The Board of Directors of PEC Ltd. announced refers to its announcement pursuant to Rule 704(7) of the Listing Manual of the SGX-ST dated 28 October 2021 which contained the details of the retirement of Dr. Foo Fatt Kah as an Independent Director and cessation as the Chairman of the Remuneration Committee and member of the Audit and Risk Management Committee and Nominating Committee of the Company at the conclusion of the AGM of the Company held on 27 October 2021. The Board is taking active steps to appoint another non-executive/independent director to serve on the Board and on the Board Committees. Appointment of Lead Independent Director: Mr. David Wong Cheong Fook, an Independent Director of the Company, has been appointed as the Lead Independent director with effect from 1 December 2021. Appointment of Chairman of the Remuneration Committee: Mr. Pek Hak Bin, a member of the RC, has been appointed as Chairman of the RC with effect from 1 December 2021.