Change - Announcement of Cessation::Announcement of Resignation as Group Chief Financial Controller

Issuer & Securities

Issuer/ Manager
SHS HOLDINGS LTD.
Securities
SHS HOLDINGS LTD. - SG1G33866144 - 566
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
31-Dec-2015 12:34:43
Status
New
Announcement Sub Title
Announcement of Resignation as Group Chief Financial Controller
Announcement Reference
SG151231OTHRE3UF
Submitted By (Co./ Ind. Name)
Goh Koon Seng
Designation
Executive Director
Description (Please provide a detailed description of the event in the box below)
Resignation of Mr Fong Wei Seong as Group Chief Financial Controller.

Additional Details

Name Of Person
Fong Wei Seong
Age
40
Is effective date of cessation known?
Yes
If yes, please provide the date
31/12/2015
Detailed Reason (s) for cessation
The Group's Distribution of Refined Petroleum Products Business as previously announced was sold to the Brenntag Group and the divestment is completed on 31 December 2015. In the interests of continuity, Brenntag has offered Mr Fong Wei Seong , Group CFO of SHS Holdings Ltd and he has accepted to join as a senior management of the divested business at completion.
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?
Yes
If Yes, Please provide full details
The Group CFO role will be undertaken by existing Director and Group COO, Mr Goh Koon Seng who will be re-designated as Director and Group CFO. For up to three months from 31 December 2015, Brenntag has agreed through a cost-sharing basis to allow Mr Fong Wei Seong to handover his duties to the new Group CFO to ensure a seamless transition.
Any other relevant information to be provided to shareholders of the listed issuer?
No
Date of Appointment to current position
05/12/2007
Does the AC have a minimum of 3 members (taking into account this cessation)?
Yes
Number of Independent Directors currently resident in Singapore (taking into account this cessation)
3
Number of cessations of appointments specified in Listing Rule 704 (7) or Catalist Rule 704 (6) over the past 12 months
4
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
Group Chief Financial Officer
Role and responsibilities
Responsible for the overall financial management, taxation and accounting of the Group.
Familial relationship with any director and/ or substantial shareholder of the listed issuer or of any of its principal subsidiaries
None
Shareholding interest in the listed issuer and its subsidiaries?
No
Past (for the last 5 years)
None
Present
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SHS SYSTEM PTE LTD
SHS CAPITAL PTE. LTD
SHS SPECIAL COATING
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TAT PETROLEUM TRADING
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LESOON EQUIPMENT PTE
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SEE HUP SENG CP PTE.
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