Newsroom
Change - Announcement Of Redesignation Of Executive Director To Non-Executive Non-Independent Director
BackDec 31, 2024
| Announcement Title | Change - Announcement of Appointment |
| Date & Time of Broadcast | Dec 31, 2024 12:28 |
| Status | New |
| Announcement Sub Title | Redesignation of Executive Director to Non-Executive Non-Independent Director |
| Announcement Reference | SG241231OTHR9SGS |
| Submitted By (Co./ Ind. Name) | Sean Lee Yun Feng |
| Designation | CEO |
| Description (Please provide a detailed description of the event in the box below) | Redesignation of Ms Lie Ly from Executive Director to Non-Executive Non-Independent Director on 31 December 2024. |
| Additional Details | |
| Date Of Appointment | 31/12/2024 |
| Name Of Person | Lie Ly |
| Age | 50 |
| Country Of Principal Residence | Singapore |
| The Board's comments on this appointment (including rationale, selection criteria, board diversity considerations, and the search and nomination process) | Following the resignation of Ms Lie Ly as an Executive Director of Marco Polo Marine Ltd on 31 December 2024, the Nominating Committee (NC) of the Company, having reviewed Ms Lie Ly's educational background, professional qualifications and working experience, is of the view that Ms Lie Ly's experience in finance and knowledge of the Group's business would enable her to continue to contribute significantly to the group and as such the NC has recommended to the Board that Ms Lie Ly remain on the Board of Directors of the Company and be redesignated from her existing position as Executive Director to Non-Executive Non-Independent Director. Having carefully considered the recommendation of the NC, the Board concurred and approved Ms Lie Ly's redesignation to Non-Executive Non-Independent Director of the Company. |
| Whether appointment is executive, and if so, the area of responsibility | Non-Executive |
| Job Title (e.g. Lead ID, AC Chairman, AC Member etc.) | Non-Executive Non-Independent Director |
| Professional qualifications | Ms Lie Ly graduated with a Bachelor of Commerce Degree from Murdoch University in Western Australia and also holding a Masters of Accounting Degree from Curtin University in Western Australia. Ms Lie Ly is a qualified Chartered Public Accountant (CPA) Australia. |
| Any relationship (including immediate family relationships) with any existing director, existing executive officer, the issuer and/ or substantial shareholder of the listed issuer or any of its principal subsidiaries | Sister of Executive Director and Chief Executive Officer, Mr Sean Lee Yun Feng |
| Conflict of interests (including any competing business) | Nil. |
| Working experience and occupation(s) during the past 10 years | - The Executive Director and Chief Financial Officer of Marco Polo Marine Ltd until her resignation on 31 December 2024. She was responsible for all finance, accounting, treasury and strategic development of the Group. |
| Undertaking submitted to the listed issuer in the form of Appendix 7.7 (Listing Rule 704(7)) Or Appendix 7H (Catalist Rule 704(6)) | Yes |
| Shareholding interest in the listed issuer and its subsidiaries? | Yes |
| Shareholding Details | 1) Ms Lie Ly is deemed interested in 160,714,285 ordinary shares held by a nominee. 2) Ms Lie Ly is deemed interested in 5,920,000 ordinary shares which will be issued and alloted to her upon exercise of the employee share options granted to her under the employee share option scheme of the Company |
| # These fields are not applicable for announcements of appointments pursuant to Listing Rule 704 (9) or Catalist Rule 704 (8). | |
| Past (for the last 5 years) | - MPST MARINE PTE LTD. - MARCO POLO DRILLING PTE. LTD. - MARCO POLO DRILLING (I) PTE. LTD. - MARCO POLO OFFSHORE (VI) PTE. LTD. |
| Present | - MARCO POLO SHIPYARD PTE. LTD. - MP MARINE PTE. LTD. - MP SHIPPING PTE. LTD. - MP VENTURES PTE. LTD. - MARCO POLO WIND PRIVATE LIMITED - MARCO POLO OFFSHORE (II) PTE. LTD. - MP OFFSHORE PTE. LTD. - MARCO POLO OFFSHORE (III) PTE. LTD. - PT. PELAYARAN NASIONAL BINA BUANA RAYA TBK - BBR SHIPPING PTE. LTD. - PT. SINAR BINTANG MAKMUR - MARCO POLO OFFSHORE (VII) PTE. LTD. - HEATEC JIETONG HOLDINGS LTD. - MP WINDCRAFT PTE. LTD. |
| (a) Whether at any time during the last 10 years, an application or a petition under any bankruptcy law of any jurisdiction was filed against him or against a partnership of which he was a partner at the time when he was a partner or at any time within 2 years from the date he ceased to be a partner? | No |
