Asia Cassava Resources : CHANGE OF INDEPENDENT NON-EXECUTIVE DIRECTOR, CHAIRMAN OF AUDIT COMMITTEE, AND MEMBER OF AUDIT COMMITTEE, REMUNERATION COMMITTEE AND NOMINATION COMMITTEE

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ASIA CASSAVA RESOURCES HOLDINGS LIMITED

亞洲木薯資源控股有限公司

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 841)

CHANGE OF INDEPENDENT NON-EXECUTIVE DIRECTOR,

CHAIRMAN OF AUDIT COMMITTEE, AND MEMBER OF AUDIT COMMITTEE,

REMUNERATION COMMITTEE AND NOMINATION COMMITTEE

The board of directors (the "Board") of Asia Cassava Resources Holdings Limited (the "Company") hereby announces that Mr. Yue Man Yiu Matthew ("Mr. Yue") tendered resignation as an independent non-executive director, chairman of the audit committee and member of the remuneration committee and the nomination committee of the Company with effect from 30 September 2019 as he wishes to dedicate more time to his personal developments.

Mr. Yue has confirmed that he has no disagreement with the Board of the Company and there are no matters relating to his resignation that need to be brought to the attention of the shareholders of the Company or The Stock Exchange of Hong Kong Limited (the ''Stock Exchange'').

The Board would like to express its gratitude to Mr. Yue for his contribution during his tenure of office.

In addition, the Board further announces that with effect from 30 September 2019:

1. Mr. Chui Chi Yun Robert, one of the Company's independent non-executive directors, be appointed as the Chairman of Audit Committee; and
2. Mr. Zhu Taiyu be appointed as an independent non-executive director, and the member of the remuneration committee, the audit committee and the nomination committee of the Company.

Biographical details of Mr. Zhu Taiyu are set out as follows:

Mr. Zhu Taiyu ("Mr. Zhu"), aged 41, graduated from the Academy of Public Security Marine Police in China 中國公安海警高等專科學院. Since December 1996, he was in the military service for the Zhuhai City Detachment of the Guangdong Provincial Border Defense Armed Police Team 武警廣東省邊防總隊珠海市支隊. He was twice awarded in 1997 and 1998 as an outstanding soldier and has been awarded the "Model of Law Enforcement 模範執法" by the Ministry of Public Security. Since 2002, Mr. Zhu has served as a public official of the Chenjiang Town People's Government of Jinjiang City, China. He is mainly responsible for the sales of agricultural products and the analysis of supply and demand of agricultural products market. From September 2009 to 2012, Mr. Zhu was the director of the Land and Resources Institute 國土資源 所所長of Chenjing Town, Jinjiang City, China. He was responsible for formulating the guidelines, policies and regulations on land and supervising and inspecting their implementation, and formulating and coordinating the reform in relation to the administration and usage of land.

Saved as disclosed above, Mr. Zhu did not hold any directorship in the last three years prior to the date of this announcement in any public companies, the securities of which are listed on any securities market in Hong Kong or overseas. Mr. Zhu does not have any relationship with any other Directors, senior management or substantial or controlling shareholders of the Company. As at the date of this announcement, Mr. Zhu is not interested in or deemed to be interested in any shares or underlying shares of the Company pursuant to Part XV of the Securities and Futures Ordinance (Chapter 571 of the laws of Hong Kong).

There is no service contract between the Company and Mr. Zhu. He has no fixed term of service with the Company but will be subject to retirement by rotation and re-election requirements at annual general meeting pursuant to the articles of association of the Company. Mr. Zhu is entitled to a fixed annual emolument of HK$158,400 with reference to his duties, responsibilities and performance and results of the Company, and shall be reviewed by the remuneration committee from time to time.

Save as disclosed above, there are no other matters in relation to the appointment of Mr. Zhu that need to be brought to the attention of the shareholders of the Company.

By order of the Board

Asia Cassava Resources Holdings Limited

Chu Ming Chuan

Chairman

Hong Kong, 30 September 2019

As at the date of this announcement, the executive directors of the Company are Mr. Chu Ming Chuan, Ms. Liu Yuk Ming and Ms. Lam Ching Fun; the independent non-executive directors of the Company are Professor Fung Kwok Pui, Mr. Chui Chi Yun Robert, and Mr. Zhu Taiyu.