Change - Announcement of Cessation::Cessation of Non-Executive Independent Director, Mr Poh Siew Beng

Issuer & Securities

Issuer/ Manager
SHANGHAI TURBO ENTERPRISES LTD
Securities
SHANGHAI TURBO ENTERPRISES LTD - KYG8064W1160 - AWM
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
29-Mar-2023 17:38:46
Status
New
Announcement Sub Title
Cessation of Non-Executive Independent Director, Mr Poh Siew Beng
Announcement Reference
SG230329OTHRCIBD
Submitted By (Co./ Ind. Name)
Chong Eng Wee
Designation
Company Secretary
Description (Please provide a detailed description of the event in the box below)
Please refer to the information below.

Additional Details

Name Of Person
Poh Siew Beng
Age
60
Is effective date of cessation known?
Yes
If yes, please provide the date
01/04/2023
Detailed Reason (s) for cessation
Due to other work commitments.
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
In view of Mr Poh Siew Beng's resignation, the Board will fall below the minimum of two independent directors who are resident in Singapore as required under Mainboard Rule 221 and each of the Audit Committee, Nominating Committee and Remuneration Committee (respectively) will fall below the minimum of three directors as required under the Code of Corporate Governance 2018.

The Company is also cognizant of Mainboard Rule 704(8) which states that in the event of any cessation which renders the Audit Committee unable to meet the minimum number (not less than three) the issuer should endeavour to fill the vacancy within two months, but in any case not later than three months.

The Company will be sourcing for a new Independent Director to fill the aforementioned vacancies and ensure compliance with the provisions of the Code of Corporate Governance 2018 and the Mainboard Rules, and will provide shareholders with further updates on the foregoing matter in due course.
Any other relevant information to be provided to shareholders of the listed issuer?
No
Date of Appointment to current position
08/07/2020
Does the AC have a minimum of 3 members (taking into account this cessation)?
No
Number of Independent Directors currently resident in Singapore (taking into account this cessation)
1
Number of cessations of appointments specified in Listing Rule 704 (7) or Catalist Rule 704 (6) over the past 12 months
3
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
Non-Executive Independent Director, Chairman of Audit Committee and member of Nominating Committee and Remuneration Committee.
Role and responsibilities
As above.
Familial relationship with any director and/ or substantial shareholder of the listed issuer or of any of its principal subsidiaries
Nil

Shareholding interest in the listed issuer and its subsidiaries?
No
Past (for the last 5 years)
-
Present
1. NTUC My First Skool Limited