The board of directors of Chuan Holdings Limited announced that with effect from 16 October 2020, Mr. Lim Kui Teng has relinquished his role as the Chairman of the Board but will remain to serve as the Chief Executive Officer and an Executive Director of the Company. The Board hereby announces that Mr. Phang Yew Kiat has been re-designated from an Independent Non-executive Director to a Non-executive Director, and has been appointed as the Chairman of the Board with effect from 16 October 2020. Mr. Phang has also ceased to be a member of the audit committee of the Board (the "Audit Committee"), a member of the nomination committee of the Board (the "Nomination Committee") and the chairman of the remuneration committee of the Board (the "Remuneration Committee") on the same date. The Board announces that Mr. Xu Fenglei has been appointed as an Independent non-executive Director, a member of the Audit Committee, a member of the Nomination Committee and the chairman of the Remuneration Committee with effect from 16 October 2020. Mr. Xu Fenglei, aged 42, was appointed as an Independent Non-executive Director, a member of the Audit Committee, a member of the Nomination Committee and the chairman of the Remuneration Committee on 16 October 2020. The Board further announces that following the re-designation of Mr. Phang as a Non-executive Director and the appointment of Mr. Xu as an Independent Non-executive Director with effect from 16 October 2020.