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Change - Announcement Of Resignation As CEO Of TAT Petroleum Pte Ltd
BackMar 17, 2015
| Announcement Title | Change - Announcement of Cessation |
| Announcement Subtitle | Announcement of Resignation as CEO of TAT Petroleum Pte Ltd |
| Securities | SHS HOLDINGS LTD. (SHSHLDG) |
| Date & Time of Broadcast | Mar 17, 2015 23:17 |
| Submitted By | Goh Koon Seng Executive Director |
| Description | Resignation of Mr Ng Keng Sing as CEO of TAT Petroleum Pte Ltd (a wholly owned subsidiary of SHS Holdings Ltd) |
| Cessation Details | |
| Name of person | Ng Keng Sing |
| Age | 54 |
| Is effective date of cessation known? | Yes |
| Effective date for cessation | May 26, 2015 |
| Detailed reason(s) for cessation | Notwithstanding the Group's Refined Petroleum Division having delivered a record profit for FY2014 (as announced on 27 Feb 2015), there remain underlying differences in management approaches and expectations between the Group CEO, Mr Henry Ng and Mr Ng Keng Sing on the future directions of the Refined Petroleum's businesses. |
| 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? | Yes |
| If yes, please provide full details | Mr Ng Keng Sing will be serving a three months notice and will be handing over his duties to the COO and CFO of Refined Petroleum Division, pending the identification of a replacement for him. Mr Ng Keng Sing's last day of service as CEO of TAT Petroleum Pte Ltd will be on 26 May 2015. |
| Any other relevant information to be provided to shareholders of the listed issuer? | No |
| Date of appointment to current position | Jul 22, 2013 |
| 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) | 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 | CEO of TAT Petroleum Pte Ltd |
| Role and responsibilities | Management of the Group's Refined Petroleum distribution and trading businesses. |
| 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? | No |
| Other directorships | |
| Past (for the last 5 years) | Unicorn Energy International Pte Ltd |
| Present | TAT Petroleum Pte Ltd TAT Petroleum (Guangzhou) Trading Co. Ltd TAT Petroleum Vietnam Co. Ltd Eastern Tankstore Pte Ltd PT Tat Indonesia |