News
Change - Announcement Of Cessation As Chief Executive Officer ("CEO")
BackApr 21, 2017
| Announcement Title | Change - Announcement of Cessation |
| Date & Time of Broadcast | Apr 21, 2017 0:14 |
| Status | New |
| Announcement Sub Title | Cessation as Chief Executive Officer ("CEO") |
| Announcement Reference | SG170421OTHRERNX |
| Submitted By (Co./ Ind. Name) | Josephine Toh |
| Designation | Company Secretary |
| Description (Please provide a detailed description of the event in the box below) | Cessation as CEO. Sponsor's Statement: DBS Bank Ltd. was the sole financial adviser, global coordinator and issue manager for the initial public offering of EC World REIT. DBS Bank Ltd., Bank of China Limited, Singapore Branch, China International Capital Corporation (Singapore) Pte. Limited and Maybank Kim Eng Securities Pte. Ltd. were the joint bookrunners and underwriters for the initial public offering of EC World REIT. |
| Additional Details | |
| Name Of Person | Lai Hock Meng |
| Age | 61 |
| Is effective date of cessation known? | Yes |
| If yes, please provide the date | 22/04/2017 |
| Detailed Reason (s) for cessation | CEO succession. Mr Lai Hock Meng ("Mr Peter Lai") will relinquish his position as CEO of EC World Asset Management Pte. Ltd., the manager of EC World REIT ("the Manager"), to pursue personal and other business interests. Mr Peter Lai will remain on the Board of the Manager as a Director. |
| 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 | 01/10/2015 |
| 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 | 1 |
| Job Title (e.g. Lead ID, AC Chairman, AC Member etc.) | Executive Director and CEO |
| Role and responsibilities | Responsible for the overall operational efficiency, growth and profitability of EC World REIT portfolio and the Manager. |
| 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 | 1,204,320 units in EC World REIT |
| Past (for the last 5 years) | Singapore Chinese Orchestra Company Ltd Yin Tai Bio-Technology Pte Ltd China Dredging & Engineering Pte Ltd China Energy Limited China Essence Group Ltd Advance SCT Limited WE Holdings Ltd Nanjing He Ding Investment Management Co., Ltd Metax Engineering Corp Limited Star Castle Capital (Singapore) Pte Ltd C Y Foundation Group Limited Xpress Holdings Ltd China Oilfield Technology Services Group Ltd Guangxi & Gaozhou Association Anomaly Interactive Pte Ltd The China Society, Singapore Expert Global Management Limited Kingbox (Asia) Limited Kingbox Manufacturing Limited C Y Management Limited Ace Advantage Developments Limited Ace Plus Limited Ace Precise International Limited Best Max Holdings Limited Lucky Zone Holdings Limited Perfect Ace Global Limited Science Power Limited Silkway Holdings Limited Number One Ventures Limited Villaway Limited Expert Dragon Limited FA Systems Automation (S) Pte Ltd PureCircle (Shanghai) Co., Ltd PureCircle (Jiangxi) Co., Ltd CFM Holdings Limited ASTI Holdings Limited HML Consulting Group Pte Ltd Dexin Steel Pte Ltd PureCircle Ltd |
| Present | EC World Asset Management Pte. Ltd. Fullwealth Investment Pte. Ltd. Prorich Investment Pte. Ltd. Magnasset Investment Pte. Ltd. Richport Investment Pte. Ltd. Richwin Investment Pte. Ltd. JY Logistics Investment Pte. Ltd. Char Yong (Dabu) Foundation Limited Champ Buyout III Pte Ltd Delong Holdings Ltd |