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

Issuer & Securities

Issuer/ Manager
OEL (HOLDINGS) LIMITED
Securities
OEL (HOLDINGS) LIMITED - SG0584008601 - 584
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
07-Jun-2023 17:38:49
Status
New
Announcement Sub Title
Resignation of Independent Non-Executive Director
Announcement Reference
SG230607OTHR42I8
Submitted By (Co./ Ind. Name)
Zhao Xin
Designation
Chief Executive Officer and Executive Director
Description (Please provide a detailed description of the event in the box below)
Resignation of Independent Non-Executive Director.

This announcement has been reviewed by the Company's sponsor, Evolve Capital Advisory Private Limited ("Sponsor"), for compliance with the relevant rules of the Singapore Exchange Securities Trading Limited ("SGX-ST").

This announcement has not been examined by the SGX-ST and the SGX-ST assumes 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 details of the contact person for the Sponsor are:-
Name : Mr Jerry Chua (Registered Professional, Evolve Capital Advisory Private Limited)
Address : 138 Robinson Road, Oxley Tower, #13-02, Singapore 068906
Tel : (65) 6241 6626

Additional Details

Name Of Person
Yap Koon Loong
Age
53
Is effective date of cessation known?
Yes
If yes, please provide the date
31/05/2023
Detailed Reason (s) for cessation
Mr Yap Koon Loong ("Mr Yap") has tendered his resignation as an Independent Director of the Company ("Resignation") to reorganise his personal and professional commitments.

Following his Resignation, Mr Yap will also cease to be the Chairman of the Audit Committee and a member of the Nominating Committee and Remuneration Committee.

After having interviewed Mr Yap and to the best of its knowledge, the Company's Sponsor, Evolve Capital Advisory Private Limited, is satisfied that saved as disclosed in this announcement, there are no other material reasons for his resignation as Independent Non-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?
Yes
If Yes, Please provide full details
In view of Mr Yap's resignation, each of the Nominating Committee, Remuneration Committee and Audit Committee (respectively) will fall below the minimum of 3 directors as required under the Code of Corporate Governance 2018.

The Company is also cognizant of Catalist Rule 704(7) which states that in the event of any cessation which renders the audit committee unable to meet the minimum number (not less than three) the issuer should endeavour to fill the vacancy within two months, but in any case not later than three months. The Company will be sourcing for a new Independent Director to fill the aforementioned vacancies and ensure compliance with the provisions of the Code of Corporate Governance 2018 and the Catalist Rules, and will provide shareholders with further updates on the foregoing matter in due course.
Any other relevant information to be provided to shareholders of the listed issuer?
No
Date of Appointment to current position
27/02/2020
Does the AC have a minimum of 3 members (taking into account this cessation)?
No
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.)
Independent Non-Executive Director, Chairman of Audit Committee and a member of Remuneration Committee and Nominating Committee
Role and responsibilities
As above.
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. Crosspoint Telecom Pte. Ltd.
2. Lighthouse Capital Pte Ltd
Present
1. Chongqing Yuhai Precision Manufacturing (Singapore) Co. Pte. Ltd.
2. Ooway Technology Pte Ltd
3. FFC Alliance Pte. Ltd.
4. Asian Unicorn Club Pte. Ltd.
5. Asian Accounts Receivable Exchange Pte. Ltd.
6. OOLife Holding Pte. Ltd.
7. Cigar Master International Pte. Ltd.