Change - Announcement of Cessation::Cessation of Executive Director and Chief Investment Officer

Issuer & Securities

Issuer/ Manager
KITCHEN CULTURE HOLDINGS LTD.
Securities
KITCHEN CULTURE HOLDINGS LTD. - SG2D45972171 - 5TI
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
19-Jan-2021 22:54:04
Status
New
Announcement Sub Title
Cessation of Executive Director and Chief Investment Officer
Announcement Reference
SG210119OTHRVGM3
Submitted By (Co./ Ind. Name)
Lim Wee Li
Designation
Executive Chairman and Chief Executive Officer
Description (Please provide a detailed description of the event in the box below)
Cessation of Executive Director and Chief Investment Officer.

This announcement has been reviewed by the Company's sponsor, SAC Capital Private Limited (the "Sponsor"). It has not been examined or approved by the Singapore Exchange Securities Trading Limited (the "SGX-ST") and the SGX-ST assumes no responsibility for the contents of this announcement, including the correctness of any statements or opinions made or reports contained in this announcement.

The contact person for the Sponsor is Ms. Lee Khai Yinn (Tel (65) 6232 3210), at 1 Robinson Road, #21-00 AIA Tower, Singapore 048542.

Additional Details

Name Of Person
Lau Kay Heng
Age
54
Is effective date of cessation known?
Yes
If yes, please provide the date
31/01/2021
Detailed Reason (s) for cessation
To pursue other personal interests.

Mr Lau Kay Heng ("Mr Lau") has on 15 January 2021, tendered his resignation as a Executive Director and Chief Investment Officer of the Company. As mutually agreed by Mr Lau and Mr Lim Wee Li, Executive Chairman and Chief Executive Officer of the Company, his resignation will be effected on 31 January 2021. The Board has subsequently accepted his resignation and agreed with the said effective date of his resignation.

SAC Capital Private Limited, after having interviewed Mr Lau, is satisfied that other than as disclosed in this announcement, there are no material reasons for the resignation of Mr Lau as Executive Director and Chief Investment Officer of the Company.
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?
Yes
If Yes, Please provide full details
Mr Lim Wee Li, the Executive Chairman and Chief Executive Officer of the Company, will, together with other members of the senior management team, undertake Mr Lau's functions and role so that the operations and businesses of the Group will continue smoothly and efficiently.
Date of Appointment to current position
01/10/2020
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
3
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
Executive Director, Chief Investment Officer, and member of the Risk Committee.
Role and responsibilities
Executive. Mr Lau was responsible for spearheading the investment and fund raising activities of the Group.
Familial relationship with any director and/ or substantial shareholder of the listed issuer or of any of its principal subsidiaries
No
Shareholding interest in the listed issuer and its subsidiaries?
No
Past (for the last 5 years)
Cacola Furniture International Limited
Premier Eastern Energy Limited
iBosses Corporation Limited
Asia M&A Group Pte Ltd
Present
DISA Limited
Regal International Group Ltd.
A3 International Investments Limited
DISA Digital Safety Pte. Ltd.
3L Asia Capital Pte. Ltd.

Mr Lau will be stepping down from his directorship in the Group's subsidiary, 3L Asia Capital Pte. Ltd.