The board of Walnut Capital Limited announced that with effect from 24 May 2024, Dr. Ng Kit Chong ("Dr. Ng") has resigned as a non-executive Director and the co- chairman of the Board as he wishes to devote more time to pursue his other business commitments. Upon the resignation of Dr. Ng as non-executive Director and the Co-chairman, Mr. Mung Kin Keung ("Mr. Mung") has been re-designated from the Co-chairman to the chairman (the
"Chairman") of the Board with effect from 24 May 2024, pursuant to the bye-laws of the Company. Mr. Mung will continue to serve as an executive Director and a member of each of the nomination committee (the "Nomination Committee") and the remuneration committee of the Company. Mr. Mung, aged 63, was appointed as an executive Director on 9 March 2007 and was redesignated as co-chairman of the Company on 17 October 2022. He is also a director of various subsidiaries of the Company. He holds a Conferment of Honorary Doctoral Degree from Sinte Gleska University of California. In November 2007, he was awarded the 9th World Outstanding Chinese Award
by the World Chinese Business Investment Foundation. He has extensive experience in areas of business management, strategic planning and development. Mr. Mung was appointed as an executive director of Global Mastermind Holdings Limited. Mr. Mung is the father of Mr. Mung Bun Man, Alan, an executive Director and the chief executive officer and a substantial shareholder of the Company.