Change - Announcement of Cessation::Resignation of Executive Director and Chief Operating Officer - Kim Moon Soo

Issuer & Securities

Issuer/ Manager
MC PAYMENT LIMITED
Securities
MC PAYMENT LIMITED - SGXE15822534 - TVV
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
02-Jul-2021 17:26:21
Status
New
Announcement Sub Title
Resignation of Executive Director and Chief Operating Officer - Kim Moon Soo
Announcement Reference
SG210702OTHROV5O
Submitted By (Co./ Ind. Name)
Ng Weng Sui Harry
Designation
Non-Executive Non-Independent Director
Description (Please provide a detailed description of the event in the box below)
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 ("SGX-ST") Listing Manual Section B: Rules of Catalist ("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. Alice Ng, Director of Continuing Sponsorship, ZICO Capital Pte. Ltd. at 8 Robinson Road, #09-00 ASO Building, Singapore 048544, telephone (65) 6636 4201.

Additional Details

Name Of Person
Kim Moon Soo
Age
53
Is effective date of cessation known?
Yes
If yes, please provide the date
30/06/2021
Detailed Reason (s) for cessation
On 30 June 2021, Mr Kim Moon Soo ("Mr Kim") tendered his resignation as the Executive Director and Chief Operating Officer ("COO") of the Company with immediate effect. Accordingly, Mr Kim ceased to be an Executive Director of the Company on 30 June 2021. However, Mr Kim will remain with the Group until his last day of service on 30 September 2021 (after serving a 3-month notice period pursuant to his service agreement entered into with the Company) to ensure a smooth transition and complete handover of his duties as the COO.

Pursuant to Mr Kim's resignation letter, Mr Kim has indicated that due to the fatigue and distress for the past 16 years with the Company, he may no longer be the right person to bring the Company to a new chapter post-reverse takeover of the Company, and in the best interests of the Company and its shareholders, Mr Kim tendered his resignation.

Based on its enquiries 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 cessation of Mr Kim as the Executive Director and COO 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?
No
Date of Appointment to current position
18/02/2021
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)
3
Number of cessations of appointments specified in Listing Rule 704 (7) or Catalist Rule 704 (6) over the past 12 months
6
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
Executive Director and Chief Operating Officer
Role and responsibilities
Executive. Mr Kim was responsible for the strategic direction, key partnership, deal negotiations, product delivery, branding, communication and business compliance of the Company and its subsidiaries (the "Group") as well as the overall strategic direction and regional development of the Group outside of Singapore.
Familial relationship with any director and/ or substantial shareholder of the listed issuer or of any of its principal subsidiaries
None, save for Mr Kim being a shareholder of the Company (details as set out herein).
Shareholding interest in the listed issuer and its subsidiaries?
Yes
Shareholding Details
3,831,884 ordinary shares (1.41%) of the Company
Past (for the last 5 years)
Other Principal Commitments:
Nil

Directorships:
Movingu Pte. Ltd.
MC Payment (HK) Limited
Present
Other Principal Commitments:
Nil

Directorships:
MC Pay Pte. Ltd. (fka Mobile Credit Payment Pte. Ltd.)
MC Payment (M) Sdn Bhd
MC Payment (Thailand) Co., Ltd.
Ffastpay Pte. Ltd.
Genesis Payment Solutions Private Limited