Change - Announcement of Appointment::Appointment of Lead Independent Director

Issuer & Securities

Issuer/ Manager
VERSALINK HOLDINGS LIMITED
Securities
VERSALINK HOLDINGS LIMITED - SG1AC9000003 - 40N
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Appointment
Date &Time of Broadcast
19-Oct-2023 08:19:58
Status
New
Announcement Sub Title
Appointment of Lead Independent Director
Announcement Reference
SG231019OTHRTOEG
Submitted By (Co./ Ind. Name)
Lim Kok Meng
Designation
Company Secretary
Description (Please provide a detailed description of the event in the box below)
Appointment of Chong Kwang Shih as Lead Independent Director of Versalink Holdings Limited (the "Company").

This announcement has been prepared by the Company and its contents have been reviewed by the Company's sponsor, ZICO Capital Pte. Ltd. (the "Sponsor"), in accordance with Rule 226(2)(b) 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 correctness of any of the statements or opinions made or reports contained in this announcement.

The contact person for the Sponsor is Ms. Goh Mei Xian, Director, ZICO Capital Pte. Ltd. at 77 Robinson Road, #06-03 Robinson 77, Singapore 068896, telephone (65) 6636 4201.

Additional Details

Date Of Appointment
19/10/2023
Name Of Person
Chong Kwang Shih
Age
57
Country Of Principal Residence
Singapore
The Board's comments on this appointment (including rationale, selection criteria, board diversity considerations, and the search and nomination process)
The board of directors of the Company (the "Board") has considered the Nominating Committee's assessment of qualifications, work experience, suitability, expertise and independence of Mr Chong Kwang Shih ("Mr Chong") as well as the diversity of the Board composition, and is satisfied that Mr Chong will be able to contribute to the core competencies of the Board. The Board hereby approved the appointment of Mr Chong as the Lead Independent Director of the Company. Mr Chong will also be appointed as the Chairman of the Audit Committee, as well as a member of the Nominating Committee and the Remuneration Committee.

The Board considers Mr Chong to be independent for the purposes of Rule 704(7) of the Singapore Exchange Securities Trading Limited ("SGX-ST") Listing Manual Section B: Rules of Catalist.
Whether appointment is executive, and if so, the area of responsibility
Non-Executive
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
Lead Independent Director, Chairman of the Audit Committee as well as a member of the Nominating Committee and the Remuneration Committee.
Professional qualifications
Victoria University of Wellington, New Zealand - Bachelor of Commerce and Administration (Major: Accountancy)
Any relationship (including immediate family relationships) with any existing director, existing executive officer, the issuer and/ or substantial shareholder of the listed issuer or any of its principal subsidiaries
Nil
Conflict of interests (including any competing business)
Nil
Working experience and occupation(s) during the past 10 years
Present:
CYS Global Remit Pte Ltd (Nov 2022 - Present): Chief Financial Officer

Past:
Dew Corporate Advisory Pte Ltd (Feb 2017 - Oct 2022*): Executive Director
DLF Holdings Limited (Sep 2019 - Jan 2020): Group Chief Financial Officer
OEL (Holdings) Limited (Jul 2015 - Jan 2017): Chief Financial Officer
Trinity Offshore Pte Ltd (Mar 2014 - Jul 2015): Finance & Admin Director
Fast Offshore Supply Pte Ltd (Apr 2012 - Feb 2014): Chief Financial Officer

* Save for the period from September 2019 to January 2020
Undertaking submitted to the listed issuer in the form of Appendix 7.7 (Listing Rule 704(7)) Or Appendix 7H (Catalist Rule 704(6))
Yes
Shareholding interest in the listed issuer and its subsidiaries?
No
# These fields are not applicable for announcements of appointments pursuant to Listing Rule 704 (9) or Catalist Rule 704 (8).
Past (for the last 5 years)
1. AGV Group Limited (In Compulsory Liquidation)(Jun 2018 - Jan 2022): Director
2. AGV Galvanizing (Singapore) Pte. Ltd. (Dec 2021 - Jan 2022): Director
Present
1. Dew Corporate Advisory Pte Ltd: Director
(a) Whether at any time during the last 10 years, an application or a petition under any bankruptcy law of any jurisdiction was filed against him or against a partnership of which he was a partner at the time when he was a partner or at any time within 2 years from the date he ceased to be a partner?
No
(b) Whether at any time during the last 10 years, an application or a petition under any law of any jurisdiction was filed against an entity (not being a partnership) of which he was a director or an equivalent person or a key executive, at the time when he was a director or an equivalent person or a key executive of that entity or at any time within 2 years from the date he ceased to be a director or an equivalent person or a key executive of that entity, for the winding up or dissolution of that entity or, where that entity is the trustee of a business trust, that business trust, on the ground of insolvency?
Yes
If Yes, Please provide full details
Mr Chong served as an independent director of AGV Group Limited ("AGV") from June 2018 to January 2022, and was the lead independent director of AGV from November 2019 to January 2022 with positions held in AGV's various Board Committees.

