Change - Announcement of Cessation::Cessation of Non-Executive Director
Issuer & Securities
PACIFIC STAR DEVELOPMENT LIMITED
PACIFIC STAR DEVELOPMENT LTD - SG1DE5000007 - 1C5
Change - Announcement of Cessation
Date &Time of Broadcast
Announcement Sub Title
Cessation of Non-Executive Director
Submitted By (Co./ Ind. Name)
CEO & Managing Director
Description (Please provide a detailed description of the event in the box below)
Cessation of Non-Executive Director
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 "Exchange") and the Exchange 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 Mr David Yeong Kai Xiong (tel : (65) 6232 3210) at 1 Robinson Road, #21-00 AIA Tower, Singapore 048542.
Name Of Person
Peh Siong Woon Terence
Is effective date of cessation known?
If yes, please provide the date
Detailed Reason (s) for cessation
Mr Peh Siong Woon Terence ("Mr Peh") had expressed his desire to step down as a board member of the Company. With the additions of new members to the Board as announced on 4 June 2019, Mr Peh is of the view that it is an appropriate time to step down and let the new Board lead the Company moving forward.
The Sponsor, after having interviewed Mr Peh, is satisfied that, save as disclosed in the announcement, there are no other material reasons for the resignation of Mr Peh as a Non-Executive Director of the Company.
The Company expresses its gratitude to Mr Peh for his valuable contributions during his tenure of service.
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.)
Non-Executive Director, member of the Audit Committee, Nominating Committee and Remuneration Committee.
Role and responsibilities
Familial relationship with any director and/ or substantial shareholder of the listed issuer or of any of its principal subsidiaries
Mr Peh is the son of Mr Peh Kwee Chim ( "PKC" ), who is a director of Kai Xin Guo Pte Ltd (formerly known as 3P Pte Ltd), the owner of 51.52% of the issued and paid-up share capital of Chuan Hup Holdings Limited. PKC is also the settlor of a trust which holds Qing Shan Pte Ltd, the parent company of Kai Xin Guo Pte Ltd (formerly known as 3P Pte Ltd), and is therefore deemed interested in the shareholding interest of Chuan Hup Holdings Limited in the Company, held by Chuan Hup Holdings Limited through its wholly-owned subsidiary, CH Biovest Pte. Limited.
Shareholding interest in the listed issuer and its subsidiaries?
Deemed interest in 177,454,800 shares in the Company held by CH Biovest Pte. Limited.
Mr Peh is a director of Kai Xin Guo Pte Ltd (formerly known as 3P Pte Ltd) which is the owner of 51.52% of the issued and paid-up share capital of Chuan Hup Holdings Limited. He is also the beneficiary of a trust which holds Qing Shan Pte Ltd, the parent company of Kai Xin Guo Pte Ltd (formerly known as 3P Pte Ltd). Therefore, he is deemed to be interested in the shareholding interest of Chuan Hup Holdings Limited in the Company, held through its wholly-owned subsidiary, CH Biovest Pte. Limited.
Past (for the last 5 years)
ProVest Transworld Limited
Cresta Investment Pte. Ltd.
Valcom Holdings Inc
Quijul Pte Ltd
Quijul Logistics Pte. Ltd.
CH Offshore Ltd.
Shin Chuan Pte. Ltd.
Whiterock Healthcare Pte. Ltd.
ProVest Holdings Pte. Ltd.
Beauford Investments Pte. Ltd.
CH Biovest Pte. Limited
ProVest Global Pte. Ltd.
ProVest Realty Pte. Ltd.
Chuan Hup Holdings Limited
Ventrade (Asia) Pte. Ltd.
Kai Xin Guo Pte Ltd (formerly known as 3P Pte Ltd)
Walnut Holdings Pte. Ltd.
Finbar Group Limited
Walnut 1 Pte. Ltd.