Change - Announcement Of Cessation :: Cessation Of Lead Independent Director

Announcement Title	Change - Announcement of Cessation
Date & Time of Broadcast	Nov 28, 2016 17:28
Status	New
Announcement Sub Title	Cessation of Lead Independent Director
Announcement Reference	SG161128OTHRVR9F
Submitted By (Co./ Ind. Name)	Sun Xiao
Designation	Executive Director and CEO
Description (Please provide a detailed description of the event in the box below)	Cessation of Lead Independent Director
Additional Details
Name Of Person	Siow Chee Keong
Age	62
Is effective date of cessation known?	Yes
If yes, please provide the date	25/11/2016
Detailed Reason (s) for cessation	- Long outstanding action by the PRC Management to obtain shareholders' approval to rectify non-mandated interested person transactions. - Outstanding action by the PRC Management to obtain shareholders' approval for the disposal of Jiangsu Jurong Petrochemicals Co., Ltd. - Lack of a remedial plan by the PRC Management to adequately eliminate and reduce bank guarantees to interested persons. - Mr Siow has been a director of the Company since 2006 and is of the view that it is an appropriate time to step down for Board renewal .
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	27/02/2006
Does the AC have a minimum of 3 members (taking into account this cessation)?	No
Number of Independent Directors currently resident in Singapore (taking into account this cessation)	2
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)	Lead Independent Director, Chairman of Audit Committee and member of Remuneration and Nominating Committees.
Role and responsibilities	Duties of an Independent Director, as well as duties as Chairman of Audit Committee and member of Remuneration and Nominating Committees as covered in the terms and reference of the respective Committees.
Familial relationship with any director and/ or substantial shareholder of the listed issuer or of any of its principal subsidiaries	No
Shareholding interest in the listed issuer and its subsidiaries?	No
Past (for the last 5 years)	1. Epicentre Holdings Limited 2. Darco Water Technologies Limited 3. Shanghai Asia Holdings Limited 4. CMZ Holdings Limited
Present	1. JF Virtus Pte. Ltd. 2. ERCG Systems Pte. Ltd. 3. C K Siow Pte. Ltd.