| Announcement Title |
Change - Announcement of Appointment |
| Date & Time of Broadcast |
May 20, 2022 17:50 |
| Status |
New |
| Announcement Sub Title |
Appointment of Head of Business Development and Strategy Planning |
| Announcement Reference |
SG220520OTHR8MDG |
| Submitted By (Co./ Ind. Name) |
Ong Tong Hai |
| Designation |
Chief Executive Officer |
| Description (Please provide a detailed description of the event in the box below) |
Appointment of Mr Ong Tong Yang as Head of Business Development and Strategy Planning of the Company's wholly owned subsidiary Kim Seng Huat Hardware Pte. Ltd. |
| Additional Details |
| Date Of Appointment |
20/05/2022 |
| Name Of Person |
Ong Tong Yang |
| Age |
47 |
| Country Of Principal Residence |
Singapore |
| The Board's comments on this appointment (including rationale, selection criteria, board diversity considerations, and the search and nomination process) |
The Nominating Committee has recommended, and the Board has approved the appointment of Mr Ong Tong Yang ("Mr Ong"), inter alia, for the following reasons:
(1) Mr Ong stepped down as Executive Director of the Company on 31 March 2019 due to health reasons and as his health has improved, the Nominating Committee and the Board are of the view that re-employing Mr Ong will be beneficial to the Company as part of the Group s ongoing efforts to increase revenue growth; and
(2) While the Nominating Committee has taken note of Mr Ong s past offence, further details of which are set out in paragraph (d) below, the NC has deliberated and considers Mr Ong suitable for appointment as Head of Business Development and Strategy Planning of KSH (as defined below), inter alia, given the long lapse of time since the date of the offence and Mr Ong will be reporting to the CEO in his current role who will have direct supervision over the discharge of Mr Ong s roles and responsibilities.
|
| Whether appointment is executive, and if so, the area of responsibility |
Mr Ong will be assuming an executive role whereby his main areas of responsibility will be as follows:-
- Driving business development strategies for KSH.
- Improving the current portfolio and explores new business opportunities.
- Formulating the business strategies that are in line with organisational objectives.
- Co-ordinating and giving guidance to sales team to achieve the organisational objectives. |
| Job Title (e.g. Lead ID, AC Chairman, AC Member etc.) |
Head of Business Development and Strategy Planning of the Company s wholly owned subsidiary Kim Seng Huat Hardware Pte. Ltd. ("KSH"). |
| Professional qualifications |
- |
| 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 |
Mr Ong is a substantial shareholder of the Company and the brother of the CEO, Executive Director and substantial shareholder, Mr Ong Tong Hai. |
| Conflict of interests (including any competing business) |
Nil |
| Working experience and occupation(s) during the past 10 years |
Executive Director of Cosmosteel Holdings Limited
22 June 2007 - 31 March 2019
|
| 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? |
Yes |
| Shareholding Details |
Mr Ong holds 19,954,396 ordinary shares in the Company. |
| # 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) |
Nil |
| Present |
Nil |
| (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? |
Yes |
| If Yes, Please provide full details |
Mr Ong was first investigated by the Corrupt Practices Investigation Bureau in 2014 in connection with an alleged offence under Section 6(b) of the Prevention of Corruption Act 1960 relating to the giving of illegal gratification to an agent. Mr Ong was convicted and fined for such offence and following the payment of the fine levied, the case has been closed. |
| (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? |
Yes |
| If Yes, Please provide full details |
Mr Ong is disqualified from acting as a director arising from the offence referred to in paragraph (d) above. |
| (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 |
No |
| (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? |
Yes |
| If Yes, Please provide full details |
Please refer to paragraph (d) above. |
| Any prior experience as a director of an issuer listed on the Exchange? |
Yes |
| If Yes, Please provide details of prior experience |
Executive Director of Cosmosteel Holdings Limited
22 June 2007 - 31 March 2019 |
| 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 as Mr Ong is appointed Head of Business Development and Strategy Planning of KSH. |
