Change - Announcement of Cessation::Announcement of Cessation as Managing Director and Chief Executive Officer

Issuer & Securities

Issuer/ Manager
MANHATTAN RESOURCES LIMITED
Securities
MANHATTAN RESOURCES LIMITED - SG1I14879601 - L02
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
01-Apr-2022 18:06:21
Status
New
Announcement Sub Title
Announcement of Cessation as Managing Director and Chief Executive Officer
Announcement Reference
SG220401OTHR66SR
Submitted By (Co./ Ind. Name)
Madelyn Kwang
Designation
Company Secretary
Description (Please provide a detailed description of the event in the box below)
Announcement of Cessation as Managing Director and Chief Executive Officer

Additional Details

Name Of Person
Low Yi Ngo
Age
43
Is effective date of cessation known?
Yes
If yes, please provide the date
28/04/2022
Detailed Reason (s) for cessation
Mr Low, who retires under regulation 101 of the Company's constitution, has indicated that he is not seeking re-election at the forthcoming AGM as he wishes to concentrate on his role as Marketing Director of Bayan Resources Limited ("Bayan Resources"), a related company listed on the Indonesia Stock Exchange. The Company's controlling shareholder, Dato' Dr Low Tuck Kwong, is also a controlling shareholder of Bayan Resources. Mr Low will retire as a director at the conclusion of the AGM.

Mr Low will also cease as chief executive officer and managing director of the Company and member of the Nominating Committee on the same day. Following the cessation of Mr Low as the Chief Executive Officer and Managing Director of the Group, the Group's General Manager, Mr Yau Wai Hoo, who has more than 20 years of experience in China in the Infrastructure, Energy (fossil & renewable), Water/Waste-Water Treatment, Facilities Management, Township Development and Marine Engineering sectors will lead the Group in the meantime. The Company has sufficient expertise and resources at the (i) board level, which focuses on the strategic direction of the Company and (ii) management level, which focuses on the project execution.
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
10/09/2006
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)
4
Number of cessations of appointments specified in Listing Rule 704 (7) or Catalist Rule 704 (6) over the past 12 months
2
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
Managing Director and Chief Executive Officer, Member of Nominating Committee.
Role and responsibilities
Usual duties of Managing Director and Chief Executive Officer and duties as member of Nominating Committee as covered in the terms of reference of the Nominating Committee.
Familial relationship with any director and/ or substantial shareholder of the listed issuer or of any of its principal subsidiaries
Mr Low is the son of Dato' Dr. Low Tuck Kwong, and brother of Ms Elaine Low. Dato' Dr. Low and Ms Elaine Low are controlling shareholders of the Company.
Shareholding interest in the listed issuer and its subsidiaries?
Yes
Shareholding Details
direct - 5,980,200 (0.20%)
deemed - 1,849,521,700 (61.64%)
Past (for the last 5 years)
Tat Hong Energy Pte Ltd (Voluntary wind up)
Epsilon Pte Ltd (Struck off)
Present
Please see attached Appendix 1.

Attachments

Appendix_1_present_directorships _David.pdf
Total size =14K