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Change - Announcement Of Resignation Of Executive Chairman & Executive Director
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Dec 22, 2023
| Announcement Title | Change - Announcement of Cessation |
| Date & Time of Broadcast | Dec 22, 2023 17:26 |
| Status | New |
| Announcement Sub Title | Resignation of Executive Chairman & Executive Director |
| Announcement Reference | SG231222OTHRWT0O |
| Submitted By (Co./ Ind. Name) | Lim Yit Keong |
| Designation | Lead Independent Director |
| Description (Please provide a detailed description of the event in the box below) | 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 (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 Ms Lee Khai Yinn (Tel: (65) 6232 3210), at 1 Robinson Road, #21-00 AIA Tower, Singapore 048542. |
| Additional Details | |
| Name Of Person | Mark Leong Kei Wei |
| Age | 47 |
| Is effective date of cessation known? | Yes |
| If yes, please provide the date | 31/12/2023 |
| Detailed Reason (s) for cessation | Mr. Mark Leong Kei Wei ("Mr. Mark Leong") tendered his resignation on 15 December 2023 due to other personal commitment. Considering the availability of the new Executive Chairman who is the successor of his role to be appointed immediately on 1 January 2024, the Company and Mr. Mark Leong have mutually agreed for his last day of employment to be 31 December 2023. During this interim period, Mr. Mark Leong will hand over his duties and responsibilities to Ms. Lee Elaine, the newly appointed Executive Chairman and Chief Executive Officer ("CEO") of the Company. A detailed announcement pursuant to Rule 704(6) of the Catalist Rules containing the particulars of Ms. Lee Elaine has been released separately via the SGXNet on 22 December 2023. In view of his resignation, Mr. Mark Leong has refrained from participating in any corporate decisions. The Board would like to express its gratitude and appreciation towards Mr. Mark Leong for his contributions to the Company and the Board during his tenure. The Sponsor, after having interviewed Mr. Mark Leong, is satisfied that, save as disclosed in this announcement, there are no material reasons for the cessation of Mr. Mark Leong as an Executive Chairman 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? | No |
| Date of Appointment to current position | 17/04/2023 |
| Does the AC have a minimum of 3 members (taking into account this cessation)? | Yes |
| 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 | 4 |
| Job Title (e.g. Lead ID, AC Chairman, AC Member etc.) | Executive Chairman |
| Role and responsibilities | Executive. Mr. Mark Leong is responsible for setting the strategic direction of the Group together with the Board. Together with Ms. Ang Puak Huen, the Executive Director and Chief Operating Officer of the Company, Mr. Mark Leong jointly oversees the overall management of the Group, including steering the business and operations for future growth and expansion. |
| 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? | No |
| Past (for the last 5 years) | LCT Holdings Limited Auspac Financial Services Pty. Ltd. Auspac Management Services Pte. Ltd. Pulai Mining Sdn. Bhd. East Indonesia Mining Pte. Ltd. PT Selatan Arc Mineral RBV Energy (Singapore) Pte. Ltd. Ma Ji Xie (Tian Jin) Co., Ltd. Fan Ma Fang Zhi (Tian Jin) Co., Ltd. Solar Energy Investment Pte. Ltd. Sumberjaya Land and Mining Sdn. Bhd. Ascendance Limited Top Mining Limited Cytomed Therapeutics (Malaysia) Sdn. Bhd. Catalano Seafood Ltd. |
| Present | Outside the Group: Osteopore Limited, Executive Chairman LMIRT Management Ltd., Independent Director HS Optimus Holdings Limited, Independent Director 9R Limited (f.k.a. Viking Offshore and Marine Limited), Independent Director mDR Limited, Lead Independent Director Avalon Partners Pte. Ltd., Non-Executive Director Cytomed Therapeutics Limited, Independent Director Osteopore Australia Pty Limited, Director Apeiron Agrocommodities Pte Ltd, Non-Executive Director Within the Group : Cloud Eight Pte. Ltd. LB F&B Pte. Ltd. Superfood Kitchen Pte. Ltd. LifeBrandz Investment Management Pte. Ltd. (f.k.a. Takumi Holidays Pte. Ltd.) The Green Bar Pte. Ltd. Mr. Mark Leong will also step down as a director of the abovementioned Group's subsidiaries on the same day or as soon as practicable. |