| Announcement Title | Change - Announcement of Cessation |
| Date & Time of Broadcast | Oct 27, 2022 17:36 |
| Status | New |
| Announcement Sub Title | Retirement of Independent Director |
| Announcement Reference | SG221027OTHRV7GU |
| Submitted By (Co./ Ind. Name) | Adrian Chan Pengee |
| Designation | 65574814 |
| Description (Please provide a detailed description of the event in the box below) | Retirement of Independent Director |
| Additional Details | |
| Name Of Person | Khor Thiam Beng |
| Age | 80 |
| Is effective date of cessation known? | Yes |
| If yes, please provide the date | 27/10/2022 |
| Detailed Reason (s) for cessation | Mr Khor is retiring pursuant to Regulation 104(2) of the Constitution of Avi-Tech Holdings Limited (the "Company") and will not be seeking re-election. |
| 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? | Yes |
| If Yes, Please provide full details | Following Mr. Khor's retirement, the number of Audit and Risk Committee members falls below the minimum number of three members as required under Rule 704(8) of the Listing Manual of the Singapore Exchange Securities Trading Limited (the "Listing Manual") and the provisions set forth in the Code of Corporate Governance 2018 (the "Code"). There will also be insufficient members in the Nominating Committee and Remuneration Committee pursuant to the provisions set forth in the Code. In light of the foregoing, a new Independent Director, Mr Chan Yu Meng, will be appointed with effect from 27 October 2022 to fill the vacancies in the Audit and Risk Committee, Nominating Committee and Remuneration Committee. Announcements containing the prescribed information pursuant to Rule 704(7) of the Listing Manual and the changes in the composition of the Board and Board Committees following Mr Chan Yu Meng's appointment will be released separately today. |
| Date of Appointment to current position | 30/10/2006 |
| Does the AC have a minimum of 3 members (taking into account this cessation)? | No |
| Number of Independent Directors currently resident in Singapore (taking into account this cessation) | 2 |
| Number of cessations of appointments specified in Listing Rule 704 (7) or Catalist Rule 704 (6) over the past 12 months | 1 |
| Job Title (e.g. Lead ID, AC Chairman, AC Member etc.) | Non-Executive Chairman and Independent Director, Audit and Risk Committee Member, Nominating Committee Member, and Remuneration Committee Member. |
| Role and responsibilities | Roles and responsibilities of a Non-Executive Chairman and Independent Director, Audit and Risk Committee Member, Nominating Committee Member, and Remuneration Committee Member. |
| Familial relationship with any director and/ or substantial shareholder of the listed issuer or of any of its principal subsidiaries | NIL |
| Shareholding interest in the listed issuer and its subsidiaries? | Yes |
| Shareholding Details | Direct interest in 90,000 ordinary shares of the Company. |
| Past (for the last 5 years) | NIL (excluding subsidiaries and associates of the Company) |
| Present | Khor Holdings Pte Ltd HB Media Holdings Pte Ltd |