Change - Announcement of Cessation::RETIREMENT OF INDEPENDENT NON-EXECUTIVE DIRECTOR

Issuer & Securities

Issuer/ Manager
MONEYMAX FINANCIAL SERVICES LTD.
Securities
MONEYMAX FINANCIAL SERVICESLTD - SG2G06995143 - 5WJ
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
08-Apr-2024 18:18:24
Status
New
Announcement Sub Title
RETIREMENT OF INDEPENDENT NON-EXECUTIVE DIRECTOR
Announcement Reference
SG240408OTHRL2LH
Submitted By (Co./ Ind. Name)
Lim Yong Guan
Designation
Executive Chairman and CEO
Description (Please provide a detailed description of the event in the box below)
Retirement of Mr Khua Kian Kheng Ivan as an Independent Non-Executive Director of MoneyMax Financial Services Ltd. (the "Company")

This announcement has been prepared by the Company and its contents have been reviewed by the Company's sponsor, United Overseas Bank Limited (the "Sponsor"), for compliance with Rules 226(2)(b) and 753(2) 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.

The contact person for the Sponsor is Mr Lim Hoon Khiat, Senior Director, Equity Capital Markets, who can be contacted at 80 Raffles Place, #03-03 UOB Plaza 1, Singapore 048624, telephone: +65 6533 9898.

Additional Details

Name Of Person
Khua Kian Kheng Ivan
Age
49
Is effective date of cessation known?
Yes
If yes, please provide the date
26/04/2024
Detailed Reason (s) for cessation
Pursuant to Regulation 89 of the constitution of the Company, Mr Khua Kian Kheng Ivan is one of the directors of the Company ("Directors") to retire by rotation at the forthcoming annual general meeting of the Company to be held on 26 April 2024 ("AGM").

Having served on the Board of Directors ("Board") for more than 9 years, pursuant to Rule 406(3)(d)(iv) of the Catalist Rules, Mr Khua Kian Kheng Ivan will no longer be deemed to be independent upon the conclusion of the forthcoming AGM. Accordingly, Mr Khua Kian Kheng Ivan has informed the Board that he will not be seeking for re-election as a Director at the forthcoming AGM, and will retire as an Independent Director and cease to be the Chairman of the Nominating Committee ("NC") and a member of the Audit Committee and the Remuneration Committee of the Company following the conclusion of the forthcoming AGM.

The Board, with the recommendations of the NC, will identify and appoint new Independent Directors to ensure that the composition of the Board and the Board committees of the Company comply with the requirements under the Code of Corporate Governance 2018 and the Catalist Rules by the date of the forthcoming AGM.

Based on its enquiries, the Sponsor is satisfied that, save as disclosed in this announcement, there is no other material reason for the retirement of Mr Khua Kian Kheng Ivan as an 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
27/06/2013
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)
0
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.)
Independent Director, Chairman of the NC and a member of the Remuneration Committee and the Audit Committee
Role and responsibilities
Role and responsibilities as an Independent Director, Chairman of the NC and a member of the Remuneration Committee and the Audit Committee
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?
Yes
Shareholding Details
Direct interest of 31,250 shares in
the Company
Past (for the last 5 years)
No Signboard Holdings Ltd
Blue Sky Power (Singapore) Pte Limited
Specialist Care Group Pte Ltd
Present
Hock Leong Holdings (Private) Limited
Hock Leong Private Limited
Touchstone HL Capital Pte Ltd
Tuanle Corporation Pte Ltd
Synetcom International Pte Ltd
Iapps Health Group Pte Ltd
Eclypsium Labs Pte Ltd
Centennial Harvest Limited
KSH Holdings Limited