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Change - Announcement Of Retirement Of Independent Non-Executive Director
| Announcement Title | Change - Announcement of Cessation |
| Date & Time of Broadcast | Apr 13, 2023 0:29 |
| Status | New |
| Announcement Sub Title | RETIREMENT OF INDEPENDENT NON-EXECUTIVE DIRECTOR |
| Announcement Reference | SG230413OTHRY6NC |
| Submitted By (Co./ Ind. Name) | CHIN MEI YANG |
| Designation | CHIEF EXECUTIVE OFFICER AND EXECUTIVE DIRECTOR |
| Description (Please provide a detailed description of the event in the box below) | This announcement has been reviewed by the Company's sponsor ("Sponsor"), SAC Capital Private Limited. 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 | Yau Thiam Hwa |
| Age | 58 |
| Is effective date of cessation known? | Yes |
| If yes, please provide the date | 28/04/2023 |
| Detailed Reason (s) for cessation | Mr. Yau Thiam Hwa ("Mr. Yau") will be due for retirement at the Annual General Meeting ("AGM") of the Company to be held on 28 April 2023 pursuant to Regulation 117 of the Company's Constitution. Mr. Yau has decided not to seek re-election and will retire as Independent Non-Executive Director of the Company at the conclusion of the forthcoming AGM. He will relinquish his role as Chairman of the Audit Committee and member of the Remuneration Committee upon his retirement. The Board would like to extend their appreciation to Mr. Yau for his invaluable contribution to the Company during his tenure of service. The Sponsor, after having interviewed Mr. Yau, is satisfied that, save as disclosed in this announcement, there are no material reasons for the retirement of Mr. Yau as Independent Non-Executive Director of the Company. The Company is in the midst of sourcing for a candidate to replace Mr. Yau as Independent Non-Executive Director to fill the vacancy of the Board Committees. The Company will endeavour to fill the vacancy in the Board Committees within two months, but in any case, no later than three months in compliance with Rule 704(7) of the Catalist Rules. The Company will release the announcement on appointment of the new Independent Non-Executive Director in due course. |
| 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 | 09/06/2016 |
| 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 Non-Executive Director, Chairman of the Audit Committee and member of the Remuneration Committee |
| Role and responsibilities | Independent Non-Executive Director, Chairman of the Audit Committee and 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 | None |
| Shareholding interest in the listed issuer and its subsidiaries? | No |
| Past (for the last 5 years) | Nil |
| Present | Abundance International Limited C.N. Chemicals Sdn Bhd Megachem Manufacturing Pte Ltd Megachem Phils Inc Megachem Raya Pte Ltd Megachem (Shanghai) Pte Ltd Megachem (UK) Ltd Megachem Middle East FZE Megachem Specialty Chemicals (I) Pte Ltd Megachem Vietnam Co Ltd Megachem Australia Pty Ltd Megachem International Trading (Shanghai) Co Ltd PT Mega Kemiraya Megachem (Thailand) Public Co Ltd |