Change - Announcement of Cessation::Cessation of the Chief Executive Officer of the Company

Issuer & Securities

Issuer/ Manager
AVARGA LIMITED - SG1K55001665 - U09
Stapled Security

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
15-Apr-2020 00:08:38
Announcement Sub Title
Cessation of the Chief Executive Officer of the Company
Announcement Reference
Submitted By (Co./ Ind. Name)
Tong Ian
Executive Director
Description (Please provide a detailed description of the event in the box below)
Stepping down of Mr Tong Kooi Ong ("Mr Tong") as Chief Executive Officer of the Company ("CEO") and remain as a non-full time Executive and Chairman of the Company.

Additional Details

Name Of Person
Tong Kooi Ong
Is effective date of cessation known?
If yes, please provide the date
Detailed Reason (s) for cessation
As part of the Group's leadership transformation and renewal exercise, the Board has concurred with the Nominating Committee's recommendation and approved the stepping down of Mr Tong as the CEO. Mr Tong will remain as a non-full time executive of the Group to support the new leadership team. Mr Tong will also remain as an Executive Director of the Company and as the Chairman of the Board.
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.)
Chief Executive Officer
Role and responsibilities
Mr Tong Kooi Ong is responsible for the overall management, operations and strategic direction of the Group.

Familial relationship with any director and/ or substantial shareholder of the listed issuer or of any of its principal subsidiaries
Father of Mr Tong Ian (Executive Director).
Shareholding interest in the listed issuer and its subsidiaries?
Shareholding Details
Deemed interest in 295,364,000 ordinary shares of Avarga Limited held by Phileo Capital Limited and Genghis S.a.r.l.
Past (for the last 5 years)
1. Hastor Property Services Pte Ltd
2. HSR International Realtors Pte Ltd
3. 3Cnergy Sdn Bhd
4. Big Data Research Sdn Bhd
5. Creative Destroyer Sdn Bhd
6. Edge Insider Sdn Bhd
7. Emerwood Sdn Bhd
8. Foxcraft Sdn Bhd
9. Fz Sdn Bhd
10. Net Edge Online Sdn Bhd
11. Orientis Solutions Sdn Bhd
12. Phileo Group Sdn Bhd
13. Phileo Spring Sdn Bhd
14. Prima Fajar Sdn Bhd
15. Publiq Development Group Sdn Bhd
16. Red Riches Sdn Bhd
17. Seed2tree Sdn Bhd
18. The Edge Communications Sdn Bhd
19. The Edge Communications Network Sdn Bhd
20. The Edge Markets Sdn Bhd
21. The Edge Property Sdn Bhd
22. The Edge TV Sdn Bhd
23. TKO Concepts Sdn Bhd
24. Phileo Development Ltd
25. Phileo Investments Ltd
26. The Edge Property Pte Ltd
27. UPP Capital (M) Sdn Bhd (nka Avarga (M) Sdn Bhd)
28. Menchies Singapore Pte Ltd
29. The Edge Review Pte Ltd
30. 3Cnergy Property Management Pte Ltd
31. HSR Property Consultants Pte Ltd
32. Whitehouse Holdings Private Ltd
33. The Edge Markets Pte Ltd
34. Maha Vivajaya Sdn Bhd
35. United Overseas Venture Sdn Bhd
36. TKO Concepts Pte Ltd
37. C.T. Nominee Ltd
38. Reversemortgage Sdn Bhd
1. 3Cnergy Limited
2. UPP Greentech Pte Ltd
3. Avarga Investment Pte Ltd
4. UPP Industries Pte Ltd
5. UPP Pulp & Paper (M) Sdn Bhd
6. M+S Pte Ltd
7. Marina South Investments Pte Ltd
8. Ophir-Rochor Investments Pte Ltd
9. Asia Analytica Pte Ltd
10. Insider Asia Pte Ltd
11. Moresby Central Pte Ltd
12. Phileo Group Pte Ltd
13. The Edge Media Group Pte Ltd
14. The Edge Publishing Pte Ltd
15. Asia Analytica Sdn Bhd
16. Capai Bumi Sdn Bhd
17. Lojing Highland Resort Development Sdn Bhd
18. I.T. Nominee Ltd
19. Taiga Building Products Ltd
20. financialzoo Ltd
21. Edgeprop Sdn Bhd
22. Harmoni Pelangi Sdn Bhd
23. Harmoni Bintang Sdn Bhd
24. Equilands Sdn Bhd