| (b) Whether at any time during the last 10 years, an application or a petition under any law of any jurisdiction was filed against an entity (not being a partnership) of which he was a director or an equivalent person or a key executive, at the time when he was a director or an equivalent person or a key executive of that entity or at any time within 2 years from the date he ceased to be a director or an equivalent person or a key executive of that entity, for the winding up or dissolution of that entity or, where that entity is the trustee of a business trust, that business trust, on the ground of insolvency? | No |
| (c) Whether there is any unsatisfied judgment against him? | No |
| (d) Whether he has ever been convicted of any offence, in Singapore or elsewhere, involving fraud or dishonesty which is punishable with imprisonment, or has been the subject of any criminal proceedings (including any pending criminal proceedings of which he is aware) for such purpose? | No |
| (e) Whether he has ever been convicted of any offence, in Singapore or elsewhere, involving a breach of any law or regulatory requirement that relates to the securities or futures industry in Singapore or elsewhere, or has been the subject of any criminal proceedings (including any pending criminal proceedings of which he is aware) for such breach? | No |
| (f) Whether at any time during the last 10 years, judgment has been entered against him in any civil proceedings in Singapore or elsewhere involving a breach of any law or regulatory requirement that relates to the securities or futures industry in Singapore or elsewhere, or a finding of fraud, misrepresentation or dishonesty on his part, or he has been the subject of any civil proceedings (including any pending civil proceedings of which he is aware) involving an allegation of fraud, misrepresentation or dishonesty on his part? | No |
| (g) Whether he has ever been convicted in Singapore or elsewhere of any offence in connection with the formation or management of any entity or business trust? | No |
| (h) Whether he has ever been disqualified from acting as a director or an equivalent person of any entity (including the trustee of a business trust), or from taking part directly or indirectly in the management of any entity or business trust? | No |
| (i) Whether he has ever been the subject of any order, judgment or ruling of any court, tribunal or governmental body, permanently or temporarily enjoining him from engaging in any type of business practice or activity? | No |
| (j) Whether he has ever, to his knowledge, been concerned with the management or conduct, in Singapore or elsewhere, of the affairs of :- | |
| (i) any corporation which has been investigated for a breach of any law or regulatory requirement governing corporations in Singapore or elsewhere; or | No |
| (ii) any entity (not being a corporation) which has been investigated for a breach of any law or regulatory requirement governing such entities in Singapore or elsewhere; or | No |
| (iii) any business trust which has been investigated for a breach of any law or regulatory requirement governing business trusts in Singapore or elsewhere; or | No |
| (iv) any entity or business trust which has been investigated for a breach of any law or regulatory requirement that relates to the securities or futures industry in Singapore or elsewhere, in connection with any matter occurring or arising during that period when he was so concerned with the entity or business trust? | No |
| (k) Whether he has been the subject of any current or past investigation or disciplinary proceedings, or has been reprimanded or issued any warning, by the Monetary Authority of Singapore or any other regulatory authority, exchange, professional body or government agency, whether in Singapore or elsewhere? | No |
| Any prior experience as a director of an issuer listed on the Exchange? | Yes |
| If Yes, Please provide details of prior experience | Ms Lie Ly was an Executive Director of Marco Polo Marine Ltd before she resigned and she is also an Independent Director of Heatec Jietong Holdings Ltd. |
| Please provide details of relevant experience and the nominating committee's reasons for not requiring the director to undergo training as prescribed by the Exchange (if applicable) | Not applicable. |
