Change - Announcement of Cessation::Announcement of Cessation of Executive Director

Issuer & Securities

Issuer/ Manager
CHINA BEARING (SINGAPORE) LTD.
Securities
CHINA BEARING (SINGAPORE) LTD. - SG1U08932378 - AD7
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
21-Dec-2015 20:12:43
Status
New
Announcement Sub Title
Announcement of Cessation of Executive Director
Announcement Reference
SG151221OTHRBKVX
Submitted By (Co./ Ind. Name)
ZHANG ANXI
Designation
NON-EXECUTIVE CHAIRMAN
Description (Please provide a detailed description of the event in the box below)
Announcement of Cessation of Executive Director

Additional Details

Name Of Person
Xu Yihe
Age
58
Is effective date of cessation known?
Yes
If yes, please provide the date
21/12/2015
Detailed Reason (s) for cessation
Pursuant to the terms of the sale and purchase agreement ("SPA") entered into by the Company and Spring Century Investment Limited on 29 July 2015 in relation to the proposed disposal of the entire issued and paid-up capital of Linyi Kaiyuan Bearing Co., Ltd ("LYKY"), a wholly owned subsidiary of the Company, on the terms and subject to the conditions of the SPA ("Proposed Disposal" - details of which are set out in the circular to Shareholders dated 2 Dec 2015), Xu Yihe would execute a service contract with LYKY and would not be able to fully commit his time to the Company. As such, the Nominating Committee has considered and is of the opinion that there are no compelling reasons for him to continue in his executive appointment in the Company.

Accordingly, following the completion of the Proposed Disposal on 21 December 2015, Xu Yihe has resigned as 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
17/05/2006
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
0
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
Executive Director (Marketing)
Role and responsibilities
Xu Yihe is responsible for the overall marketing, consumer service and business development of the Group.
Familial relationship with any director and/ or substantial shareholder of the listed issuer or of any of its principal subsidiaries
Xu Yihe is the brother-in law of Zhang Anxi (Non-Executive Chairman).
Shareholding interest in the listed issuer and its subsidiaries?
No
Past (for the last 5 years)
Nil.
Present
Nil.