Change - Announcement of Appointment::APPOINTMENT OF INDEPENDENT NON-EXECUTIVE DIRECTOR - MR CHOW WAI SAN

Issuer & Securities

Issuer/ Manager
ASTI HOLDINGS LIMITED
Securities
ASTI HOLDINGS LIMITED - SG1G77872271 - 575
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Appointment
Date &Time of Broadcast
16-Jan-2024 20:27:32
Status
New
Announcement Sub Title
APPOINTMENT OF INDEPENDENT NON-EXECUTIVE DIRECTOR - MR CHOW WAI SAN
Announcement Reference
SG240116OTHRTDVW
Submitted By (Co./ Ind. Name)
NG YEW NAM
Designation
EXECUTIVE DIRECTOR
Description (Please provide a detailed description of the event in the box below)
The board of directors of ASTI Holdings Limited wishes to announce the appointment of Mr Chow Wai San as an Independent Non-Executive Director of the Company with effect from 16 January 2024.

Additional Details

Date Of Appointment
16/01/2024
Name Of Person
CHOW WAI SAN
Age
52
Country Of Principal Residence
Singapore
The Board's comments on this appointment (including rationale, selection criteria, board diversity considerations, and the search and nomination process)
On 15 January 2024, Mr Charlie Jangvijitkul, Dato Sri Mohd Sopiyan B Mohd Rashdi, Mr Theerachai Leenabanchong and Mr Anthony Loh had resigned as Directors of the Company. On the same day, Mr Ng Yew Nam and Mr Soh Pock Kheng were appointed as Directors of the Company ("Current Board").

The appointment of Mr Chow Wai San as Independent Director has been reviewed and approved by the Current Board after taking into consideration Mr Chow's qualifications, expertise and work experience. The Board is satisfied that Mr Chow has the requisite experience and capabilities to assume the role and responsibilities of Independent Director of the Company.
Whether appointment is executive, and if so, the area of responsibility
Non-Executive
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
Independent Director
Professional qualifications
1. Institute of Singapore Chartered Accountants (formerly known as Institute of Certified Public Accountants of Singapore) - Chartered Accountant of Singapore (non-public accountant)
2. CPA Australia - Member
3. CFA Institute, USA - Chartered Financial Analyst
4. Nanyang Technology University, Singapore - Bachelor of Accountancy
Any relationship (including immediate family relationships) with any existing director, existing executive officer, the issuer and/ or substantial shareholder of the listed issuer or any of its principal subsidiaries
None
Conflict of interests (including any competing business)
None
Working experience and occupation(s) during the past 10 years
1. August 2014 to present - Managing Director, Aquifer Consulting Pte. Ltd.
2. October 2001 to September 2014 - Director, nTan Corporate Advisory Pte Ltd
Undertaking submitted to the listed issuer in the form of Appendix 7.7 (Listing Rule 704(7)) Or Appendix 7H (Catalist Rule 704(6))
Yes
Shareholding interest in the listed issuer and its subsidiaries?
No
# These fields are not applicable for announcements of appointments pursuant to Listing Rule 704 (9) or Catalist Rule 704 (8).
Past (for the last 5 years)
AP Lariang Pte. Ltd.
Baxelta Pte. Ltd.
Berlanga Myanmar Pte. Ltd. (In liquidation)
Cascadia Partners Pte. Ltd.
Charta Global Inc
Cloverland Pte. Ltd.
Elpan Pte. Ltd.
Great Asia Global Investment Pte. Ltd.
Jade Lotus Development Pte. Ltd.
K Group Holdings Limited
Krollberg Partners Inc
Kwok Shing Investments Limited
Lemarc Agromound Limited (in liquidation)
LMOC Serives (L) Berhad
Prime Star Transportation Services Pte. Ltd.
Resources Prima Group Limited (in liquidation)
Saturitas Investment Ltd
Silver Vantage Trading Limited
Southampton Holdings Pte. Ltd.
TPB Advisory Pte. Ltd.
Lambec Limited
Lemarc Agromond Pte. Ltd. (In Liquidation)
Present
Avenue Family Office (SG) Pte. Ltd.
Alson & John Corporate Services Pte. Ltd.
Avenue Consultants (SG) Pte. Ltd.
Aquifer Consulting Pte. Ltd.
Kalimantan Rail Pte. Ltd.
Nippecraft Limited
Universal Resource & Services Limited
(a) Whether at any time during the last 10 years, an application or a petition under any bankruptcy law of any jurisdiction was filed against him or against a partnership of which he was a partner at the time when he was a partner or at any time within 2 years from the date he ceased to be a partner?
No
(b) Whether at any time during the last 10 years, an application or a petition under any law of any jurisdiction was filed against an entity (not being a partnership) of which he was a director or an equivalent person or a key executive, at the time when he was a director or an equivalent person or a key executive of that entity or at any time within 2 years from the date he ceased to be a director or an equivalent person or a key executive of that entity, for the winding up or dissolution of that entity or, where that entity is the trustee of a business trust, that business trust, on the ground of insolvency?
Yes
If Yes, Please provide full details
Save as disclosed below for completeness, no.

