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| Announcement Title | Change - Announcement of Cessation |
| Date & Time of Broadcast | Nov 1, 2023 21:28 |
| Status | New |
| Announcement Sub Title | Cessation of Chief Executive Officer - Wong Lok Yung |
| Announcement Reference | SG231101OTHRGZO8 |
| Submitted By (Co./ Ind. Name) | Maureen Low |
| Designation | Company Secretary |
| Description (Please provide a detailed description of the event in the box below) | Cessation of Chief Executive Officer 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 Audrey Mok (Tel: (65) 6232 3210) at 1 Robinson Road, #21-00 AIA Tower, Singapore 048542. |
| Additional Details | |
| Name Of Person | Wong Lok Yung |
| Age | 72 |
| Is effective date of cessation known? | Yes |
| If yes, please provide the date | 15/11/2023 |
| Detailed Reason (s) for cessation | Due to his age and health condition, Mr Wong Lok Yung ("Mr Wong") will relinquish his role as the Chief Executive Officer and shall be re-designated as the Non-Executive Non-Independent Chairman. Mr Wong will continue to provide guidance to the Group in its strategic and operational objectives, but will cease to be involved in the Group's day-to-day management and operations and will no longer part of the Group's management. Mr Wong will also cease to be a member of the Nominating Committee with effect from 15 November 2023. |
| 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 | 21/03/2013 |
| 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) | 3 |
| 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 and Chief Executive Officer Member of Nominating Committee |
| Role and responsibilities | Mr Wong reports directly to the Board of Directors (the "Board") of the Company. Mr Wong holds executive and management responsibilities and duties with regard to the operations of the Company and the development and expansion of its business as the Board may reasonably direct. |
| 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? | Yes |
| Shareholding Details | 16,500,000 shares under D'Oasis Pte. Ltd. Mr Wong is directly interested in 90% shareholding of D'Oasis Pte. Ltd. and is deemed to have an interest in the remaining 10% shareholding of D'Oasis Pte. Ltd. |
| Past (for the last 5 years) | Nil |
| Present | 1. GDS GLOBAL LIMITED 2. GLIDEROL DOORS (S) PTE. LTD. 3. D'OASIS PTE. LTD. 4. GRIMM INDUSTRIES PTE. LTD. 5. HOMEGARDD PTE. LTD. |