News
Change - Announcement Of Re-Designation Of Independent Director To Non-Independent Non-Executive Director
BackApr 30, 2024
| Announcement Title | Change - Announcement of Appointment |
| Date & Time of Broadcast | Apr 30, 2024 18:57 |
| Status | New |
| Announcement Sub Title | Re-designation of Independent Director to Non-Independent Non-Executive Director |
| Announcement Reference | SG240430OTHRG58B |
| Submitted By (Co./ Ind. Name) | Tan Yong Chuan |
| Designation | Executive Director and Chief Executive Officer |
| Description (Please provide a detailed description of the event in the box below) | Re-designation of Independent Director to Non-Independent Non-Executive Director - Datuk Yap Kheng Fah This announcement has been prepared by LY Corporation Limited (the "Company") and its contents have been reviewed by the Company's sponsor, Xandar Capital Pte Ltd (the "Sponsor") for the compliance with the relevant rules of the Singapore Exchange Securities Trading Limited (the "SGX-ST") Listing Manual Section B: Rules of Catalist. This announcement has not been examined or approved by the SGX-ST and the SGX-ST assumes no responsibility for the contents of this announcement, including the accuracy, completeness or correctness of any of the information, statements or opinions made or reports contained in this announcement. The contact person for the Sponsor is Ms Pauline Sim, Head of Corporate Finance, at 3 Shenton Way, #24-02, Shenton House, Singapore 068805, telephone (65) 6319 4954. |
| Additional Details | |
| Date Of Appointment | 30/04/2024 |
| Name Of Person | Datuk Yap Kheng Fah |
| Age | 49 |
| Country Of Principal Residence | Malaysia |
| Date of last re-appointment (if applicable) | 29/04/2022 |
| The Board's comments on this appointment (including rationale, selection criteria, board diversity considerations, and the search and nomination process) | The re-designation of Datuk Yap Kheng Fah ("Datuk Yap") from Independent Director to Non-Independent Non-Executive Director of the Company was reviewed and approved by the Nominating Committee and the Board of Directors (the "Board") after taking into account his qualifications and requisite experience. The Board believes that Datuk Yap's transition to Non-Independent Non-Executive Director will further strengthen the Company's leadership team by leveraging his expertise and deep understanding of the Company's business. Datuk Yap as the current Chairman of Nominating Committee had abstained from the deliberations and decision of his re-designation, ensuring transparency and integrity in the decision-making process. Following Datuk Yap's re-designation, he will relinquish his position as the Chairman of Nominating Committee, remain as a member of the Audit and Risk Committee and Remuneration Committee. |
| Whether appointment is executive, and if so, the area of responsibility | Non-executive and non-independent. |
| Job Title (e.g. Lead ID, AC Chairman, AC Member etc.) | 1. Non-Independent Non-Executive Director 2. Member of the Remuneration Committee 3. Member of the Audit and Risk Committee |
| Professional qualifications | Datuk Yap holds Bachelor's Degree in commerce from the University of Auckland, New Zealand and a Master in Business Administration (eCommerce) from Charles Sturt University, Australia. |
| Any relationship (including immediate family relationships) with any existing director, existing executive officer, the issuer and/ or substantial shareholder of the listed issuer or any of its principal subsidiaries | No |
| Conflict of interests (including any competing business) | No |
| Working experience and occupation(s) during the past 10 years | Managing Director of Grorich Corporation Sdn Bhd Managing Director of Grorich Sdn Bhd Managing Director of Grorich Land Sdn Bhd Founder and Chairman of Censuria Capital Sdn Bhd Co-founder and Managing Partner of Senturia Capital Sdn Bhd |
| Undertaking submitted to the listed issuer in the form of Appendix 7.7 (Listing Rule 704(7)) Or Appendix 7H (Catalist Rule 704(6)) | Yes |
| Shareholding interest in the listed issuer and its subsidiaries? | No |
| # These fields are not applicable for announcements of appointments pursuant to Listing Rule 704 (9) or Catalist Rule 704 (8). | |
| Past (for the last 5 years) | Senturia Capital Sdn Bhd Milux Corporation Bhd |
| Present | Grorich Corporation Sdn Bhd Grorich Sdn Bhd Grorich Land Sdn Bhd Censuria Capital Sdn Bhd |
