Change - Announcement of Cessation::Resignation of Chairman and Chief Executive Officer

Issuer & Securities

Issuer/ Manager
Stapled Security

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
03-Mar-2020 12:11:05
Announcement Sub Title
Resignation of Chairman and Chief Executive Officer
Announcement Reference
Submitted By (Co./ Ind. Name)
Monica Kwok
Description (Please provide a detailed description of the event in the box below)
Resignation of Mr. Weng Hua Yu @ Simon Eng ("Mr. Simon Eng") as Chairman and Chief Executive Officer of the Company.

This announcement has been prepared by the Company and its contents have been reviewed by the Company's Sponsor, RHT Capital Pte. Ltd. (the "Sponsor") for compliance with the relevant rules of the Singapore Exchange Securities Trading Limited (the "SGX-ST"). The Sponsor has not independently verified the contents of this announcement.

This announcement has not been examined or approved by the SGX-ST and the SGX-ST assume 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: Name: Mr. Lay Shi Wei, Registered Professional, RHT Capital Pte. Ltd. Address: 9 Raffles Place, #29-01 Republic Plaza Tower 1, Singapore 048619 Telephone: (65) 6381 6966

Additional Details

Name Of Person
Weng Hua Yu @ Simon Eng
Is effective date of cessation known?
If yes, please provide the date
Detailed Reason (s) for cessation
Mr. Weng Hua Yu @ Simon Eng ("Mr. Simon Eng"), an Executive Director and the Chief Executive Officer of the Company, has tendered his resignation as Chairman and Chief Executive Officer on 2 March 2020 in view of the new business direction and investment parameters. He will remain an Executive Director during the notice period to assist the Company in the transition to a new Management.

The Board, with the assistance of the Nominating Committee, is in the process of searching for, and endeavors to identify and appoint a suitable candidate for the role of Chief Executive Officer as soon as possible.

The Sponsor, after having interviewed Mr. Simon Eng, is satisfied that other than as disclosed in the announcement, there is no other reason for the resignation of Mr. Simon Eng as Chairman and Chief Executive Officer 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?
Is there any matter in relation to the cessation that needs to be brought to the attention of the shareholders of the listed issuer?
Any other relevant information to be provided to shareholders of the listed issuer?
Date of Appointment to current position
Does the AC have a minimum of 3 members (taking into account this cessation)?
Number of Independent Directors currently resident in Singapore (taking into account this cessation)
Number of cessations of appointments specified in Listing Rule 704 (7) or Catalist Rule 704 (6) over the past 12 months
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
Executive Director, Chairman of the Board, Chief Executive Officer
Role and responsibilities
Overall business strategy and development of the Group and Board's duties.
Familial relationship with any director and/ or substantial shareholder of the listed issuer or of any of its principal subsidiaries
Shareholding interest in the listed issuer and its subsidiaries?
Shareholding Details
24,203,377 ordinary shares
Past (for the last 5 years)
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