Description (Please provide a detailed description of the event in the box below)
This announcement has been reviewed by the Company's sponsor, CIMB Bank Berhad, Singapore Branch ("Sponsor") in accordance with Rule 226(2)(b) of the Catalist Rules. 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 correctness of any of the statements or opinions made or reports contained in this announcement.
The contact person for the Sponsor is Mr Ken Lee, Associate Director, Investment Banking, Singapore. The contact particulars are 50 Raffles Place, #09- 01 Singapore Land Tower, Singapore 048623, telephone: (65) 6337-5115.
Name Of Person
Ng Yong Hwee
Is effective date of cessation known?
If yes, please provide the date
Detailed Reason (s) for cessation
Mr. Ng Yong Hwee, Deputy Chief Executive Officer ("DCEO"), has tendered his resignation on 31 March 2021 for personal reasons to pursue other career opportunities and is currently serving his 3-month notice period in accordance with the terms of his service contract with the Company. His effective date of cessation will be 30 June 2021. Since 31 March 2021, the Company had been in discussions with Mr. Ng Yong Hwee on the continuity of the corporate affairs of the Company and transitional matters.
Accordingly, notwithstanding his effective date of cessation, Mr. Ng Yong Hwee will continue to work with the Company in an advisory capacity to ensure a smooth transition and handover of his duties. In his advisory capacity, he will provide assistance until the completion of the proposed transfer of the Company's listing to the Mainboard of the Singapore Exchange Securities Trading Limited (which is subject to shareholders approval in an extraordinary general meeting to be held on 13 July 2021). He will cease acting in an advisory capacity to the Company on 31 August 2021.
The duties and responsibilities of the DCEO will be overseen by Mr. Teo Hark Piang, the current Chief Executive Officer of the Company.
Based on its enquiries, the Sponsor of the Company, CIMB Bank Berhad, Singapore Branch, is satisfied that, save as disclosed in this announcement, there is no material reason for the cessation of Mr. Ng as the DCEO 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?
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?
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)
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
Deputy Chief Executive Officer
Role and responsibilities
He assists the CEO in the Group's overall management, including but not limited to overseeing the day to day operations and setting the direction and growth path of the Group s business.
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?