GRP Limited announced Cessation of Colin Tay Yong Lee as Managing Director. Mr. Tay was responsible for managing and overseeing the overall business strategy and development of the Group. The Company has given notice of termination to Mr. Colin Tay Yong Lee, who will cease to act as the Managing Director of the Company with effect from 2 February 2024.

The notice of termination was given in accordance with the terms of Mr. Colin Tay's service agreement with the Company and his last day of service will be on 2 February 2024. Save for Mr. Colin Tay, the Board of Directors are unanimous in their loss of confidence in Mr. Colin Tay's suitability and ability to perform and properly discharge his duties as Managing Director in the best interest of the Company. In particular, save for Mr. Colin Tay, the Board is unanimously of the view that there has been no information forthcoming from him or the same was always inadequate and/or unsatisfactory.

The Nominating Committee has reviewed and deliberated on Mr. Colin Tay's performance of his duties since his appointment as Managing Director on 24 August 2023. Following the NC's recommendation, save for Mr. Colin Tay, the Board has unanimously, after deliberation and seeking legal advice, decided to serve the said notice of termination on Mr. Colin Tay. Other DirectorShips Present: Power Staples Investment Pte.

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