| (a) Whether at any time during the last 10 years, an application or a petition under any bankruptcy law of any jurisdiction was filed against him or against a partnership of which he was a partner at the time when he was a partner or at any time within 2 years from the date he ceased to be a partner? | No |
| (b) Whether at any time during the last 10 years, an application or a petition under any law of any jurisdiction was filed against an entity (not being a partnership) of which he was a director or an equivalent person or a key executive, at the time when he was a director or an equivalent person or a key executive of that entity or at any time within 2 years from the date he ceased to be a director or an equivalent person or a key executive of that entity, for the winding up or dissolution of that entity or, where that entity is the trustee of a business trust, that business trust, on the ground of insolvency? | No |
| (c) Whether there is any unsatisfied judgment against him? | No |
| (d) Whether he has ever been convicted of any offence, in Singapore or elsewhere, involving fraud or dishonesty which is punishable with imprisonment, or has been the subject of any criminal proceedings (including any pending criminal proceedings of which he is aware) for such purpose? | No |
| (e) Whether he has ever been convicted of any offence, in Singapore or elsewhere, involving a breach of any law or regulatory requirement that relates to the securities or futures industry in Singapore or elsewhere, or has been the subject of any criminal proceedings (including any pending criminal proceedings of which he is aware) for such breach? | No |
| (f) Whether at any time during the last 10 years, judgment has been entered against him in any civil proceedings in Singapore or elsewhere involving a breach of any law or regulatory requirement that relates to the securities or futures industry in Singapore or elsewhere, or a finding of fraud, misrepresentation or dishonesty on his part, or he has been the subject of any civil proceedings (including any pending civil proceedings of which he is aware) involving an allegation of fraud, misrepresentation or dishonesty on his part? | No |
| (g) Whether he has ever been convicted in Singapore or elsewhere of any offence in connection with the formation or management of any entity or business trust? | No |
| (h) Whether he has ever been disqualified from acting as a director or an equivalent person of any entity (including the trustee of a business trust), or from taking part directly or indirectly in the management of any entity or business trust? | No |
| (i) Whether he has ever been the subject of any order, judgment or ruling of any court, tribunal or governmental body, permanently or temporarily enjoining him from engaging in any type of business practice or activity? | No |
| (j) Whether he has ever, to his knowledge, been concerned with the management or conduct, in Singapore or elsewhere, of the affairs of :- | |
| (i) any corporation which has been investigated for a breach of any law or regulatory requirement governing corporations in Singapore or elsewhere; or | No |
| (ii) any entity (not being a corporation) which has been investigated for a breach of any law or regulatory requirement governing such entities in Singapore or elsewhere; or | No |
| (iii) any business trust which has been investigated for a breach of any law or regulatory requirement governing business trusts in Singapore or elsewhere; or | No |
| (iv) any entity or business trust which has been investigated for a breach of any law or regulatory requirement that relates to the securities or futures industry in Singapore or elsewhere, in connection with any matter occurring or arising during that period when he was so concerned with the entity or business trust? | No |
| (k) Whether he has been the subject of any current or past investigation or disciplinary proceedings, or has been reprimanded or issued any warning, by the Monetary Authority of Singapore or any other regulatory authority, exchange, professional body or government agency, whether in Singapore or elsewhere? | No |
| Any prior experience as a director of an issuer listed on the Exchange? | Yes |
| If Yes, Please provide details of prior experience | Present: LY Corporation Limited, (from 1 January 2022 to current) (listed on SGX, Singapore) Past: None |