Change - Announcement of Cessation::CEO Cessation

Issuer & Securities

Issuer/ Manager
SARINE TECHNOLOGIES LTD.
Securities
SARINE TECHNOLOGIES LTD - IL0010927254 - U77
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
24-Jan-2017 20:51:19
Status
New
Announcement Sub Title
CEO Cessation
Announcement Reference
SG170124OTHR5TXM
Submitted By (Co./ Ind. Name)
Amir J. Zolty
Designation
Company Secretary
Effective Date and Time of the event
24/01/2017 20:31:00
Description (Please provide a detailed description of the event in the box below)
Announcement of the cessation of Mr. Uzi Levami as the Company's CEO, effective 1 May, 2017.

Additional Details

Name Of Person
Uzi Levami
Age
65
Is effective date of cessation known?
Yes
If yes, please provide the date
01/05/2017
Detailed Reason (s) for cessation
CEO succession, due to Mr. Levami's age and personal considerations. Mr. Levami will continue to serve as Executive Director.
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?
No
Any other relevant information to be provided to shareholders of the listed issuer?
No
Date of Appointment to current position
22/02/2009
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)
2
Number of cessations of appointments specified in Listing Rule 704 (7) or Catalist Rule 704 (6) over the past 12 months
0
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
CEO
Role and responsibilities
As the most senior executive in the Company, the CEO bears executive responsibility for the Company's day-to-day business according to the policies set by the Board and subject to the Board's directives, and works with the Board on strategic planning, business development and generally charting the growth of the Company.
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?
Yes
Shareholding Details
Mr. Uzi Levami is deemed a shareholder of the Company by virtue of his indirect ownership through U. Levami Holdings, Ltd. of 11,622,906 shares held on his behalf by Bank Hapoalim (Israel) through HSBC Singapore custodians and by virtue of his indirect ownership of 712,500 shares held on his behalf by Eyal Khayat, The Company's 2005 Share Option Plan trustee, through UOB Kay Hian Pte. Ltd.
Past (for the last 5 years)
Same as present directorships
Present
U. Levami Holdings Ltd.
Interhightech (1982) Ltd.
Sarine Technologies Ltd.
Sarine Polishing Technologies Ltd.
Sarine Color Technologies Ltd.
Galatea Ltd.
Sarin Hong Kong Limited
Sarine Holdings USA Ltd.
Sarine North America, Inc.
Sarine IGT 10H, Inc.
Sarine IGT 10I, Inc.
Sarine IGT 10JKL, Inc.

Attachments

Cessation_of_CEO_240117.pdf
Total size =274K