Change - Announcement of Cessation::RESIGNATION OF GROUP CHIEF EXECUTIVE OFFICER

Issuer & Securities

Issuer/ Manager
AXCELASIA INC.
Securities
AXCELASIA INC. - MYA012218006 - 42U
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
22-Apr-2020 21:35:24
Status
New
Announcement Sub Title
RESIGNATION OF GROUP CHIEF EXECUTIVE OFFICER
Announcement Reference
SG200422OTHR4U33
Submitted By (Co./ Ind. Name)
Dato' Peter Tang Swee Guan
Designation
Deputy Executive Chairman
Description (Please provide a detailed description of the event in the box below)
RESIGNATION OF GROUP CHIEF EXECUTIVE OFFICER

This announcement has been prepared by Axcelasia Inc. ("Company") and its contents have been reviewed by the Company's sponsor, UOB Kay Hian Private Limited ("Sponsor") for compliance with the relevant rules of the Singapore Exchange Securities Trading Limited (the "SGX-ST") Listing Manual Section B: Rules of Catalist.

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 accuracy, completeness or correctness of any of the information, statements or opinions made or reports contained in this announcement.

The contact person for the Sponsor is Mr Lance Tan, Senior Vice President, at 8 Anthony Road, #01-01, Singapore 229957, telephone (65) 6590 6881.

Additional Details

Name Of Person
Ranjit Singh a/l Taram Singh
Age
52
Is effective date of cessation known?
Yes
If yes, please provide the date
22/04/2020
Detailed Reason (s) for cessation
Following the completion of the disposal, Tricor Malaysia has approached Mr Ranjit Singh and has offered him an executive role in Tricor Malaysia. After due consideration, Mr Ranjit Singh has accepted the offer from Tricor Malaysia.

The Board has accepted Mr Ranjit Singh's resignation as the Group Chief Executive Officer ("Group CEO").

Following his resignation as the Group CEO, Mr Ranjit Singh will be re-designated as a Non-Independent Non-Executive Director of the Company.

The Sponsor, after having interviewed Mr Ranjit Singh, is satisfied that, save as disclosed in the announcement, there are no material reasons for the resignation of Mr Ranjit Singh as the Group CEO.
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
01/07/2019
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)
1
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.)
Group Chief Executive Officer and Executive Director
Role and responsibilities
To oversee and manage the business of Axcelasia Inc. and its subsidiaries and lead the management in setting strategies, objectives and mission for the day-to-day operations of the Group.

These roles will now be undertaken by the Deputy Executive Chairman.
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?
Yes
Shareholding Details
41,118,960 shares representing 25.65% of the total issued shares of Axcelasia Inc.
Past (for the last 5 years)
CHRLA Management Berhad (resigned on 21.10.2019)
Country Heights Residents and Landowners Association (Resigned on 21.10.2019)
Present
Axcelasia Columbus Sdn Bhd
Axcelasia Softnex Sdn Bhd
Axcelasia HR Consulting Sdn Bhd
Axcelasia Singapore Pte. Ltd
Axcelasia Vietnam Co. Ltd.
Axcelasia Laos Co. Ltd.
Audex Governance Sdn Bhd
Institute of Internal Auditors Malaysia
The Institute of Internal Auditors Inc. USA
Rainmaker Property Sdn Bhd*
Noble Entity (M) Sdn Bhd*
Rainmaker Realty Sdn Bhd*
RS Josan Group Sdn Bhd*
Ranjit & Co: (Dormant and to maintain audit licence)

(* Property investment company for collection of rental only.)