AGV provided hot-dip galvanizing services in Singapore and Malaysia, with a hot-dip galvanizing plant located in each jurisdiction.

On 24 January 2022, AGV was placed under interim judicial management, with Mr Leow Quek Shiong and Mr Gary Loh Weng Fatt, care of BDO Advisory Pte Ltd (collectively, "BDO") being appointed as the joint and several interim judicial managers. Subsequently, AGV was placed under judicial management on 4 May 2022 with BDO being appointed as the joint and several judicial managers. AGV was thereafter ordered to be wound up by the General Division of the High Court of Singapore on 25 November 2022, with BDO being appointed as the joint and several liquidators. AGV is currently in the process of being wound-up.

Further details pertaining to AGV's judicial management and liquidation can be found in AGV's SGXNet announcements from 20 January 2022 up till the present date.
(c) Whether there is any unsatisfied judgment against him?
No
(d) Whether he has ever been convicted of any offence, in Singapore or elsewhere, involving fraud or dishonesty which is punishable with imprisonment, or has been the subject of any criminal proceedings (including any pending criminal proceedings of which he is aware) for such purpose?
No
(e) Whether he has ever been convicted of any offence, in Singapore or elsewhere, involving a breach of any law or regulatory requirement that relates to the securities or futures industry in Singapore or elsewhere, or has been the subject of any criminal proceedings (including any pending criminal proceedings of which he is aware) for such breach?
No
(f) Whether at any time during the last 10 years, judgment has been entered against him in any civil proceedings in Singapore or elsewhere involving a breach of any law or regulatory requirement that relates to the securities or futures industry in Singapore or elsewhere, or a finding of fraud, misrepresentation or dishonesty on his part, or he has been the subject of any civil proceedings (including any pending civil proceedings of which he is aware) involving an allegation of fraud, misrepresentation or dishonesty on his part?
No
(g) Whether he has ever been convicted in Singapore or elsewhere of any offence in connection with the formation or management of any entity or business trust?
No
(h) Whether he has ever been disqualified from acting as a director or an equivalent person of any entity (including the trustee of a business trust), or from taking part directly or indirectly in the management of any entity or business trust?
No
(i) Whether he has ever been the subject of any order, judgment or ruling of any court, tribunal or governmental body, permanently or temporarily enjoining him from engaging in any type of business practice or activity?
No
(j) Whether he has ever, to his knowledge, been concerned with the management or conduct, in Singapore or elsewhere, of the affairs of :-
(i) any corporation which has been investigated for a breach of any law or regulatory requirement governing corporations in Singapore or elsewhere; or
No
(ii) any entity (not being a corporation) which has been investigated for a breach of any law or regulatory requirement governing such entities in Singapore or elsewhere; or
No
(iii) any business trust which has been investigated for a breach of any law or regulatory requirement governing business trusts in Singapore or elsewhere; or
No
(iv) any entity or business trust which has been investigated for a breach of any law or regulatory requirement that relates to the securities or futures industry in Singapore or elsewhere, in connection with any matter occurring or arising during that period when he was so concerned with the entity or business trust?
No
(k) Whether he has been the subject of any current or past investigation or disciplinary proceedings, or has been reprimanded or issued any warning, by the Monetary Authority of Singapore or any other regulatory authority, exchange, professional body or government agency, whether in Singapore or elsewhere?
No
Any prior experience as a director of an issuer listed on the Exchange?
Yes
If Yes, Please provide details of prior experience
Mr Chong was an Independent Director of AGV Group Limited (In Compulsory Liquidation), a company listed on the Catalist board of the SGX-ST, from June 2018 to January 2022.