The Board of Directors of Yongnam Holdings Limited announced that Mr. Tan Tin Nam, founder of Yongnam Group, will relinquish his position as Non-Independent and Non-Executive Director of the company with effect from July 13, 2016. This is part of the Board's move to facilitate changes to board composition and embrace recommended best practices. Following the relinquishment of Mr. Tan's directorship, independent directors will constitute half of the Board.