The Board of Directors of Boustead Projects Limited announced that Professor Yong Kwet Yew has been appointed as a member of the Audit & Risk Committee ("ARC") of the Company with effect from 1 July 2022. Currently, he is a member of both the Nominating Committee and Remuneration Committee. In forming its opinion, the Board took into consideration that Professor Yong has been attending all of the ARC meetings since his appointment to the Board.

During this period, he has made useful contributions to the ARC meetings. The Board also views that his appointment as an additional member will further strengthen the ARC, especially in helping the Board to manage risks in the Engineering & Construction Business. The Board considers Professor Yong to be independent for the purposes of Rule 704(8) of the Listing Manual of the Singapore Exchange Securities Trading Limited.

The Audit Committee of the Company now comprises the following Independent Non-Executive Directors: Tam Chee Chong (Chairman); John Lim Kok Min; Chong Lit Cheong; Professor Yong Kwet Yew.