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| Announcement Title | Change - Announcement of Cessation |
| Date & Time of Broadcast | Jun 16, 2021 19:48 |
| Status | New |
| Announcement Sub Title | Re-Designation of Executive Director |
| Announcement Reference | SG210616OTHRDP9R |
| Submitted By (Co./ Ind. Name) | Kwok Hwee Peng |
| Designation | Company Secretary |
| Description (Please provide a detailed description of the event in the box below) | Re-Designation of Executive Director |
| Additional Details | |
| Name Of Person | Tan Bock Chia |
| Age | 64 |
| Is effective date of cessation known? | Yes |
| If yes, please provide the date | 31/12/2021 |
| Detailed Reason (s) for cessation | After reviewing individual executive directors' current role and responsibilities, the Board concluded that given the Company's size and nature, the Company management structure does not require 2 executive directors for the efficient operations of the Company. The Board passed a resolution, by a majority of votes, on 9 June 2021 to approve the cessation of the executive roles and duties of Mr Tan Bock Chia ("Mr Tan") on the same day. He will be place on garden leave from 10 June 2021 to the date of expiry of his current service agreement which is 31 December 2021. After the cessation of executive roles and duties, Mr Tan will remain as Non-Executive Non-Independent Director of the Company. As at the date of this announcement, the Company's Sponsor, SAC Capital Private Limited, has not been able to conduct an exit interview with Mr Tan. The Company has not been able to obtain Mr Tan's confirmation on the contents of this announcement as well and accordingly, the Company has prepared this announcement based on information available to the Company. In particular, the Company has assumed and indicated the respective responses to the queries in this announcement relating to (i) any unresolved differences in opinion on material matters between the person and the board of directors; (ii) any matter in relation to the cessation that needs to be brought to the attention of the shareholders of the listed issuer; and (iii) any other relevant information to be provided to shareholders of the listed issuer. If necessary, the Company will release a follow up announcement upon receipt of Mr Tan's confirmation. |
| 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? | Yes |
| If Yes, Please provide full details | As a result of management restructuring in 2020, there are disagreements on matters relating to operations and management between the executive directors. These matters and issues have been discussed at the Board at length and in depth. All the Board members, except for Mr Tan Bock Chia, have concluded and agreed that the management restructuring is appropriate and necessary for the efficient operation of the Company going forward . |
| 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 | 12/09/1988 |
| Does the AC have a minimum of 3 members (taking into account this cessation)? | Yes |
| Number of Independent Directors currently resident in Singapore (taking into account this cessation) | 3 |
| Number of cessations of appointments specified in Listing Rule 704 (7) or Catalist Rule 704 (6) over the past 12 months | 1 |
| Job Title (e.g. Lead ID, AC Chairman, AC Member etc.) | Executive Director |
| Role and responsibilities | Executive roles and responsibilities |
| Familial relationship with any director and/ or substantial shareholder of the listed issuer or of any of its principal subsidiaries | None |
| Shareholding interest in the listed issuer and its subsidiaries? | Yes |
| Shareholding Details | 25,435,083 ordinary shares |
| Past (for the last 5 years) | Nil |
| Present | Listed Megachem Limited Megachem (Thailand) PCL Non-listed Megachem Manufacturing Pte Ltd Megachem Raya Pte Ltd Megachem (Shanghai) Pte Ltd C.N. Chemicals Sdn. Bhd. P.T. Mega Kemiraya Megachem Plus Limited Megachem Phils., Inc Megachem International Trading (Shanghai) Co., Ltd Megachem (UK) Ltd Megachem Middle East FZE Megachem Vietnam Company Limited Megachem Specialty Chemicals (I) Private Limited MG Chemicals (Australia) Pty Ltd |