News
Change - Announcement Of Retirement Of Mr. Leow David Ivan As Independent Director
BackApr 29, 2024
| Announcement Title | Change - Announcement of Cessation |
| Date & Time of Broadcast | Apr 29, 2024 17:53 |
| Status | New |
| Announcement Sub Title | Retirement of Mr. Leow David Ivan as Independent Director |
| Announcement Reference | SG240429OTHRB408 |
| Submitted By (Co./ Ind. Name) | Sim Soon Ngee Glenndle |
| Designation | Executive Chairman and Chief Executive Officer |
| Description (Please provide a detailed description of the event in the box below) | Retirement of Mr. Leow David Ivan as Independent Director. This announcement has been reviewed by the Company's Sponsor, SAC Capital Private Limited (the "Sponsor"). This announcement has not been examined or approved by the Singapore Exchange Securities Trading Limited ("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. Charmian Lim (Telephone no.: (65) 6232 3210) at 1 Robinson Road, #21-00 AIA Tower, Singapore 048542. |
| Additional Details | |
| Name Of Person | Leow David Ivan |
| Age | 54 |
| Is effective date of cessation known? | Yes |
| If yes, please provide the date | 29/04/2024 |
| Detailed Reason (s) for cessation | Mr. Leow David Ivan ("Mr. David Leow") retired from office at the Annual General Meeting of the Company held on Monday, 29 April 2024. He has relinquished his position as Independent Director, Chairman of the Audit Committee, Corporate Strategy and Communications Committee as well as a member of the Remuneration Committee. After having interviewed Mr. David Leow, and to the best of its knowledge, the Company's Sponsor, SAC Capital Private Limited, is satisfied that, save as disclosed in this announcement, there are no material reasons for the retirement of Mr. Leow David Ivan as Independent Director of the Company. |
| 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? | Yes |
| If Yes, Please provide full details | The Company is in the midst of identifying a third independent director candidate and will endeavour to fill the vacancy in the Board Committees within 2 months, and in any case, no later than 3 months, to comply with Rule 704(7) of the Catalist Rules and the Code of Corporate Governance 2018. |
| Date of Appointment to current position | 07/06/2013 |
| 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) | 2 |
| Number of cessations of appointments specified in Listing Rule 704 (7) or Catalist Rule 704 (6) over the past 12 months | 2 |
| Job Title (e.g. Lead ID, AC Chairman, AC Member etc.) | - Independent Director - Chairman of Audit Committee - Chairman of Corporate Strategy and Communications Committee - Member of Remuneration Committee |
| Role and responsibilities | Independent Director, Chairman of the Audit Committee and Corporate Strategy and Communications Committee as well as a member of the Remuneration Committee |
| 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 | Direct Interest: 8,190,400 Deemed Interest: Nil |
| Past (for the last 5 years) | - Arcturus Capital Limited |
| Present | - Chartered Accountants Australia and New Zealand (Singapore) Private Limited - CAP Management Limited - MEC Asian Fund - Trans China Automotive Holdings Limited - Pecunia Pte Ltd |