Change - Announcement of Cessation::Cessation of Group Financial Controller

Issuer & Securities

Issuer/ Manager
PACIFIC STAR DEVELOPMENT LIMITED
Securities
PACIFIC STAR DEVELOPMENT LTD - SG1DE5000007 - 1C5
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
29-Nov-2020 14:53:42
Status
New
Announcement Sub Title
Cessation of Group Financial Controller
Announcement Reference
SG201129OTHRGAAZ
Submitted By (Co./ Ind. Name)
Ying Wei Hsein
Designation
Executive Chairman
Description (Please provide a detailed description of the event in the box below)
Cessation of Group Financial Controller

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 (tel: (65) 6232 3210) at 1 Robinson Road, #21-00 AIA Tower, Singapore 048542.

Additional Details

Name Of Person
Liaw Wee Tong
Age
45
Is effective date of cessation known?
Yes
If yes, please provide the date
07/12/2020
Detailed Reason (s) for cessation
Mr Liaw Wee Tong ("Mr Liaw") was appointed as the Group Financial Controller on 28 September 2020 and Mr Liaw has submitted his resignation notice to the Board on 26 November 2020, within the 6-month probation period that is provided in his employment contract, to pursue other opportunities. The last day of Mr Liaw's employment which is agreed between the Company and Mr Liaw shall be 7 December 2020.

The Sponsor, after having interviewed Mr Liaw, is satisfied that, save as disclosed in the announcement, there are no other material reasons for the resignation of Mr Liaw as Group Financial Controller of the Company.

Ms Ong Mei Ki ("Ms Ong") (Assistant Vice-President, Finance) will be the de facto head of finance and she will be supported by Mr Teo Xue Yuan (Group Accountant). Ms Ong will have direct access to the Company's Audit Chairman and the members of the Audit Committee.
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
28/09/2020
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)
3
Number of cessations of appointments specified in Listing Rule 704 (7) or Catalist Rule 704 (6) over the past 12 months
2
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
Group Financial Controller
Role and responsibilities
Mr Liaw was responsible for the overall financial accounting and reporting function of the Group's business.
Familial relationship with any director and/ or substantial shareholder of the listed issuer or of any of its principal subsidiaries
No
Shareholding interest in the listed issuer and its subsidiaries?
No
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