Change - Announcement of Cessation::Cessation of Non-Executive and Non-Independent Director

Issuer & Securities

Issuer/ Manager
GS HOLDINGS LIMITED
Securities
GS HOLDINGS LIMITED - SG1CF0000001 - 43A
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
28-Jan-2021 19:38:52
Status
New
Announcement Sub Title
Cessation of Non-Executive and Non-Independent Director
Announcement Reference
SG210128OTHRRYTS
Submitted By (Co./ Ind. Name)
Pang Pok
Designation
Executive Director and Chief Executive Officer
Description (Please provide a detailed description of the event in the box below)
Cessation of Non-Executive and Non-Independent Director

This announcement has been prepared by GS Holdings Limited (the "Company") and its contents have been reviewed by the Company's sponsor, UOB Kay Hian Private Limited (the "Sponsor") for compliance with the relevant rules of the Singapore Exchange Securities Trading Limited ("SGX-ST") Listing Manual Section B: Rules of Catalist.

This announcement has not been examined or approved by the SGX-ST and the SGX-ST assumes no responsibility for the contents of this announcement, including the accuracy, completeness or correctness of any of the information, statements or opinions made or reports contained in this announcement.

The contact person for the Sponsor is Mr Lance Tan, Senior Vice President, at 8 Anthony Road, #01-01, Singapore 229957, telephone (65) 6590 6881.

Additional Details

Name Of Person
Liu Changsheng
Age
45
Is effective date of cessation known?
Yes
If yes, please provide the date
11/02/2021
Detailed Reason (s) for cessation
Mr Liu Changsheng ("Mr Liu") has today resigned as Non-Executive and Non-Independent Director of the Company, with effect from 11 February 2021, to devote more time on his family affairs.

The Company has agreed for Mr Liu to shorten his notice period from one (1) month to fourteen (14) days, in view that Mr Liu has to tend to urgent family affairs.

Based on its enquiries, the Sponsor is satisfied that, save as disclosed in the announcement, there are no material reasons for the resignation of Mr Liu as the 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
10/01/2019
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.)
Non-Executive and Non-Independent Director, member of the Audit Committee, Remuneration Committee and Nominating Committee.

Role and responsibilities
Mr. Liu's appointment was non-executive. Mr. Liu was in charge of providing overall guidance and direction to the Group.

Mr. Liu is also a director of certain of the Company's subsidiaries, being Wish Hospitality Holdings Pte. Ltd., Wish Health Management (Shanghai) Co., Ltd., Hao Kou Wei (Shanghai) Food and Beverage Management Co., Ltd., Raffles Brands Pte. Ltd., and Raffles Brands Management (Shanghai) Co., Ltd. The Company understands that Mr Liu will resign as directors of the foregoing subsidiaries in due course, in view that further time is required to handover certain administrative matters in respect of these subsidiaries.

The Company wishes to inform the shareholders that Mr Liu has been providing and may continue to provide consultancy and advisory services to the Group in respect of the Branding, Operation and Procurement (BOP) services businesses, as may be required by the Group.
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?
Yes
Shareholding Details
Mr. Liu is deemed interested in 18,655,555 ordinary shares of the Company.
Past (for the last 5 years)
Qingdao Zhongheng Huaxin Financial Leasing Co., Ltd.
HBDHF Finance Limited
Guorong China Finance Bank (Beijing) Asset Management Company Limited
Henan Shengning Industrial Co., Ltd.
Henan Express Carving Building Material Co., Ltd.
Metech International Limited
Nolash Tech Pte. Ltd.
Nolash Agritech (Shanghai) Co., Ltd..
Present
Wish Hospitality Holdings Pte. Ltd.
Wish Health Management (Shanghai) Co., Ltd.
Hao Kou Wei (Shanghai) Food and Beverage Management Co., Ltd.
Raffles Brands Pte. Ltd.
Raffles Brands Management (Shanghai) Co., Ltd.
Raffles Financial Group Limited
Raffles Xchange Limited
Changsheng Investment Development Limited
Bluegas Private Limited
KTL Global Limited