Change - Announcement of Cessation::Resignation of Non-Executive Independent Director - Ong Kim Huat

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
01-Jul-2021 23:19:56
Status
New
Announcement Sub Title
Resignation of Non-Executive Independent Director - Ong Kim Huat
Announcement Reference
SG210701OTHRUWWH
Submitted By (Co./ Ind. Name)
Shirley Tan Sey Liy
Designation
Company Secretary
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
Ong Kim Huat
Age
60
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 Ong Kim Huat ("Mr Ong") tendered his resignation as the Non-Executive and Independent Director
of the Company with immediate effect. Accordingly, Mr Ong ceased to be the Non-Executive and Independent Director
on 30 June 2021. Following his resignation, Mr Ong relinquished his role as the Chairman of the NC, and a member of the AC and RC.

Pursuant to Mr Ong's resignation letter, Mr Ong has indicated that with the appointment of 5 new directors to the Board on 30 June 2021 following the conclusion of the Company's EGM on the same day, there were 11 directors on the Board, while the Company only has 20 staff members in Singapore. Mr Ong, Mr Albert Saychuan Cheok (Non- Executive Chairman and Independent Director of the Company) and Dr Lillian Koh Noi Keng (Non-Executive and Independent Director of the Company) "are of the view that a Board composition of this size relative to its operation in Singapore is unwieldy, and imposes an unnecessary strain on the Company's resources, and is ultimately not in the best interests of the Company." As such, "for the benefit the Company and all its shareholders", they submitted a joint resignation as directors of the Company.

Based on its enquiries with Mr Ong 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 Ong as the Non-Executive Independent Director.
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
25/05/2021
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.)
Non-Executive Independent Director, Chairman of the Nominating Committee and a member of the Audit Committee and Remuneration Committee
Role and responsibilities
Assumed the duties and responsibilities of the Non-Executive Independent Director, Chairman of the Nominating Committee and a member of the Audit Committee and Remuneration Committee
Familial relationship with any director and/ or substantial shareholder of the listed issuer or of any of its principal subsidiaries
Nil
Shareholding interest in the listed issuer and its subsidiaries?
No
Past (for the last 5 years)
Independent Director of Hon Corporation Limited
Present
Nil