ZICO Holdings Inc. announced Retirement of Dato' Thambynathan Jasudasen as an Independent Chairman of the Company. Role And Responsibilities: Independent Chairman Member of Audit and Risk Committee Chairman of the Nominating Committee Chairman of the Remuneration Committee. Accordingly, Dato Jasudasen retired from his roles as Independent Chairman, Member of Audit and Risk Committee, Chairman of the Nominating Committee and Chairman of the Remuneration Committee at the conclusion of the AGM.

After having interviewed Dato Jasudasen, and to the best of its knowledge, the Company's Sponsor, Stamford Corporate Services Pte. Ltd., is satisfied that, save as disclosed in this announcement, there are no other material reasons for the retirement of Dato Jasudasen as the Independent Chairman of the Company. The Board and the Nominating Committee are currently in the process of reviewing the Board's composition and looking to appoint a new independent director and to fill up the membership of the Board committees to ensure compliance with the relevant Catalist Rules and the Code of Corporate Governance 2018, including but not limited to meeting the minimum requirement of Rule 406(3)(c) of the Catalist Rules that independent directors must comprise at least one-third of the Board and Rule 704(7) of the Catalist Rules to fill the vacancy in the Audit and Risk Committee to meet the requirement of a minimum number of not less than three members within two months, but in any case not later than three months.

The Board of Directors express its gratitude and appreciation to Dato' Jasudasen for his invaluable contributions during his tenure as the Independent Chairman of the Company for the past eight years.