Change - Announcement of Appointment::Appointment of Independent Non-Executive Director

Issuer & Securities

Issuer/ Manager
THE HOUR GLASS LIMITED
Securities
THE HOUR GLASS LIMITED - SG1AE9000009 - AGS
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Appointment
Date &Time of Broadcast
31-Jul-2024 17:19:40
Status
New
Announcement Sub Title
Appointment of Independent Non-Executive Director
Announcement Reference
SG240731OTHRK1AQ
Submitted By (Co./ Ind. Name)
Christine Chan
Designation
Company Secretary
Description (Please provide a detailed description of the event in the box below)
Appointment of Mr Chow Wai San as an Independent Non-Executive Director and a member of the Audit Committee, with effect from 1 August 2024.

Additional Details

Date Of Appointment
01/08/2024
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)
The appointment of Mr Chow Wai San as an Independent Non-Executive Director was reviewed and recommended by the Nomination and Remuneration Committee and approved by the Board. The Nomination and Remuneration Committee is of the view that Mr Chow's background and experience will enhance the core competencies, diversity and expertise of the present Board.
Whether appointment is executive, and if so, the area of responsibility
Independent and Non-Executive.
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
Independent Non-Executive Director and a member of the Audit Committee
Professional qualifications
Institute of Singapore Chartered Accountants (formerly known as Institute of Certified Public Accountants of Singapore) - Chartered Accountant of Singapore (non-public accountant)
CPA Australia - Member
CFA Institute, USA - Chartered Financial Analyst
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
Nil.
Conflict of interests (including any competing business)
None.
Working experience and occupation(s) during the past 10 years
See Rider A.
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)
See Rider B.
Present
See Rider B.
(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
Independent Director of ASTI Holdings Limited since January 2024

Independent Director of Nippecraft Limited since October 2016

Independent Director of Universal Resource & Services Limited since April 2015

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.

Attachments

Rider A_SGX.pdf
Rider B_SGX.pdf
Total size =283K