Change - Announcement of Cessation::Resignation of Vice Chairman of the Board and Executive Director, Mr Pang Kee Chai, Jeffrey

Issuer & Securities

Issuer/ Manager
CAPALLIANZ HOLDINGS LIMITED
Securities
CAPALLIANZ HOLDINGS LIMITED - SG1H44875935 - 594
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
18-Sep-2023 21:43:24
Status
New
Announcement Sub Title
Resignation of Vice Chairman of the Board and Executive Director, Mr Pang Kee Chai, Jeffrey
Announcement Reference
SG230918OTHRT6EV
Submitted By (Co./ Ind. Name)
Liu Qiang
Designation
Executive Director
Description (Please provide a detailed description of the event in the box below)
Resignation of Vice Chairman of the Board of Directors (the "Board") of CapAllianz Holdings Limited (the "Company" and together with its subsidiaries, the "Group") and Executive Director of the Company, Mr Pang Kee Chai, Jeffrey ("Mr Pang").

This announcement has been prepared by the Company and its contents have been reviewed by the Company's sponsor, ZICO Capital Pte. Ltd. (the "Sponsor"), in accordance with Rule 226(2)(b) of the Singapore Exchange Securities Trading Limited (the "SGX-ST") Listing Manual Section B: Rules of Catalist (the "Catalist Rules").

This announcement has not been examined or approved by the SGX-ST and the SGX-ST 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 Ms Goh Mei Xian, Director, ZICO Capital Pte. Ltd. at 77 Robinson Road, #06-03 Robinson 77, Singapore 068896, telephone (65) 6636 4201.

Additional Details

Name Of Person
Pang Kee Chai, Jeffrey
Age
46
Is effective date of cessation known?
Yes
If yes, please provide the date
01/10/2023
Detailed Reason (s) for cessation
Mr Pang tendered his resignation as the Vice Chairman of the Board and Executive Director of the Company on 17 September 2023 to pursue other career opportunities ("Resignation"). Mr Pang has served, prior to his current position, as the Executive Director and Chief Executive Officer of the Company since 10 May 2016 and has been with the Group for over the past 12 years. Following the Resignation, Mr Pang will also cease to be a member of the Nominating Committee of the Company and a director of all the subsidiaries within the Group.

Mr Pang's role and responsibilities as an Executive Director of the Company will be mainly assumed by the Executive Director and Chief Executive Officer of the Company. As for Mr Pang's responsibilities on overseeing the operations of the Oil and Gas division of the Group, it will be assumed by the Financial Controller of the Group, Ms Chew Ying Ying, Linda, who will be aided and guided by Dr Bruce Morris, the Technical Advisor of the Group on technical matters only, under the oversight of the Board. The Board, having considered that (i) Ms Chew Ying Ying, Linda has been with the Group for more than 7 years and is familiar with the operations and financials of the Oil and Gas division of the Group; and (ii) to avoid any perceived or potential conflicts of interest with the Group arising from Mr Pang's other career opportunities, had on mutual agreement with Mr Pang, agreed that his last day of employment with the Company will be 30 September 2023. For the avoidance of doubt, Mr Pang will remain as an Executive Director of the Company to ensure a smooth handover process, until the last day of his employment (i.e. 30 September 2023).

After having interviewed Mr Pang and to the best of its knowledge, the Company's Sponsor, ZICO Capital Pte. Ltd., is satisfied that, save as disclosed in this announcement, there are no other material reasons for the Resignation of Mr Pang.

In addition, there are no concerns with regards to financial reporting that led to the Resignation of Mr Pang and there are no disagreements between Mr Pang and the Board with regards to practices that would have an impact to the Company's and the Group's financial reporting.
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
01/05/2022
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)
3
Number of cessations of appointments specified in Listing Rule 704 (7) or Catalist Rule 704 (6) over the past 12 months
1
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
Vice Chairman of the Board and Executive Director of the Company as well as a member of the Nominating Committee.
Role and responsibilities
As Vice Chairman of the Board, Mr Pang is responsible for assisting the Chairman of the Board in leading the direction of the Board, including the overall strategizing and planning for the Group.

As an Executive Director of the Company, Mr Pang manages and oversees the day-to-day operations and financial position of the Group, as well as exercises control over the quality and timeliness of information flow between the Board and the management of the Company, together with the Executive Director and Chief Executive Officer of the Company.

Operationally, Mr Pang focuses on the Oil and Gas division of the Group and oversees new businesses of the Group.
Familial relationship with any director and/ or substantial shareholder of the listed issuer or of any of its principal subsidiaries
Mr Pang is a shareholder of the Company, details as set out in the shareholding details below.
Shareholding interest in the listed issuer and its subsidiaries?
Yes
Shareholding Details
Direct interest in 70,054,545 shares of the Company, representing 0.82% of the issued and paid-up capital of the
Company
Other Directorships
Past (for the last 5 years)
Directorships:
1. Hope Medical Asia Pte Ltd
2. Asian Skies Pte. Ltd.
3. Amaira Shipping Company Limited
4. Ylato Shipping Company Limited
5. Harvison Holdings Limited
6. Coastal Trade Limited
7. Trevaskis Limited
8. ADTIC Pte. Ltd.
9. FIT Global Pte. Ltd.
10. Immense Wellness Pte. Ltd.
11. Loyz Oil Philippines Pte. Ltd
Present
Directorships:
1. Shen Yao Holdings Limited
2. CWX Investments Pte. Ltd.
3. Loyz Oil Pte. Ltd.
4. Loyz Oil Thailand Pte. Ltd.
5. JP Consulting Services Pte. Ltd.
6. Preferred Mart Pte. Ltd.