The board of directors of Kingboard Holdings Limited announced that, Mr. Leung Tai Chiu has resigned as an independent non- executive director, the chairman of the Nomination Committee, and a member of the Audit Committee and the Remuneration Committee of the Board with effect from 31 October 2020, as he would like to devote more time to other commitments. Mr. Leung has confirmed that there is no disagreement with the Board and that there is no matter relating to his Resignation that needs to be brought to the attention of the shareholders of the Company. The Board announced that, Mr. Stanley Chung Wai Cheong has been appointed as an independent non-executive director of the Company with immediate effect. The biographical details of Mr. Chung are set out as follows: Mr. Stanley Chung Wai Cheong, aged 51, graduated with a Bachelor of Commerce Degree from the University of Melbourne in 1993. He is a fellow member of the Hong Kong Institute of Certified Public Accountants and is a certified practicing accountant of CPA Australia. Mr. Chung possesses over 25 years' experience in accounting and financial management. He had also served as the financial controller for a number of listed companies in Hong Kong between 1997 and 2010, and as the Chief Financial Officer in Asia for both private and public multinational companies over the past decade. He is currently the General Manager and Regional Finance Director of AMI Hong Kong Holdco Limited. Mr. Chung was appointed as the financial controller and company secretary of the Company from 1997 to 2001, and as an independent non-executive director of Elec & Eltek International Company Limited, a subsidiary of the Company, from 2011 to 12 October 2020. The Board announced that, in view of the vacancies in the Board committees left from the Resignation, the following arrangements are made with immediate effect: Mr. Cheung Ming Man, an independent non-executive director of the Company, will change from a member of the Nomination Committee to the chairman thereof; Mr. Chung is appointed as a member of the Remuneration Committee and the Nomination Committee; and Mr. Cheung will change from the chairman of the Audit Committee to a member thereof, and Mr. Chung is appointed as the chairman of the Audit Committee, for evening out the workload and duties between the committee members.