Announcements
Change - Announcement Of Resignation Of Chief Executive Officer
May 05, 2017
| Announcement Title | Change - Announcement of Cessation |
| Date & Time of Broadcast | May 5, 2017 17:29 |
| Status | New |
| Announcement Sub Title | RESIGNATION OF CHIEF EXECUTIVE OFFICER |
| Announcement Reference | SG170505OTHRNPP3 |
| Submitted By (Co./ Ind. Name) | Phua Cher Chuan |
| Designation | Chief Executive Officer |
| Description (Please provide a detailed description of the event in the box below) | Resignation of Chief Executive Officer. This announcement has been prepared by the Company and its contents have been reviewed by the Company's sponsor, SAC Capital Private Limited (the "Sponsor"), for compliance with the relevant rules of the Singapore Exchange Securities Trading Limited (the "Exchange"). The Sponsor has not independently verified the contents of this announcement. This announcement has not been examined or approved by the Exchange and the Exchange 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 Ong Hwee Li (telephone no.: (65) 6532 3829) at 1 Robinson Road, #21-02 AIA Tower, Singapore 048542. SAC Capital Private Limited is the parent company of SAC Advisors Private Limited. |
| Additional Details | |
| Name Of Person | Phua Cher Chuan |
| Age | 47 |
| Is effective date of cessation known? | Yes |
| If yes, please provide the date | 05/05/2017 |
| Detailed Reason (s) for cessation | Mr Phua Cher Chuan is resigning from his position as Chief Executive Officer ("CEO") pursuant to a change in controlling interest in the Company. Mr Phua will remain as an Executive Director of the Company and a new CEO will be appointed in due course. The Company's sponsor, SAC Capital Private Limited, has contacted Mr Phua and based on its enquiries, is satisfied that other than as disclosed in this announcement, there are no other material reasons for the cessation of Mr Phua as CEO 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 | 16/03/2015 |
| 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) | 4 |
| Number of cessations of appointments specified in Listing Rule 704 (7) or Catalist Rule 704 (6) over the past 12 months | 1 |
| Job Title (e.g. Lead ID, AC Chairman, AC Member etc.) | Chief Executive Officer |
| Role and responsibilities | Responsible for the overall management of the Group's business and corporate development. He also works together with the Group's Non-Executive Chairman to formulate the business and corporate policies and strategies of the Group. |
| Familial relationship with any director and/ or substantial shareholder of the listed issuer or of any of its principal subsidiaries | Mr Phua Cher Chuan is the nephew of Mr Phua Chian Kin, the group executive, managing director and controlling shareholder of TEE International Limited, a controlling shareholder of the Company. |
| Shareholding interest in the listed issuer and its subsidiaries? | Yes |
| Shareholding Details | 50,000 shares held in the paid-up share capital of the Company |
| Past (for the last 5 years) | Interlift Sales Pte Ltd |
| Present | CMC Communications (Singapore) Pte. Ltd. CMC Communications (Thailand) Co., Ltd. CMTE Technology Sdn. Bhd. Nexfrontier Solutions Pte. Ltd. Security Pro-Telco Pte. Ltd. |