Change - Announcement Of Re-Designation Of Non-Executive And Independent Director
BackJul 15, 2024
| Announcement Title | Change - Announcement of Appointment |
| Date & Time of Broadcast | Jul 15, 2024 23:24 |
| Status | New |
| Announcement Sub Title | Re-Designation of Non-Executive and Independent Director |
| Announcement Reference | SG240715OTHRG2TT |
| Submitted By (Co./ Ind. Name) | Goh Kim San |
| Designation | Executive Chairman and Chief Executive Officer |
| Description (Please provide a detailed description of the event in the box below) | Re-designation of Mr Anthony Ang Meng Huat from Non-Executive and Independent Director to Non-Executive and Lead Independent Director. This announcement has been reviewed by the Company's sponsor, RHT Capital Pte. Ltd. (the "Sponsor"). It has not been examined or approved by the Singapore Exchange Securities Trading Limited (the "Exchange") and the Exchange assumes no responsibility for the contents of this document, including the correctness of any of the statements or opinions made or reports contained in this document. The contact person for the sponsor is Mr. Mah How Soon at 36 Robinson Road, #10-06 City House, Singapore 068877, Email: sponsor@rhtgoc.com. |
| Additional Details | |
| Date Of Appointment | 30/07/2024 |
| Name Of Person | Anthony Ang Meng Huat |
| Age | 69 |
| Country Of Principal Residence | Singapore |
| Date of last re-appointment (if applicable) | 28/07/2023 |
| The Board's comments on this appointment (including rationale, selection criteria, board diversity considerations, and the search and nomination process) | Mr Anthony Ang Meng Huat ("Mr Ang") has been an Independent Director of the Company since 3 October 2022. The Nominating Committee ("NC") and the board of directors of the Company ("Board"), having reviewed and considered Mr Ang's experience, mix of skills, core competencies, knowledge of the Company and his past contribution to the Company, is of the view that Mr Ang has the requisite experience and capabilities to assume the responsibilities as Non-Executive and Lead Independent Director of the Company. Accordingly, the Board has approved the re-designation of Mr Ang as Non-Executive and Lead Independent Director of the Company immediately after the conclusion of the upcoming annual general meeting of the Company to be held on 30 July 2024. Mr Ang had abstained from the deliberations and decisions of his re-designation. Following his re-designation, he will remain as the Chairman of Audit Committee and members of the NC and Remuneration Committee of the Company. The Company is in the process of looking for suitable candidate to ensure that the Board has an appropriate level of independence and diversity of thought and background in its composition to enable it to make decisions in the best interests of the Company. The Company will make the necessary announcement(s) on the changes in the composition of the Board and Board Committees in due course. |
| Whether appointment is executive, and if so, the area of responsibility | Non-Executive |
| Job Title (e.g. Lead ID, AC Chairman, AC Member etc.) | Non-Executive and Lead Independent Director, Chairman of Audit Committee and members of Nominating and Remuneration Committees. |
| Professional qualifications | 1. Master of Business Administration from European Institution of Business Administration ("INSEAD"), France 2. International Directorship Programme Certificate from INSEAD, France 3. Bachelor of Science (Mechanical Engineering) with First Class Honours from the Imperial College of Science and Technology, United Kingdom. |
| Any relationship (including immediate family relationships) with any existing director, existing executive officer, the issuer and/ or substantial shareholder of the listed issuer or any of its principal subsidiaries | Eurosports Global Limited has invested in Tribeca Global SPAC Fund IV LLC. Tribeca Global SPAC Fund IV LLC is a sponsor fund which subsequently listed a SPAC in NASDAQ, United States of America, named Global Star Acquisition Inc. Mr Ang is the Chairman and CEO of Global Star Acquisition Inc. |
| Conflict of interests (including any competing business) | Nil |
| Working experience and occupation(s) during the past 10 years | Ministry of Foreign Affairs (November 2018 to Present) Ambassador Extraordinary and Plenipotentiary of the Republic of Singapore to the Republic of Tunisia Sasseur Asset Management Pte Ltd (March 2017 to July 2021) Chief Executive Officer ARA Asset Management (Fortune) Pte. Ltd. (March 2010 to December 2016) Executive Director ARA Asset Management (Fortune) Pte. Ltd. (March 2010 to January 2015) Chief Executive Officer |
| Undertaking submitted to the listed issuer in the form of Appendix 7.7 (Listing Rule 704(7)) Or Appendix 7H (Catalist Rule 704(6)) | Yes |
| Shareholding interest in the listed issuer and its subsidiaries? | No |
| # These fields are not applicable for announcements of appointments pursuant to Listing Rule 704 (9) or Catalist Rule 704 (8). | |
| Past (for the last 5 years) | 1. Hong Sun Group Development Limited 2. Sasseur Bishan HK Limited 3. Sasseur Hefei HK Limited 4. Sasseur Jinan HK Limited 5. Sasseur Singapore Holdings Pte. Ltd. 6. Sasseur Bishan (BVI) Limited 7. Sasseur Hefei Limited 8. Sasseur Jinan Limited 9. Sino Yu Pte. Ltd. 10. SYW Pte. Ltd. |
| Present | 1. Better World Asset Management Pte. Ltd. 2. Sinospring Venture Pte. Ltd. 3. Seascape Investments Pte. Ltd. 4. Singapore Digital Exchange Pte. Ltd. 5. RV SG Pte. Ltd. 6. Heatec Jietong Holdings Ltd. 7. Yong Tai Berhad 8. Imperiale Investment Company Limited 9. New Majulah Connection 10. Global Star Acquisition Inc 11. Non-Resident Ambassador of the Republic of Tunisia, Ministry of Foreign Affairs 12. GCIC Pte. Ltd. 13. ITE Education Services Pte. Ltd. 14. Truufin Pte. Ltd. 15. SquareDog Robiotics Pte. Ltd. 16. Sunrise Shares Holdings Ltd. 17. The Red Pencil (Singapore) 18. Sunrise Industrial (Singapore) Pte. Ltd. 19. YTB (Singapore) Pte. Ltd. |
