rule 406(3)(d)(iv).

The Board, upon recommendation of the Nominating Committee ("NC"), approved the re-designation of Mr Wee Piew from Independent Director to Non-Independent and Non-Executive Director with effect from 30 April 2024. Mr Wee will also relinquish his positions as Chairman of the Board, Chairman of the Audit Committee and Remuneration Committee and a member of NC respectively. Mr Wee Piew had abstained from the deliberations and decision-making in relation to his re-designation. Following his re-designation, Mr Wee Piew will remain as a member of the Audit Committee and Remuneration Committee.

At the AGM on 30 April 2024, Mr Wee Piew will be seeking shareholders' approval for his re-election as a director of the Company. The Board has accepted NC's recommendation for the aforesaid re-election after taking into consideration Mr Wee Piew's qualifications, past experience, and overall contribution since he was appointed as a Director of the Company.

If Mr Wee Piew fails to obtain the requisite shareholders' approval, the Company shall review and make the necessary changes to its board composition.

After having interviewed Mr Wee Piew and to the best of its knowledge, the Sponsor is satisfied that save as disclosed in this announcement, there are no material reasons for the re-designation of Mr Wee Piew as a Non-Executive and Non-Independent 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
03/04/2017
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
2
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
Non-Executive Independent Chairman, Chairman of the Audit and Remuneration Committees ("AC and RC"), and a member of the Nominating Committee ("NC")
Role and responsibilities
Carries out the responsibilities of an Independent Director, Chairman of the AC and RC and a member of the NC.
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)
1. Beijing Gas Blue Sky Holdings Limited
2. Miyoshi Limited
Present
Nil.