Change - Announcement of Cessation::CESSATION OF EXECUTIVE DIRECTOR AND CHIEF EXECUTIVE OFFICER
Issuer & Securities
VIKING OFFSHORE AND MARINE LIMITED
VIKING OFFSHORE & MARINE LTD - SGXE45420721 - 1Y1
VIKING OFFSHORE & MA W220701 - SGXN37575515 - KZHW
Change - Announcement of Cessation
Date &Time of Broadcast
Announcement Sub Title
CESSATION OF EXECUTIVE DIRECTOR AND CHIEF EXECUTIVE OFFICER
Submitted By (Co./ Ind. Name)
Datuk Low Kim Leng
Chairman and Independent Non-Executive Director
Description (Please provide a detailed description of the event in the box below)
Cessation of Mr Ng Yeau Chong as Executive Director 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, ZICO Capital Pte. Ltd. (the "Sponsor"), in accordance with Rule 226(2)(b) of the Singapore Exchange Securities Trading Limited (the "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. Alice Ng, Director of Continuing Sponsorship, ZICO Capital Pte. Ltd. at 77 Robinson Road, #06-03 Robinson 77, Singapore 068896, telephone (65) 6636 4201.
Name Of Person
Ng Yeau Chong ("Mr Ng")
Is effective date of cessation known?
If yes, please provide the date
Detailed Reason (s) for cessation
Mr Ng tendered his resignation as the Executive Director and Chief Executive Officer of the Company ("CEO") on 17 May 2022 ("Resignation") in view that the Company is diversifying into new businesses, which has been approved by shareholders of the Company during the extraordinary general meeting of the Company held on 6 May 2022.
The board of directors of the Company ("Board"), having considered that the Company has identified and appointed a new CEO, had on mutual agreement with Mr Ng, agreed that he shall cease as the Executive Director and CEO with effect from 1 June 2022. Notwithstanding the Resignation, Mr Ng shall remain as an employee of the Company and will continue to manage the operations and businesses of certain subsidiaries of the Company that are in the offshore and marine industry.
After having interviewed Mr Ng and to the best of its knowledge, the Company's Sponsor, ZICO Capital Pte. Ltd., is satisfied that, save as disclosed in this announcement, there are no other material reasons for the Resignation.
The Company has appointed a new CEO and the announcement will be released by the Company separately. Please refer to the aforesaid announcement for more information on the appointment of a new CEO.
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 and CEO
Role and responsibilities
Responsible for the overall business operations of the Group
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?
Direct Interest: 30,800 ordinary shares in the listed issuer
Past (for the last 5 years)
Viking Facilities Management & Operations Pte. Ltd.
Viking Airtech (Shanghai) Co., Ltd.
Viking Airtech (Yantai) Co., Ltd.
Viking Airtech Pte Ltd
Viking HVAC Pte Ltd
Viking Offshore Global Pte Ltd
Promoter Hydraulics Pte Ltd
Marshal Systems Private Limited
Viking Asset Management Pte Ltd
Viking LR1 Pte Ltd
Viking LR2 Pte Ltd
Viking Gold Pte Ltd
Acapella Energy Pte Ltd
PT Viking Offshore
Viking Offshore Malaysia Sdn Bhd
Marshal Offshore & Marine Engineering Co., Ltd.