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Change - Announcement Of Cessation Of Non-Executive And Independent Director

BackDec 15, 2017
Announcement Title Change - Announcement of Cessation
Announcement Subtitle ANNOUNCEMENT OF CESSATION OF NON-EXECUTIVE AND INDEPENDENT DIRECTOR
Securities SAPPHIRE CORPORATION LIMITED (SAPPHIRE)
Date & Time of Broadcast Dec 15, 2017 18:59
Submitted By Gwendolyn Gn Jong Yuh
Company Secretary
Description ANNOUNCEMENT OF CESSATION OF NON-EXECUTIVE AND INDEPENDENT DIRECTOR
Cessation Details
Name of person FONG HENG BOO
Age 68
Is effective date of cessation known? Yes
Effective date for cessation Dec 15, 2017
Detailed reason(s) for cessation As stated in Note 10 of the Company s 3QFY2017 Results Announcement and Press Release dated 13 November 2017, some of the existing Directors of the Company intend to voluntarily step down to facilitate a board renewal upon the completion of a proposed acquisition of a 27.97%-stake in the company by Hong Kong International Construction Investment Management Group Co., Limited (the "Transaction"). In line with the foregoing, Mr Fong Heng Boo has voluntarily stepped down as Non-Executive Independent Director ahead of completion of the Transaction. For the avoidance of doubt, there is no completion of the Transaction as at the date of this announcement.
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 Jan 15, 2014
Does the AC have a minimum of 3 members (taking into account this cessation)? No
Number of independent directors currently resident in Singapore (taking this account this cessation) 0
Number of cessations of appointments specified in Listing Rule 704(7) or Catalist Rule 704(6) over the past 12 months 5
Job Title NON-EXECUTIVE AND INDEPENDENT DIRECTOR / AC CHAIRMAN, NC MEMBER AND RC MEMBER
Role and responsibilities NON-EXECUTIVE INDEPENDENT DIRECTOR
Familial relationship with any director and/or substantial shareholder of the listed issuer or of any of its principal subsidaries None
Shareholdings interest in the listed issuer and its subsidaries? Yes
Shareholding Details 166,075 ordinary shares in Sapphire Corporation Limited
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