The board of directors of Asiatic Group (Holdings) Limited announced the appointment of Mr. Tay Kah Chye as an Independent Director of the Company. Mr. Tay has extensive experience in banking, having held senior positions with Citibank and the Asean Finance Corporation Limited. He was the Honorary Secretary General of ASEAN Bankers Association from 1991 to 2006 and was its Honorary Advisor from 2007 to 2008.

As part of the board's renewal process and with the appointment of an additional director, Mr. Tan Ah Kan @ Tan Kow La has indicated to step down as a Non-Executive Director of the company to enjoy his retirement years. Co-terminus with his retirement as the Non-Executive Director of the Company, Mr. Tan's various appointments on the board's committees will also cease with immediate effect. Further to being appointed as an Independent Director, Mr. Tay Kah Chye has also been appointed as the Independent Chairman of the company and henceforth, Mr. Tan Boon Kheng will relinquish his appointment as Acting Chairman and remain as the Managing Director.

With the appointment of an Independent Chairman in place, the roles of the Chairman and Chief Executive Officer are now fulfilled by separate non-related individuals, and Mr. Seah Hai Yang has also relinquished his appointment as the Lead Independent Director. Co-terminus with the retirement of Mr. Tan Ah Kan @ Tan Kow La and the cessation of his appointments on the board's Committees, Mr. Tay Kah Chye has been appointed as the Chairman of the Remuneration Committee and as a member of the Audit Committee and the Nominating Committee. Mr. Liew Ah Choy will relinquish his appointment as the Chairman of the RC and remain as a member of the RC.