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Change - Announcement Of Cessation Of Board Chairman And Designated As Senior Executive Director
BackOct 09, 2014
| Announcement Title | Change - Announcement of Cessation |
| Announcement Subtitle | Cessation of Board Chairman and designated as Senior Executive Director |
| Securities | KARIN TECHNOLOGY HLDGS LIMITED (KARIN) |
| Date & Time of Broadcast | Oct 9, 2014 17:36 |
| Submitted By | Wong Chi Cheung, Clarence Financial Controller/Joint Company Secretary |
| Description | The Board of Directors of Karin Technology Holdings Limited (the "Company" or the "Group") wishes to announce the cessation of Mr. Ng Yuk Wing, Philip as Chairman of the Board effective from 9 October 2014 and the appointment of the Company's existing Chief Executive Officer and Executive Director, Mr. Ng Kin Wing, Raymond as Chairman of the Board. Mr. Ng Yuk Wing, Philip has been designated as Senior Executive Director of the Company. |
| Cessation Details | |
| Name of person | Ng Yuk Wing, Philip |
| Age | 65 |
| Is effective date of cessation known? | Yes |
| Effective date for cessation | Oct 9, 2014 |
| Detailed reason(s) for cessation | The cessation as Chairman of the Board was a Board succession plan for Chairman. Mr. Ng Yuk Wing, Philip has been designated as Senior Executive Director and will continue to contribute to the Board in the new role with his entrepreneurial leadership and experiences. |
| 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 | Sep 5, 2002 |
| Does the AC have a minimum of 3 members (taking into account this cessation)? | Yes |
| Number of independent directors currently resident in Singapore (taking this account this cessation) | 2 |
| Number of cessations of appointments specified in Listing Rule 704(7) or Catalist Rule 704(6) over the past 12 months | 1 |
| Job Title | Mr Ng Yuk Wing, Philip ceased as Chairman of the Board. He has been designated as Senior Executive Director. |
| Role and responsibilities | Fulfilling the responsibilities of Executive Chairman such as oversee the overall management, strategic planning and business development of the Group. |
| Familial relationship with any director and/or substantial shareholder of the listed issuer or of any of its principal subsidaries | Mr. Ng Yuk Wing, Philip is a brother of Mr. Ng Kin Wing, Raymond and Mr. Ng Kam Wing, Allan, Chief Executive Officer and Chief Technology Officer of the Group respectively. |
| Shareholdings interest in the listed issuer and its subsidaries? | Yes |
| Shareholding Details | Mr. Ng Yuk Wing, Philip is deemed to be interested in the 1,242,000 ordinary shares held by Mdm Leung Tak Ching, the spouse of Ng Yuk Wing, Philip and 70,639,950 ordinary shares held by Asia Platform Investments Limited. Asia Platform Investments Limited is an investment holding company which is owned by Mr. Ng Yuk Wing, Philip and Mr. Ng Mun Kit, Michael. |
| Other directorships | |
| Past (for the last 5 years) | NIL |
| Present | Karin (Holdings) Ltd Asia Platform Investment Ltd Fortune Talent Enterprises Ltd |