Mr Chow acts as a director for distressed companies in the course of his engagements. These companies are already in distress prior to his appointment as director. In the course of his work, he either as the sole director or member of the Board of directors, attempt to restructure these distressed companies. Failure to restructure these companies will likely result in the liquidation of these companies.

The names of such distressed companies of which he was appointed as director that have either gone into liquidation or had a winding up petition filed against it are:
1. Berlanga Myanmar Pte. Ltd.
2. Resources Prima Group Limited
3. Lemarc Agromond Limited
4. Lemarc Agromond Pte. Ltd.
(c) Whether there is any unsatisfied judgment against him?
No
(d) Whether he has ever been convicted of any offence, in Singapore or elsewhere, involving fraud or dishonesty which is punishable with imprisonment, or has been the subject of any criminal proceedings (including any pending criminal proceedings of which he is aware) for such purpose?
No
(e) Whether he has ever been convicted of any offence, in Singapore or elsewhere, involving a breach of any law or regulatory requirement that relates to the securities or futures industry in Singapore or elsewhere, or has been the subject of any criminal proceedings (including any pending criminal proceedings of which he is aware) for such breach?
No
(f) Whether at any time during the last 10 years, judgment has been entered against him in any civil proceedings in Singapore or elsewhere involving a breach of any law or regulatory requirement that relates to the securities or futures industry in Singapore or elsewhere, or a finding of fraud, misrepresentation or dishonesty on his part, or he has been the subject of any civil proceedings (including any pending civil proceedings of which he is aware) involving an allegation of fraud, misrepresentation or dishonesty on his part?
No
(g) Whether he has ever been convicted in Singapore or elsewhere of any offence in connection with the formation or management of any entity or business trust?
No
(h) Whether he has ever been disqualified from acting as a director or an equivalent person of any entity (including the trustee of a business trust), or from taking part directly or indirectly in the management of any entity or business trust?
No
(i) Whether he has ever been the subject of any order, judgment or ruling of any court, tribunal or governmental body, permanently or temporarily enjoining him from engaging in any type of business practice or activity?
No
(j) Whether he has ever, to his knowledge, been concerned with the management or conduct, in Singapore or elsewhere, of the affairs of :-
(i) any corporation which has been investigated for a breach of any law or regulatory requirement governing corporations in Singapore or elsewhere; or
Yes
If Yes, Please provide full details
Save as disclosed below for completeness, no.

With reference to Universal Resource and Services Limited's ("Universal Resource") announcements made on 15 February 2017, 23 October 2017, 18 May 2020 and 19 May 2023, and the SGX RegCo's announcement on 18 May 2020, Mr Chow formed part of the Independent Working Committee as Independent Director of Universal Resource to deal with the matters relating to the financial irregularities between the cash and bank balance reported in the management accounts and the actual bank balance in the bank accounts of certain subsidiaries of Universal Resource and the special audit report completed by Moore Stephens LLP on the findings of their investigations.
(ii) any entity (not being a corporation) which has been investigated for a breach of any law or regulatory requirement governing such entities in Singapore or elsewhere; or
No
(iii) any business trust which has been investigated for a breach of any law or regulatory requirement governing business trusts in Singapore or elsewhere; or
No
(iv) any entity or business trust which has been investigated for a breach of any law or regulatory requirement that relates to the securities or futures industry in Singapore or elsewhere, in connection with any matter occurring or arising during that period when he was so concerned with the entity or business trust?
No
(k) Whether he has been the subject of any current or past investigation or disciplinary proceedings, or has been reprimanded or issued any warning, by the Monetary Authority of Singapore or any other regulatory authority, exchange, professional body or government agency, whether in Singapore or elsewhere?
No
Any prior experience as a director of an issuer listed on the Exchange?
Yes
If Yes, Please provide details of prior experience
1. Independent Director of Nippecraft Limited since October 2016

2. Independent Director of Universal Resource & Services Limited since April 2015

3. Independent Non-Executive Director of K Group Holdings Limited from July 2018 to May 2021 (listed on Hong Kong Stock Exchange)

4. Independent Director of Resources Prima Group Limited from December 2017 to December 2021
Please provide details of relevant experience and the nominating committee's reasons for not requiring the director to undergo training as prescribed by the Exchange (if applicable)
Not applicable