The Board of Directors of Sing Investments & Finance Limited announced the appointment of Mr. Ng Tat Pun as the Non-Executive Chairman of the Board in place of Mr. Lee Sze Leong, with effect from 1st May 2015. This is in line with the recommendation of Guideline 3.1 of the Code of Corporate Governance 2012 where the Chairman and the Chief Executive Office should in principle be separate persons, to ensure an appropriate balance of power, increased accountability and greater capacity of the Board for independent decision making. As Non-Executive Chairman of the Board, Mr. Ng Tat Pun will be responsible for, amongst others, setting the Board meeting agenda to ensure that adequate time is available for discussion of all agenda items, in particular strategic issues and promoting high standards of corporate governance.

Besides ensuring effective communication with shareholders, he will also act as facilitator to the Non-Executive Directors for them to effectively contribute to the Board and Company. Mr. Lee Sze Leong, the current Chairman of the Board cum Managing Director/CEO of the Company, will step down as Chairman of the Board on 1st May 2015 and will remain on the Board as an executive director and continue to be the Managing Director/CEO of the Company. He will focus on managing the business and operations of the Company, in particular, driving the financial performance and spearheading the strategic development of the Company and execution of the strategic plans set out by the Board.

He will also ensure that the Directors are kept updated and informed of the Company's business. Following the aforementioned change, the appointment of Lead Independent Director, currently also held by Mr. Ng Tat Pun, will cease as it is no longer required.