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PanAsialum Holdings Company Limited
榮 陽 實 業 集 團 有 限 公 司
(incorporated in the Cayman Islands with limited liability)
(Stock Code: 2078)
APPOINTMENT OF INDEPENDENT NON-EXECUTIVE DIRECTOR
AND COMMITTEE MEMBERS
The board (the "Board") of directors (the "Director(s)") of PanAsialum Holdings Company Limited (the "Company", together with its subsidiaries, the "Group") is pleased to announce the appointment of Mr. Chan Kai Nang as an independent non-executive Director and a member of each of the audit committee, nomination committee and remuneration committee of the Company with effect from 1 January 2020.
Biography of Mr. Chan Kai Nang
Mr. Chan Kai Nang ("Mr. Chan"), aged 74, holds a Postgraduate Diploma in Management Studies from The University of Hong Kong and a Bachelor's degree of Laws from the University of London. Mr. Chan also completed the Stanford Executive Program from the Graduate Business School of Stanford University and the Senior Transport Management Programme from the Ashridge Centre for Transport Management. Mr. Chan is an associate member of The Chartered Institute of Management Accountants (formerly known as The Institute of Cost and Management Accountants) in the United Kingdom, a member of The Hong Kong Institute of Certified Public Accountants and a fellow member of The Association of Certified Accountants. During the past 45 years, Mr. Chan worked as senior executive in major multinational and local corporations engaged in different industries ranging from textile, toys, electronics, and electrical manufacturing, transportation, property developments and hotel operations as well as construction materials manufacturing (including cement and steel slake).
Mr. Chan is currently an independent non-executive director of Soundwill Holdings Limited (stock code: 878), a company listed on the Main Board of the Exchange, since 11 March 2009. Mr. Chan was an independent non-executive director of the Company from 24 February 2017 to 24 January 2018. He was also an independent non-executive director of Dafy Holdings Limited (stock code: 1826) (formerly known as FDB Holdings Limited) between 16 September 2015 to 12 January 2018 and Prosperity International Holdings (H.K.) Limited (stock code: 803) between 17 August 2010 to 26 September 2019, both companies listed on the Main Board of the Exchange.
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Mr. Chan will enter into a letter of appointment with the Company for an initial term of one year, and is subject to retirement by rotation and re-election at the general meetings of the Company in accordance with the articles of association of the Company. Mr. Chan will be entitled to receive a director's fee of HK$30,000 per month which is determined by the Board with reference to his experience and his duties and responsibilities in the Company as well as the current market rate.
As at the date of this announcement, Mr. Chan holds 1,200,000 share options of the Company, being 0.1% of the issued share of the Company. Therefore, Mr. Chan was taken to be interested in 1,200,000 shares of the Company by virtue of Part XV of the Securities and Futures Ordinance.
As at the date of this announcement, Mr. Chan has confirmed that he meets the independence criteria as set out in Rule 3.13 of the Rules Governing the Listing of Securities on the Exchange (the "Listing Rules"). Save as disclosed above, Mr. Chan does not (i) have any relationship with any Directors, senior management or substantial or controlling shareholders of the Company; (ii) have any interest in the securities of the Company within the meaning of Part XV of the Securities and Futures Ordinance (Cap. 571 of the Laws of Hong Kong); and (iii) hold any other position with the Company and any of its subsidiaries. Save as disclosed in this announcement, Mr. Chan does not hold any other directorships in any listed companies in Hong Kong or overseas in the last three years.
As at the date of this announcement, the Board is not aware of any other matter concerning the appointment of Mr. Chan as an independent non-executive Director that needs to be brought to the attention of the shareholders of the Company and the Exchange and there is no information relating to Mr. Chan that is required to be disclosed pursuant to Rule 13.51(2)(h) to 13.51(2)(v) of the Listing Rules.
The Board would like to take this opportunity to express its warmest welcome to Mr. Chan in joining the Board.
On behalf of the Board of
PanAsialum Holdings Company Limited
Cheung Wah Keung
Independent Non-executive
Director and Chairman
Hong Kong, 31 December 2019
As at the date of this announcement, the executive directors of the Company are Mr. Wong Kwok Wai Eddy, Ms. Li Jiewen and Mr. Gao Mingjie; and the independent non-executive directors of the Company are Mr. Mar Selwyn, Mr. Leung Ka Tin and Dr. Cheung Wah Keung.
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