| Announcement Title | Change - Announcement of Cessation |
| Date & Time of Broadcast | Apr 11, 2024 18:17 |
| Status | New |
| Announcement Sub Title | Resignation of Independent and Non-Executive Director |
| Announcement Reference | SG240411OTHRYCRA |
| Submitted By (Co./ Ind. Name) | Ridwan Hamid |
| Designation | Executive Director, Group Business Support |
| Description (Please provide a detailed description of the event in the box below) | Resignation of Independent and Non-Executive Director |
| Additional Details | |
| Name Of Person | Nicholas Peter Ballas |
| Age | 63 |
| Is effective date of cessation known? | Yes |
| If yes, please provide the date | 29/04/2024 |
| Detailed Reason (s) for cessation | Nicholas Peter Ballas has served on the Board as independent director for more than nine years from the date of his first appointment and pursuant to SGX Listing Rule 210(5)(d)(iv) which comes into effect on 11 January 2023, he will no longer be considered as independent upon the conclusion of the Company's Annual General Meeting ("AGM") to be held on 29 April 2024. In line with the Board renewal process, the NC and Board has identified new independent directors to be appointed in place of Nicholas Peter Ballas, and Nicholas Peter Ballas will resign as independent director of the Company effective from the conclusion of the Company's AGM on 29 April 2024. |
| 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 | 01/06/2010 |
| 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) | 5 |
| Number of cessations of appointments specified in Listing Rule 704 (7) or Catalist Rule 704 (6) over the past 12 months | 3 |
| Job Title (e.g. Lead ID, AC Chairman, AC Member etc.) | Chairman of Remuneration Committee, and a member of the Audit and Nominating Committees |
| Role and responsibilities | Non-Executive and Independent |
| 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? | No |
| Past (for the last 5 years) | Cathedral Hill Advisory LLC - Managing Director Building and infrastructure (Wavin) - President |
| Present | Prairie Books, LLC - Director Orbia Advance Corporation,S.A.B.de C.V - Executive Vice President Polymer Solutions (Vestolit) - President Vestolit Gmbh - Director |