Change - Announcement of Cessation::Announcement of Cessation of Projects Director

Issuer & Securities

Issuer/ Manager
ISOTEAM LTD. - SG2F95994529 - 5WF
Stapled Security

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
30-Nov-2020 18:53:07
Announcement Sub Title
Announcement of Cessation of Projects Director
Announcement Reference
Submitted By (Co./ Ind. Name)
Koh Thong Huat
Executive Director and Chief Executive Officer
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, Hong Leong Finance Limited. It has not been examined or approved by 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 Kaeson Chui, Vice President, at 16 Raffles Quay, #01-05 Hong Leong Building, Singapore 048581, Telephone (65) 6415 9886.

Additional Details

Name Of Person
Or Thiam Huat
Is effective date of cessation known?
If yes, please provide the date
Detailed Reason (s) for cessation
Mr Or Thiam Huat has tendered his resignation as the Executive Officer (Projects Director) of the Company and its subsidiaries (the "Group") to pursue personal interests.

Mr Or Thiam Huat is currently serving his notice period and his last day of employment will be 26 December 2020. Mr Or Thiam Huat will remain as the Executive Officer (Projects Director) of the Group and will ensure smooth execution of the Company's projects until the effective date of his resignation. Mr Or Thiam Huat will also be stepping down from his directorships in the Group's subsidiaries. The Company is in the process of finding a replacement and pending appointment of a new Projects Director or equivalent, the current project managers will be designated to oversee the planning and execution of the Company's projects.

The Company's sponsor, Hong Leong Finance Limited, after having interviewed Mr Or Thiam Huat, is satisfied that other than as disclosed in this announcement, there are no other material reasons for the resignation of Mr Or Thiam Huat. In addition, as represented by Mr Or Thiam Huat during the interview, there are no disagreements between him and the Company with regards to matters that will have a material impact on the Group.
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.)
Projects Director
Role and responsibilities
Mr Or Thiam Huat is responsible for the planning and execution of the Company's projects. He also oversees project cost control and training of site personnel.
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?
Shareholding Details
Mr Or Thiam Huat holds 1,226,000 shares in the Company.
Past (for the last 5 years)
ISO-Team Corporation Pte. Ltd.
Raymond Construction Pte. Ltd.