The board of directors of KPM Holding Limited announced that Mr. Tan Kwang Hwee Peter (" Mr. Peter Tan ") has resigned as an executive Director and chief executive officer of the Company with effect from 9 November 2019 because of his health condition. The Board announced that Mr. Tan Kiang Hua (" Mr. Tan ") has resigned as an independent non-executive Director of the Company with effect from 9 November 2019 because he would like to devote more time to pursue other business commitments. The Board announced that Mr. Xiao Laiwen ("Mr. Xiao") has been appointed as an independent non-executive Director with effect from 9 November 2019.

Mr. Xiao has extensive experience in the manufacturing and technology industries, specializing in procurement management. Prior to joining the Group, he has held managerial positions in a sizable technology corporation in the People's Republic of China. Following the resignation of Mr. Tan as an independent non-executive Director, he also ceased to be the chairman of the remuneration committee of the Company (the " Remuneration Committee ") and a member of each of the Nomination committee (the " Nomination Committee") and audit committee (the "Audit Committee") of the Company with effect from 9 November 2019.

The Board further announced that Mr. Xiao has been appointed as the chairman of the Remuneration Committee and a member of each of the Nomination Committee and Audit Committee with effect from 9 November 2019.