Change - Announcement of Appointment::Appointment of Managing Director

Issuer & Securities

Issuer/ Manager
GRP LIMITED
Securities
GRP LTD - SG1CD2000004 - BLU
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Appointment
Date &Time of Broadcast
24-Aug-2023 18:12:17
Status
New
Announcement Sub Title
Appointment of Managing Director
Announcement Reference
SG230824OTHR0G0O
Submitted By (Co./ Ind. Name)
Teo Tong How
Designation
Chairman and Independent Non-Executive Director
Description (Please provide a detailed description of the event in the box below)
Appointment of Mr Tay Yong Lee, Colin as Managing Director of the Company.

Additional Details

Date Of Appointment
24/08/2023
Name Of Person
Tay Yong Lee, Colin
Age
59
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, having considered the recommendation of the Nominating Committee, and having reviewed and assessed qualifications, working experience and suitability of Mr Tay Yong Lee, Colin ("Mr Tay"), approved his appointment as Managing Director of the Company.
Whether appointment is executive, and if so, the area of responsibility
The appointment is Executive. Mr Tay will be responsible for managing and overseeing the overall business strategy and development of the Group.
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
Managing Director
Professional qualifications
Tertiary Diploma in Building from Singapore Polytechnic
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
Over 30 years of international experience in executive leadership, private equity, international corporate finance, and infrastructure project execution.
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?
Yes
Shareholding Details
On 5 June 2023, Mr Tay entered into a conditional sale and purchase agreement in relation to acquisition of 11,887,640 ordinary shares in the capital of GRP Limited ("Shares") from Mr Kwan Chee Seng. Completion of the sale and purchase of the 11,887,640 Shares is subject to the fulfilment of certain conditions precedent provided in such sale and purchase agreement dated 5 June 2023.

On 21 August 2023, Mr Tay entered into a conditional sale and purchase agreement in relation to the acquisition of 41,200,360 Shares from Mr Kwan Chee Seng. Completion of the sale and purchase of the 41,200,360 Shares, and the transfer of the 41,200,360 Shares thereunder, is subject to the fulfilment of certain conditions precedent provided in such sale and purchase agreement dated 21 August 2023.

Accordingly, Mr Tay is deemed to have an interest in an aggregate of 53,088,000 Shares held in the name of Mr Kwan Chee Seng, by virtue of Section 7 of the Companies Act 1967.
Other Principal Commitments* Including Directorships#
*"Principal Commitments" has the same meaning as defined in the Code
# 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)
Truss-Net (S) Pte Ltd
Hydrabaths Asia Pte Ltd
Present
Power Staples Investment Pte. Ltd.
Boulevard Capital Partners Limited
Boulevard AGC Securities Pty Limited
(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?
No
(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
Disclosure applicable to the appointment of Director only.
Any prior experience as a director of an issuer listed on the Exchange?
No
If no, please state if the director has attended or will be attending training on the roles and responsibilities of a director of a listed issuer as prescribed by the Exchange
Mr Tay will be attending the requisite training on the roles and responsibilities of a director of a listed issuer as prescribed by the Exchange.
Please provide details of relevant experience and the nominating committee's reasons for not requiring the director to undergo training as prescribed by the Exchange (if applicable)
Not Applicable