Change - Announcement of Cessation::Cessation of Chief Operating Officer

Issuer & Securities

Issuer/ Manager
Stapled Security

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
24-May-2022 22:32:43
Announcement Sub Title
Cessation of Chief Operating Officer
Announcement Reference
Submitted By (Co./ Ind. Name)
Hao Dongting
Non-Executive Chairperson
Description (Please provide a detailed description of the event in the box below)
Cessation of Chief Operating Officer.

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 "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. Lee Khai Yinn (Tel (65) 6232 3210), at 1 Robinson Road, #21-00 AIA Tower, Singapore 048542.

Additional Details

Name Of Person
Quek Wey Lon
Is effective date of cessation known?
If yes, please provide the date
Detailed Reason (s) for cessation
To pursue other career opportunities.

Mr Quek Wey Lon ("Mr Quek") has on 25 April 2022, tendered his resignation as the Chief Operating Officer of the Group. As mutually agreed by Mr Quek and Mr Lincoln Teo Choong Han, Executive Director and Interim Chief Executive Officer of the Group, his resignation will be effected on 4 June 2022. The Board has subsequently accepted his resignation and agreed with the said effective date of his resignation. Mr Quek's duties and responsibilities will be subsumed by the existing management of the Company.

Mr Quek has spoken to the Sponsor and agreed to provide assistance, if necessary, to the Special Auditor, Sponsor and SGX RegCo, on a best effort and when available basis.

SAC Capital Private Limited, after having interviewed Mr Quek, is satisfied that other than as disclosed in this announcement, there are no material reasons for the resignation of Mr Quek as Chief Operating Officer of the Group.
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?
If Yes, Please provide full details
Shareholders should note (i) the Notices of Compliance issued by the Singapore Exchange Regulation on 14 July 2021 and 19 August 2021; (ii) the announcement dated 21 April 2022 pertaining to the latest information on the Interim Report, the AUP Report and the Follow Up Report prepared by Baker Tilly Consultancy (Singapore) Pte. Ltd.; and (iii) the ongoing special audit.

Save for the above, there is no other relevant information to be provided to shareholders of the Company.
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.)
Chief Operating Officer
Role and responsibilities
Executive. Mr Quek is responsible for overseeing the day-to-day operations of the administrative and operations functions of the Group in order to execute the Group's strategy.
Familial relationship with any director and/ or substantial shareholder of the listed issuer or of any of its principal subsidiaries
Shareholding interest in the listed issuer and its subsidiaries?
Shareholding Details
Mr Quek is deemed to be interested in the 70,000 ordinary shares in the Company held by his spouse, Ms Low Chooi Peng.
Past (for the last 5 years)
Sinbor Company (Private) Limited
Ventus Global Sdn Bhd
Ventus Global Pte. Ltd.
Charis Electric Pte. Ltd.