Announcement Reference
SG200414OTHRWM04
Submitted By (Co./ Ind. Name)
Tan Yee Ho
Designation
Executive Chairman
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, ZICO Capital Pte. Ltd. (the “Sponsor”), in accordance with Rule 226(2)(b) of the Singapore Exchange Securities Trading Limited (“SGX-ST”) Listing Manual Section B: Rules of Catalist.
This announcement 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 Ms. Alice Ng, Director of Continuing Sponsorship, ZICO Capital Pte. Ltd. at 8 Robinson Road, #09-00 ASO Building, Singapore 048544, telephone (65) 6636 4201.
Additional Details
Name Of Person
Ng Kim Ying
Age
63
Is effective date of cessation known?
Yes
If yes, please provide the date
08/06/2020
Detailed Reason (s) for cessation
Ms Ng Kim Ying (“Ms Ng”) had, on 8 April 2020, tendered her resignation as the Chief Financial Officer (“CFO”) and Company Secretary of Soon Lian Holdings Limited (the “Company”, and together with its subsidiaries, the “Group”) (the “Resignation”), citing differences in management style with the new management of the Company. Pursuant to the Resignation, Ms Ng will also resign from each of the directorships in entities within the Group where she is currently a director.
Ms Ng is currently serving a two (2) months’ notice period and her last day of employment will be 7 June 2020. For the avoidance of doubt, Ms Ng will remain as CFO and Company Secretary of the Company, and will continue to ensure smooth functioning of the operations of the finance team of the Group, until the effective date of her resignation (i.e. 8 June 2020). In the meanwhile, the Company will commence the search for a new CFO and a new Company Secretary of the Company. The Company targets to appoint a new CFO of the Company before end May 2020. Ms Ng will work closely with the Chief Executive Officer of the Company and the new CFO of the Company (once identified) to ensure an orderly and smooth transition.
Section 171(4) of the Companies Act, Chapter 50 of Singapore provides that the office of secretary shall not be left vacant for more than six (6) months at any one time. As such, the Company will appoint a new Company Secretary within 6 months from the effective date of the Resignation.
The Company will update its shareholders and make the necessary announcement(s) as and when a new CFO and/or a new Company Secretary of the Company is/are appointed.
After having interviewed Ms Ng and to the best of its knowledge, the Company’s sponsor, ZICO Capital Pte. Ltd., is satisfied that, save as disclosed in this announcement, there are no material reasons for the cessation of Ms Ng as the CFO and Company Secretary of the Company.
In addition, there are no concerns with regards to financial reporting that led to the resignation of Ms Ng and there are no disagreements between Ms Ng and the Board of Directors of the Company with regards to practices that would have an impact to the Company’s financial reporting.
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
18/12/2004
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.)
Chief Financial Officer and Company Secretary
Role and responsibilities
Ms Ng oversees the Group’s financial reporting, and is responsible for the overall financial management of the Group, as well as corporate secretarial matters of the Company.
Familial relationship with any director and/ or substantial shareholder of the listed issuer or of any of its principal subsidiaries
No
Shareholding interest in the listed issuer and its subsidiaries?
Yes
Shareholding Details
Direct interest of 1,600,000 shares in the Company
Past (for the last 5 years)
Nil
Present
1. SL Metals (Suzhou) Co., Ltd
2. SL Metals (Shenzhen) Co., Ltd (currently in the process of a members’ voluntary winding up) (Supervisor)