Change - Announcement of Cessation::Resignation as Chief Executive Officer

Issuer & Securities

Issuer/ Manager
Stapled Security

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
30-Aug-2019 17:33:17
Announcement Sub Title
Resignation as Chief Executive Officer
Announcement Reference
Submitted By (Co./ Ind. Name)
Lim Chap Huat
Executive Chairman
Description (Please provide a detailed description of the event in the box below)
Announcement of Cessation: Resignation as Chief Executive Officer

Additional Details

Name Of Person
Ding Yen Shee Daniel
Is effective date of cessation known?
If yes, please provide the date
Detailed Reason (s) for cessation
To pursue his personal interest.

The Nominating Committee and the Board of Directors are not aware of any other material reasons for the cessation of Mr Ding as the Chief Executive Officer ("CEO") 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?
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?
If Yes, Please provide full details
The Nominating Committee and the Board of Directors had reviewed the reason for Mr Ding's resignation as stated above, and had accepted his resignation (with a mutually agreed abridged notice period), notwithstanding the short tenure of Mr Ding's appointment as the CEO of the Company.

Following Mr Ding's resignation, Mr Lim Chap Huat, the Executive Chairman who is responsible for charting the strategic direction, business planning and development of the Company and its subsidiaries (the "Group"), will also assume the role of the CEO to run the day to day operations and implement the Group's strategies and policies, with the support from the Group's key management personnel ("KMP"), who have vast experience, knowledge and qualifications in the construction industry as well as familiarity with the Group through having served in various roles in the Group for periods ranging between 6 years to 33 years.

The Nominating Committee and the Board of Directors are confident that, with the continued dedication of Mr Lim Chap Huat and the KMP, the Group will be able to continue to execute its strategies of diversifying capabilities, internationalisation and the adoption of automated processes, in particular, the Group's expansion in the precast and prefabrication manufacturing business. The Group believes that its investment and commitment in the precast and prefabrication manufacturing business, led by a team of dedicated construction/precast concrete professionals, supporting the Construction Industry Transformation Map, will be an important part of its business strategy for the near future.

The Nominating Committee and the Board of Directors will also continue to review the overall continuing succession plan for the role of CEO.
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.)
Chief Executive Officer
Role and responsibilities
Mr Ding was responsible for running the day to day operations of the Company and implementing the Company's strategies and policies.
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)
Rose Hill Soilbuild Co. Ltd
SB Liverpool Innovo Co. Ltd
SB Innovo Management Co. Ltd