TIONG SENG HOLDINGS LIMITED Tiong Seng Holdings Limited announced the retirement of Ang Peng Koon, Patrick as Non-Executive Independent Director, Chairman of the Nominating Committee, Chairman of the Remuneration Committee and Member of the Audit Committee. Tiong Seng Holdings Limited Singapore Deposit Insurance Corporation Limited Nanyang Girl's High School Insolvency Practitioners Association of Singapore International Insolvency Institute American College of Bankruptcy. Mr. Ang Peng Koon, Patrick has served as a director of Tiong Seng Holdings Limited for an aggregate period of more than nine years and, pursuant to Rule 210(5)(d)(iv) read with Transitional Practice Note 4 of the SGX-ST Listing Manual, may only continue to be considered independent until the conclusion of the annual general meeting of the Company for the financial year ended 31 December 2023 ("FY2023").
Accordingly, to facilitate Board renewal, Mr. Ang has indicated his intention to retire as a non-executive and independent director, the Chairman and a member of the Nominating Committee, the Chairman and a member of the Remuneration Committee, and a member of the Audit Committee of the Company with effect from the conclusion of the Annual General Meeting of the Company to be held on 30 April 2024. As disclosed on page 74 of the annual report of the Company for FY2023, the Board has commenced its search for new independent directors and will take into account the requirements of the Group and the Board as well as Board Diversity. The Board will update shareholders in due course on the further changes to be made to the composition of the Board and the board committees as part of the Company s Board renewal.
The Board and the Company would like to express their deep gratitude and appreciation to Mr. Ang for his invaluable contributions and guidance during his tenure as a Non-Executive and Independent Director of the Company.
