Change - Announcement of Cessation::Retirement of Independent Director

Issuer & Securities

Issuer/ Manager
WORLD PRECISION MACHINERY LIMITED
Securities
WORLD PRECISION MACHINERY LTD - SG1T29930156 - B49
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
13-Apr-2023 00:03:59
Status
New
Announcement Sub Title
Retirement of Independent Director
Announcement Reference
SG230413OTHR5XXM
Submitted By (Co./ Ind. Name)
Shao Jianjun
Designation
Executive Chairman
Description (Please provide a detailed description of the event in the box below)
Mr Phang Kin Seng (Lawrence) will be retiring as a Director of the Company pursuant to Article 89 of the Constitution of the Company at the conclusion of the Annual General Meeting to be held on 28 April 2023 ("AGM"). Mr Phang Kin Seng (Lawrence) has served as an Independent Director of the Company for more than nine years from the date of his first appointment. In the spirit of good corporate governance, Mr Phang Kin Seng (Lawrence) is not seeking re-election.

Accordingly, Mr Phang Kin Seng (Lawrence) shall also retire as the Lead Independent Director of the Company, chairman of the Audit Committee ("AC") and members of the Remuneration Committee ("RC") and Nominating Committee ("NC") at the conclusion of the AGM. Concurrently, Ms Low Mui Kee, an Independent Director of the Company, will be appointed as the Lead Independent Director of the Company, Chairman of the AC, and members of the RC and NC.

The Board would like to express its heartfelt gratitude to Mr Phang Kin Seng (Lawrence) for his contributions and efforts driving the growth of the Group over the years.

Additional Details

Name Of Person
Phang Kin Seng (Lawrence)
Age
61
Is effective date of cessation known?
Yes
If yes, please provide the date
28/04/2023
Detailed Reason (s) for cessation
Mr Phang Kin Seng (Lawrence) will be retiring as a Director of the Company pursuant to Article 89 of the Constitution of the Company at the conclusion of the AGM. Mr Phang Kin Seng (Lawrence) has served as an Independent Director of the Company for more than nine years from the date of his first appointment. In the spirit of good corporate governance, Mr Phang Kin Seng (Lawrence) is not seeking re-election.

Accordingly, Mr Phang Kin Seng (Lawrence) shall also retire as the Lead Independent Director of the Company, chairman of the AC and members of the RC and NC at the conclusion of the AGM. Concurrently, Ms Low Mui Kee, an Independent Director of the Company, will be appointed as the Lead Independent Director of the Company, Chairman of the AC, and members of the RC and NC.
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
28/04/2010
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.)
Lead Independent Director, chairman of the AC and members of the RC and NC
Role and responsibilities
Duties as the Lead Independent Director, chairman of the AC and members of the RC and 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
Other Directorships
Past (for the last 5 years)
Vineyard Investments Pte Ltd (Incorporated in British Virgin Islands)
Present
Bartley Christian Church Ltd.