Change - Announcement of Cessation::Resignation of Non-Executive Non-Independent Director and Non-Executive Chairman

Issuer & Securities

Issuer/ Manager
KTL GLOBAL LIMITED
Securities
KTL GLOBAL LIMITED - SG1W37938998 - EB7
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
28-Jun-2022 18:55:46
Status
New
Announcement Sub Title
Resignation of Non-Executive Non-Independent Director and Non-Executive Chairman
Announcement Reference
SG220628OTHRJT1V
Submitted By (Co./ Ind. Name)
Chin Teck Oon
Designation
Executive Director & CEO
Description (Please provide a detailed description of the event in the box below)
Resignation of Mr. Wu Yongqiang as Non-Executive Non-Independent Director and Non-Executive Chairman with effect from 27 June 2022.

Additional Details

Name Of Person
Wu Yongqiang
Age
44
Is effective date of cessation known?
Yes
If yes, please provide the date
27/06/2022
Detailed Reason (s) for cessation
Mr. Wu Yongqiang ("Mr. Wu") has resigned as Non-Executive Non-Independent Director and Non-Executive Chairman of the Company, with effect from 27 June 2022, to pursue other personal interests.

Mr. Wu will, following his resignation, relinquish his roles as member of the Audit Committee, Remuneration Committee, Nominating Committee and Performance Share Scheme Committee.

The Board and Management sincerely thank Mr. Wu for his invaluable contributions, dedication and commitment to the Company during his tenure with the Company.

The Board and Nominating Committee will endeavour to fill the vacancy of the of Audit Committee within two months, but in any case not later than three months to ensure the compliance of Rule 704(8) of the Listing Manual of the Singapore Exchange Securities Trading Limited ("SGX-ST") and the Code of Corporate Governance 2018 (the "Code"), and the vacancies of the Remuneration Committee and Nominating Committee to ensure compliance with the Code.
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
14/12/2021
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)
2
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.)
Non-Executive Chairman, Non-Executive Non-Independent Director, AC Member, RC Member, NC Member & Member of the Performance Share Scheme Committee.

Role and responsibilities
Assumed the roles and responsibilities of Non-Executive Chairman, Non-Executive Non-Independent Director, AC Member, RC Member, NC Member and Member of the Performance Share Scheme Committee.

Mr. Wu Yongqiang is also a director of certain of the Company's subsidiaries, being Tianci Agritech Pte. Ltd. and Tianci AISC FZCO. Mr. Wu has resigned as director of Tianci Agritech Pte. Ltd. with effect from 27 June 2022. In relation to Tianci AISC FZCO which was newly incorporated on 31 May 2022, the Company intends to dispose all the shareholdings held by Tianci Agritech Pte. Ltd. in the said subsidiary to Mr. Wu at the consideration to be agreed between Mr. Wu and the Company. The Company will make the necessary announcement in relation to such disposal in due course.
Familial relationship with any director and/ or substantial shareholder of the listed issuer or of any of its principal subsidiaries
Mr. Wu Yongqiang is the spouse of substantial shareholder, Ms Zhang Xuemei. Ms Zhang Xuemei holds 40,250,000 ordinary shares, representing 11.57% of the total issued and paid-up share capital of the Company.
Shareholding interest in the listed issuer and its subsidiaries?
Yes
Shareholding Details
Deemed interested in the 40,250,000 ordinary shares held by his spouse, Ms Zhang Xuemei
Past (for the last 5 years)
Please refer to Appendix A
Present
Please refer to Appendix B

Attachments

Appendix_A_Past_Directorship.pdf
Appendix_B_Current_Directorship.pdf
Total size =108K