Change - Announcement of Cessation::Cessation of Director
Issuer & Securities
PACIFIC STAR DEVELOPMENT LIMITED
PACIFIC STAR DEVELOPMENT LTD - SG1DE5000007 - 1C5
Change - Announcement of Cessation
Date &Time of Broadcast
Announcement Sub Title
Cessation of Director
Submitted By (Co./ Ind. Name)
Ying Wei Hsein
Description (Please provide a detailed description of the event in the box below)
Cessation of Director
This announcement has been reviewed by the Company's Sponsor, SAC Capital Private Limited (the "Sponsor"). It has not been examined or approved by the Singapore Exchange Securities Trading Limited (the "Exchange") and the Exchange 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 David Yeong (tel: (65) 6232 3210) at 1 Robinson Road, #21-00 AIA Tower, Singapore 048542.
Name Of Person
Is effective date of cessation known?
If yes, please provide the date
Detailed Reason (s) for cessation
Mr Glen Chan ("Mr Chan") has tendered his resignation as CEO and Managing Director of Pacific Star Development Limited (the "Company") with effect from 18 March 2020 and Mr Chan has informed the Board that his resignation is to facilitate his focus to expediently resolve an ongoing bankruptcy proceedings against him by CH Biovest Pte. Limited (a controlling shareholder of the Company).
Under his service agreement, Mr Chan shall continue to serve out his notice period, as CEO, of 6 months in order to assist in the smooth handing over of his roles and responsibilities to the Board and management.
The Sponsor, after having interviewed Mr Chan, is satisfied that, save as disclosed in the announcement, there are no other material reasons for the resignation of Mr Chan as CEO and Managing Director of the Company.
The Company will endeavor to find an internal/external replacement of Mr Chan's role during his notice period.
The Board would also like to assure shareholders that Mr Ying Wei Hsein, the Group's Executive Chairman, will assume Mr Chan's role and oversee the Group's operations whilst a suitable candidate is being selected.
The Company expresses its gratitude to Mr Chan for his valuable contributions during his tenure of service.
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.)
CEO and Managing Director
Role and responsibilities
Mr Chan oversees and manages the Group's real estate development projects and is involved in the operations, business and strategic planning 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?
Mr Chan is deemed interested in the 64,535,550 Shares and 105,035,550 Shares held by Double Blessing Holdings Limited and Glaxier City Limited respectively.
Past (for the last 5 years)
Real Gold (Labuan) Ltd
PSID Investment (AREPDF) Limited
PSID Fund Holdings (Labuan) Limited
PSID Singapore Pavilion (Labuan) Limited
Real Gold (BVI) Limited
Rajdamri Holdings Co. Ltd.
Visceroy Holdings Limited
Sakti Capital Partners Pte. Ltd.
Pacific Star International (Thailand) Ltd.
Sinocrest Holdings Limited
Pacific Star Fund Management Limited
Karnkiri Pattana Co., Ltd.
Kantakiri Pattana Co., Ltd.
Pacific Star Asia Ltd
PSID AREPDF Limited
Paramount Universal Ltd.
Asia Real Estate Prime Development Fund Holdings Ltd.
Asia Real Estate Prime Development Fund Ltd.
Asia Real Estate Prime Development Fund SICAV-FIS
Paramount Universal Holdings Sdn. Bhd.
Paramount Labuan Ltd
Top Sunny International Enterprise Limited
Pacific Star Development Limited
PSD Singapore Pte. Ltd.
Twin Prosperity Group Ltd
Tropical Sunrise Development Inc.
Pearl Discovery Development Sdn. Bhd.
Kanyakorn Pattana Co., Ltd.
Kanokkorn Pattana Co., Ltd.
Minaret Holdings Limited
Pacific Star Development (Thailand) Co., Ltd.
Pearl Discovery Property Management Sdn. Bhd.
Pacific Star Development (Malaysia) Sdn. Bhd.
Pacific Star Property Sdn. Bhd.
PSD Holdings Pte. Ltd.
Glaxier City Limited
Major Star Holdings Limited
Double Blessing Holdings Limited