| (a) Whether at any time during the last 10 years, an application or a petition under any bankruptcy law of any jurisdiction was filed against him or against a partnership of which he was a partner at the time when he was a partner or at any time within 2 years from the date he ceased to be a partner? | No |
| (b) Whether at any time during the last 10 years, an application or a petition under any law of any jurisdiction was filed against an entity (not being a partnership) of which he was a director or an equivalent person or a key executive, at the time when he was a director or an equivalent person or a key executive of that entity or at any time within 2 years from the date he ceased to be a director or an equivalent person or a key executive of that entity, for the winding up or dissolution of that entity or, where that entity is the trustee of a business trust, that business trust, on the ground of insolvency? | No |
| (c) Whether there is any unsatisfied judgment against him? | No |
| (d) Whether he has ever been convicted of any offence, in Singapore or elsewhere, involving fraud or dishonesty which is punishable with imprisonment, or has been the subject of any criminal proceedings (including any pending criminal proceedings of which he is aware) for such purpose? | No |
| (e) Whether he has ever been convicted of any offence, in Singapore or elsewhere, involving a breach of any law or regulatory requirement that relates to the securities or futures industry in Singapore or elsewhere, or has been the subject of any criminal proceedings (including any pending criminal proceedings of which he is aware) for such breach? | No |
| (f) Whether at any time during the last 10 years, judgment has been entered against him in any civil proceedings in Singapore or elsewhere involving a breach of any law or regulatory requirement that relates to the securities or futures industry in Singapore or elsewhere, or a finding of fraud, misrepresentation or dishonesty on his part, or he has been the subject of any civil proceedings (including any pending civil proceedings of which he is aware) involving an allegation of fraud, misrepresentation or dishonesty on his part? | No |
| (g) Whether he has ever been convicted in Singapore or elsewhere of any offence in connection with the formation or management of any entity or business trust? | No |
| (h) Whether he has ever been disqualified from acting as a director or an equivalent person of any entity (including the trustee of a business trust), or from taking part directly or indirectly in the management of any entity or business trust? | No |
| (i) Whether he has ever been the subject of any order, judgment or ruling of any court, tribunal or governmental body, permanently or temporarily enjoining him from engaging in any type of business practice or activity? | No |
| (j) Whether he has ever, to his knowledge, been concerned with the management or conduct, in Singapore or elsewhere, of the affairs of :- | |
| (i) any corporation which has been investigated for a breach of any law or regulatory requirement governing corporations in Singapore or elsewhere; or | Yes |
| If Yes, Please provide full details | Mr Ang was an Independent Director and Chairman of the Audit Committee of E3 Holdings Ltd. ("E3") before it was delisted from the SGX-ST on 31 May 2011. In 2018, the Audit Committee of E3 (spearheaded by Mr Ang, who was the Chairman of the Audit Committee of E3) commissioned a special audit due to suspected fraud for investments in the People's Republic of China. Following the findings, the SGX-ST conducted a review of the matters and issued a reprimand against six of its directors for breaches of the SGX-ST listing rules and failures of corporate governance. Please refer also the announcements by E3 dated 9 February 2010, 30 April 2010, 20 May 2010, 14 June 2010, 16 January 2011, 13 April 2011, 17 April 2011 and 6 May 2011 for more details. For the avoidance of doubt, Mr Ang was not the subject of the reprimand issued by the SGX-ST. |
| (ii) any entity (not being a corporation) which has been investigated for a breach of any law or regulatory requirement governing such entities in Singapore or elsewhere; or | No |
| (iii) any business trust which has been investigated for a breach of any law or regulatory requirement governing business trusts in Singapore or elsewhere; or | No |
| (iv) any entity or business trust which has been investigated for a breach of any law or regulatory requirement that relates to the securities or futures industry in Singapore or elsewhere, in connection with any matter occurring or arising during that period when he was so concerned with the entity or business trust? | No |
| (k) Whether he has been the subject of any current or past investigation or disciplinary proceedings, or has been reprimanded or issued any warning, by the Monetary Authority of Singapore or any other regulatory authority, exchange, professional body or government agency, whether in Singapore or elsewhere? | No |
| Any prior experience as a director of an issuer listed on the Exchange? | Yes |
| If Yes, Please provide details of prior experience | Mr Ang is currently a Director of Heatec Jietong Holdings Ltd, Yong Tai Berhad, Global Star Acquistion Inc and Sunrise Shares Holdings Ltd. Previously held directorships in SGX-ST listed companies, namely, IPS Securex Holdings Limited, ARA Asset Management (Fortune) Limited, Europtronic Group Ltd, Armstrong Industrial Corporation Limited and E3 Holdings Ltd. |
| Please provide details of relevant experience and the nominating committee's reasons for not requiring the director to undergo training as prescribed by the Exchange (if applicable) | Not Applicable. |
