AGV

Change - Announcement Of Cessation Of Executive Director

BackOct 01, 2020
Announcement Title Change - Announcement of Cessation
Date & Time of Broadcast Oct 1, 2020 21:09
Status New
Announcement Sub Title Cessation of Executive Director
Announcement Reference SG201001OTHR9VCI
Submitted By (Co./ Ind. Name) Lim Kok Meng
Designation Company Secretary
Description (Please provide a detailed description of the event in the box below) This announcement has been prepared by the Company and its contents have been reviewed by the Company's Sponsor, Hong Leong Finance Limited.

It has not been examined or approved by 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 Mr Kaeson Chui, Vice President, at 16 Raffles Quay, #01-05 Hong Leong Building, Singapore 048581, Telephone (65) 6415 9886.
Additional Details
Name Of Person Ang Nam Wah Albert
Age 53
Is effective date of cessation known? Yes
If yes, please provide the date 01/10/2020
Detailed Reason (s) for cessation We refer to the Company's announcements dated 1 July 2020, 2 July 2020, 7 July 2020, 7 August 2020, 8 September 2020, 10 September 2020 and 15 September 2020 in relation to an investigation by the Commercial Affairs Department ("CAD") and the Monetary Authority of Singapore ("MAS") and the stepping down of Mr Albert Ang as an Executive Director of the Company (the "Earlier Announcements").

As set out in the Earlier Announcements, there has been an investigation by CAD into the offence of false trading and market rigging transactions under section 197 of the Securities and Futures Act (Cap. 289) of Singapore (the "SFA"), and there have arisen reasonable grounds for CAD to believe that Mr Albert Ang has committed an offence. In light of the above and as set out in the Earlier Announcements, as a matter of prudence, the Nominating Committee of the Company (the "NC") has recommended to the Board that Mr Albert Ang should step down as a Director of the Company. Mr Albert Ang has agreed to step down as a Director of the Company. Mr Albert Ang will also be stepping down as director of the Company's subsidiaries.

The Company's Sponsor, Hong Leong Finance Limited, after having interviewed Mr Albert Ang, is satisfied that, other than disclosed in the announcement, there are no other material reasons for the cessation of Mr Albert Ang as Executive Director 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? Yes
If Yes, Please provide full details Mr Albert Ang wishes to state for the record that he has not been formally charged in court for any such offence under the SFA.
Is there any matter in relation to the cessation that needs to be brought to the attention of the shareholders of the listed issuer? Yes
If Yes, Please provide full details Please refer to the Earlier Announcements.
Any other relevant information to be provided to shareholders of the listed issuer? Yes
If Yes, Please provide full details As set out in the Earlier Announcements, Mr Albert Ang's resignation will not affect the operations of the Company and its subsidiaries. The General Manager, Singapore, of the Group, has stepped in to fulfil Mr Albert Ang's duties and responsibilities to ensure the smooth running of the business and operations of the Group.
Date of Appointment to current position 14/01/2020
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 2
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.) Executive Director (Singapore Operations)
Role and responsibilities Mr Albert Ang is responsible for formulating new business development plans for the Group's Singapore operations.
Familial relationship with any director and/ or substantial shareholder of the listed issuer or of any of its principal subsidiaries Mr Albert Ang is deemed to be interested in the 23,106,440 shares of the listed issuer held by Asiagalv Capital LLP. Asiagalv Capital LLP is a limited partnership between Mr Albert Ang and Mr Ang Nam Heng James ("Mr James Ang"). Both Mr Albert Ang and Mr James Ang are brothers.
Shareholding interest in the listed issuer and its subsidiaries? Yes
Shareholding Details Mr Albert Ang is deemed interested in 23,106,440 shares in the listed issuer held by Asiagalv Capital LLP.
Past (for the last 5 years) Nil
Present Nil