| Announcement Title |
Change - Announcement of Appointment |
| Date & Time of Broadcast |
Dec 1, 2022 18:04 |
| Status |
New |
| Announcement Sub Title |
Appointment of Independent Director |
| Announcement Reference |
SG221201OTHRWJYC |
| 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) |
Announcement of Appointment of Independent Director |
| Additional Details |
| Date Of Appointment |
01/12/2022 |
| Name Of Person |
Ong Tiew Siam |
| Age |
69 |
| 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 and Board of Directors of the Company have reviewed and considered Mr Ong's qualifications and work experience and are of the opinion that he is suitable for the role of Independent Director of the Company. |
| Whether appointment is executive, and if so, the area of responsibility |
No |
| Job Title (e.g. Lead ID, AC Chairman, AC Member etc.) |
Lead Independent Director
Chairman of the Audit Committee |
| Professional qualifications |
Bachelor of Commerce (Hons) in Accountancy, Nanyang University
Fellow and Member of Institute of Singapore Chartered Accountants |
| 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 |
No |
| Conflict of interests (including any competing business) |
No |
| Working experience and occupation(s) during the past 10 years |
Mr Ong presently holds the following positions:
1. Independent Director of CSC Holdings Limited (a company listed on SGX-ST)
In the past 10 years, Mr Ong previously held the following positions:
1. Independent Director of China Flexible Packaging Limited (2003 to 2013)
2. Independent Director of Ace Achieve Infocom Limited (2004 to 2014)
3. Independent Director of Lizhong Wheel Group Ltd. (2005 to 2015)
4. Independent Director of Fung Choi Media Group Ltd (2004 to 2017)
5. Executive Director of Tat Hong Holdings Ltd (1999 to 2018)
6. Independent Director of Design Studio Group Ltd (2007 to 2019)
7. Independent Director of Valuetronics Holdings Limited (2014 to 2022) |
| 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. Executive Director of Tat Hong Holdings Ltd
2. Independent Director of Design Studio Group Ltd
3. Independent Director of Valuetronics Holdings Limited |
| Present |
Independent Director of CSC Holdings Limited |
| (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? |
Yes |
| If Yes, Please provide full details |
Mr Ong was an Independent Non-Executive Director of Fung Choi Media Group Limited ("FCM"), a Bermuda incorporated company which was previously listed on the mainboard of the SGX-ST. He was not in-charge of the day-to-day operations of FCM. On 20 March 2015, a winding up petition on the grounds of insolvency was made by BCA Best Business Service Limited (the "Bondholder") with the Supreme Court of Bermuda ("Bermuda Court") in relation to an outstanding debt of US$43,939,101 due from FCM to the Bondholder. On 25 November 2015, the Bermuda Court heard the winding up petition and made an offer for FCM to be wound up and accordingly, FCM delisted from the mainboard of the SGX-ST on 24 July 2017. |
| (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 |
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? |
No |
| Any prior experience as a director of an issuer listed on the Exchange? |
Yes |
| If Yes, Please provide details of prior experience |
Mr Ong holds or has previously held directorships in the following listed companies:
- Valuetronics Holdings Limited
- CSC Holdings Limited
- Design Studio Group Ltd
- Lizhong Wheel Group Ltd.
- Tat Hong Holdings Ltd
- China Flexible Packaging Limited
- Fung Choi Media Group Ltd
- Ace Achieve Infocom Limited |
| 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 |
