Change - Announcement of Cessation::Cessation of Financial Controller

Issuer & Securities

Issuer/ Manager

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
20-Jun-2014 23:48:58
Announcement Sub Title
Cessation of Financial Controller
Announcement Reference
Submitted By (Co./ Ind. Name)
Dr Wang Xiaoning
Managing Director
Description (Please provide a detailed description of the event in the box below)
This announcement has been prepared by the Company and its contents have been reviewed by the Company's sponsor, PrimePartners Corporate Finance Pte. Ltd. (the "Sponsor") for compliance with the relevant rules of the Singapore Exchange Securities Trading Limited (the "SGX-ST"). The Sponsor has not independently verified the contents of this announcement.

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 Mr Mark Liew, Managing Director, Corporate Finance, at 20 Cecil Street, #21-02 Equity Plaza, Singapore 049705, telephone (65) 6229 8088.

Additional Details

Name Of Person
Mui Siew Yun
Is effective date of cessation known?
If yes, please provide the date
Detailed Reason (s) for cessation
Following shareholders' approval of the proposed restructuring and proposed spin-off of Company's subsidiaries in the marble business in connection with the proposed listing of Terratech Group at the Company's extraordinary general meeting on 11 June 2014, Ms Mui has resigned as Financial Controller of the Company with effect from 20 June 2014 to focus exclusively on the marble business. Please refer to a separate announcement released on the SGXNET today for a concurrent appointment of a new financial controller of the Company.

Based on its enquiries, the Company's sponsor, PrimePartners Corporate Finance Pte. Ltd. is satisfied that, other than disclosed in this announcement, there are no other material reasons for the resignation of Ms Mui as the Financial Controller of the Company.

In addition, there are no concerns with regard to financial reporting that led to the departure of Ms Mui and there are no disagreements between Ms Mui and the Company's Board of Directors with regard to practices that will have an impact to the Company's financial reporting.
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.)
Financial Controller
Role and responsibilities
Ms Mui Siew Yun is responsible for all finance, tax and accounting matters, including results reporting, cashflow planning, budgeting and relevant compliance matters 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?
Past (for the last 5 years)