Change - Announcement of Cessation::Retirement of Non-Executive and Independent Director

Issuer & Securities

Issuer/ Manager
TIONG SENG HOLDINGS LIMITED
Securities
TIONG SENG HOLDINGS LIMITED - SG1BH4000005 - BFI
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
24-Apr-2024 23:04:20
Status
New
Announcement Sub Title
Retirement of Non-Executive and Independent Director
Announcement Reference
SG240424OTHRT33M
Submitted By (Co./ Ind. Name)
Pay Sim Tee
Designation
Chief Executive Officer
Description (Please provide a detailed description of the event in the box below)
Retirement of Mr Ang Peng Koon, Patrick as a Non-Executive and Independent Director, the Chairman and a member of the Nominating Committee, the Chairman and a member of the Remuneration Committee, and a member of the Audit Committee of the Company

Additional Details

Name Of Person
Ang Peng Koon, Patrick
Age
59
Is effective date of cessation known?
Yes
If yes, please provide the date
30/04/2024
Detailed Reason (s) for cessation
Mr Ang Peng Koon, Patrick has served as a director of Tiong Seng Holdings Limited (the "Company", and together with its subsidiaries, the "Group") for an aggregate period of more than nine years and, pursuant to Rule 210(5)(d)(iv) read with Transitional Practice Note 4 of the SGX-ST Listing Manual, may only continue to be considered independent until the conclusion of the annual general meeting of the Company for the financial year ended 31 December 2023 ("FY2023").

Accordingly, to facilitate Board renewal, Mr Ang has indicated his intention to retire as a non-executive and independent director, the Chairman and a member of the Nominating Committee, the Chairman and a member of the Remuneration Committee, and a member of the Audit Committee of the Company with effect from the conclusion of the Annual General Meeting of the Company to be held on 30 April 2024.

As disclosed on page 74 of the annual report of the Company for FY2023, the Board has commenced its search for new independent directors and will take into account the requirements of the Group and the Board as well as Board Diversity. The Board will update shareholders in due course on the further changes to be made to the composition of the Board and the board committees as part of the Company s Board renewal.

The Board and the Company would like to express their deep gratitude and appreciation to Mr Ang for his invaluable contributions and guidance during his tenure as a Non-Executive and Independent Director 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
24/02/2010
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)
2
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.)
Non-Executive Independent Director

Chairman of the Nominating Committee

Chairman of the Remuneration Committee

Member of the Audit Committee
Role and responsibilities
As Non-Executive Independent Director, Chairman of the Nominating Committee, Chairman of the Remuneration Committee and Member of the Audit Committee
Familial relationship with any director and/ or substantial shareholder of the listed issuer or of any of its principal subsidiaries
None
Shareholding interest in the listed issuer and its subsidiaries?
Yes
Shareholding Details
Holds 265,000 shares in Tiong Seng Holdings Limited
Past (for the last 5 years)
Nil
Present
Tiong Seng Holdings Limited

Singapore Deposit Insurance Corporation Limited

Nanyang Girl's High School

Insolvency Practitioners Association of Singapore

International Insolvency Institute

American College of Bankruptcy