Announcements
Change - Announcement Of Resignation Of Independent Director
May 28, 2025
| Announcement Title | Change - Announcement of Cessation |
| Date & Time of Broadcast | May 28, 2025 21:07 |
| Status | New |
| Announcement Sub Title | Resignation of Independent Director |
| Announcement Reference | SG250528OTHR69GB |
| Submitted By (Co./ Ind. Name) | Pierre Prunier |
| Designation | Executive Director |
| Description (Please provide a detailed description of the event in the box below) | Resignation of Independent Director - Phang Yew Kiat This announcement has been reviewed by the Company's sponsor, SAC Capital Private Limited (the "Sponsor"). It 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 Charmian Lim (telephone no.: +65 6232 3210) at 1 Robinson Road, #21-01 AIA Tower, Singapore 048542. |
| Additional Details | |
| Name Of Person | Phang Yew Kiat |
| Age | 56 |
| Is effective date of cessation known? | Yes |
| If yes, please provide the date | 27/05/2025 |
| Detailed Reason (s) for cessation | Mr Phang Yew Kiat ("Mr Phang") has tendered his resignation as Independent Director of the Company with effect from 27 May 2025 to facilitate Board renewal having considered the requisition notice dated 7 May 2025. Efforts to reach out to the requisitioning shareholders for a constructive dialogue had failed to materialise. The Company received his resignation letter in the late evening of 27 May 2025. Following Mr Phang's resignation, he will also relinquish his positions as a member of the Audit Committee and Chairman of the Nominating and Remuneration Committees. In light of the resignations of Mr Phang, Mr Irawan Muyaldi ("Mr Irawan") and Mr Dhanie Tri Indrasto, details of which are set out in separate announcements released on SGXNet on 28 May 2025 in accordance with Rule 704(6)(a) of the Listing Manual Section B: Rules of Catalist of the SGX-ST ("Catalist Rules"), the remaining members of the Board comprises of 1 Executive Director and 1 Independent Director. The remaining members of the Board will endeavour to appoint additional members to the Board to comply with Rule 406(3)(c) and Rule 704(7) of the Catalist Rules within two months, but in any case not later than three months. The Company's Sponsor, SAC Capital Private Limited, after having interviewed Mr Phang, is satisfied that other than as disclosed in this announcement, there are no material reasons for the resignation of Mr Phang 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? | Yes |
| If Yes, Please provide full details | Mr Phang wishes to bring to shareholders' attention that both himself and Mr Irawan were appointed to the Board in December 2024 and October 2024, respectively. He requests for shareholders to give newly appointed board members and management team sufficient time to manage the Company's affairs and to improve the financial position of the Company in due time. Multiple requisition notices served within a short time period derails the Board and Management from focusing on operational matters. |
| Any other relevant information to be provided to shareholders of the listed issuer? | No |
| Date of Appointment to current position | 16/12/2024 |
| 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) | 1 |
| Number of cessations of appointments specified in Listing Rule 704 (7) or Catalist Rule 704 (6) over the past 12 months | 5 |
| Job Title (e.g. Lead ID, AC Chairman, AC Member etc.) | Independent Non-Executive Chairman Member of Audit Committee Chairman of Nominating Committee Chairman of Remuneration Committee |
| Role and responsibilities | Independent Director |
| 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) | 1. Chong Sing Holdings FinTech Group Limited 2. Home Park II Limited 3. Palmer HMG Limited 4. PHM Laundry Services Limited 5. Old Thorns Golf Hotel and Country Estate (Holdings) Limited 6. Home Park Estate Limited 7. Old Thorns Golf Hotel and Country Estate Limited 8. Old Thorns Management Limited 9. Castlemartyr Top Hotel (Holdings) Limited 10. Castlemartyr Gate Lodges (Holdings) Limited 11. Castlemartyr Country Hotel Resort Limited 12. Castlemartyr Hotel Lodges (Holdings) Limited 13. RoyAlp S.A. 14. Giri Holdings Inc. 15. Well Up (Hong Kong) Limited 16. UCF Far East Pte Ltd |
| Present | 1. Chuan Holdings Limited 2. Acore Capital Investments 3. SafeGuard Real Estate Holding Pte Ltd 4. HT Universal Investment Management Private Limited 5. Red Oak Tree Commodity Trading Private Limited 6. Alpine Investment Capital Limited 7. AlphaOne Private Limited 8. Orient Pacific Commodity Traders Private Limited |