Change - Announcement of Cessation::Resignation of Mr Koo Ah Seang as Non-Executive Chairman

Issuer & Securities

Issuer/ Manager
OLS ENTERPRISE LTD.
Securities
OLS ENTERPRISE LTD. - SG1AA8000008 - ADJ
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
29-Dec-2017 18:51:18
Status
New
Announcement Sub Title
Resignation of Mr Koo Ah Seang as Non-Executive Chairman
Announcement Reference
SG171229OTHRRUPR
Submitted By (Co./ Ind. Name)
Philip Wong Yee Teng
Designation
Executive Director and Chief Executive Officer
Description (Please provide a detailed description of the event in the box below)
Resignation of Mr Koo Ah Seang ("Mr Koo") as Non-Executive Chairman and member of the Nominating Committee of OLS Enterprise Ltd. (the "Company").

This announcement has been prepared by the Company and its contents have been reviewed by the Company's sponsor, Provenance Capital Pte. Ltd. ("Sponsor"), for compliance with the Singapore Exchange Securities Trading Limited ("SGX-ST") Listing Manual Section B: Rules of Catalist. The Sponsor has not independently verified the contents of this announcement.

This announcement has not been examined or approved by the SGX-ST. The Sponsor and the SGX-ST assume 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 Ms Wong Bee Eng, Chief Executive Officer, at 96 Robinson Road, #13-01, SIF Building, Singapore 068899.

Telephone: (65) 6227 1580
Email: wongbe@provenancecapital.com

Additional Details

Name Of Person
Koo Ah Seang
Age
60
Is effective date of cessation known?
Yes
If yes, please provide the date
31/12/2017
Detailed Reason (s) for cessation
Mr Koo has resigned to pursue his own personal interests.

The Company and Mr Koo have mutually agreed that the last day of Mr Koo's service shall be 31 December 2017, notwithstanding any notice period requirement in the service agreement entered into between the Company and Mr Koo.

The Board would like to express their appreciation to Mr Koo for his valuable contribution and guidance to the Company during his term as Director of the Company.

Based on its enquiries, the Company's Sponsor, Provenance Capital Pte. Ltd., is satisfied that, save as disclosed in this announcement, there are no other material reasons for Mr Koo s resignation as a 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
22/09/2017
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
7
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
Non-Executive Chairman and member of the Nominating Committee
Role and responsibilities
Non-Executive Chairman and member of the Nominating Committee
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
27,529,100 ordinary shares in the Company.
Past (for the last 5 years)
1) Renewable Energy Holdings Private Limited (in liquidation)
2) Asia Renewable Energy Private Limited
3) Louisson Investments Pte Ltd
Present
1) Estar Investments Pte. Ltd.
2) Mojo Films Sdn Bhd
3) Weihai Xinneng Management Co., Ltd
4) Beijing E-Star Electric Technology Co. Ltd
5) Ziwo Holdings Ltd.