| Miscellaneous | |
| * Asterisks denote mandatory information | |
| Name of Announcer * | L & M GROUP INVESTMENTS LTD |
| Company Registration No. | 198300847M |
| Announcement submitted on behalf of | L & M GROUP INVESTMENTS LTD |
| Announcement is submitted with respect to * | L & M GROUP INVESTMENTS LTD |
| Announcement is submitted by * | Bob Low Siew Sie |
| Designation * | Judicial Manager |
| Date & Time of Broacast | 12-Aug-2009 17:07:24 |
| Announcement No. | 00035 |
| Price Sensitivity | Yes |
| >> Announcement Details | |
| The details of the announcement start here ... |
| Announcement Title * | DISCHARGE OF JUDICIAL MANAGER, CHANGES TO THE BOARD OF DIRECTORS, CHANGES TO THE COMPOSITION OF COMMITTEES, ANNOUNCEMENT PURSUANT TO RULE 210(5)(a) OF THE LISTING MANUAL OF THE SINGAPORE EXCHANGE SECURITIES TRADING LIMITED ("SGX-ST") |
| Description | The Judicial Manager refers to the announcement released by the Company on 22 July 2009 which stated that the shareholders of the Company (the "Shareholders") had approved all the resolutions set out in the circular to Shareholders dated 30 June 2009 (the "Circular"). Unless otherwise defined, all terms used herein shall be as defined in the Circular. The Judicial Manager of the Company wishes to announce the following:- 1. DISCHARGE OF JUDICIAL MANAGER The High Court of Singapore has on 12 August 2009 granted an order to discharge the Judicial Manager of the Company, with effect from 14 August 2009. 2. APPOINTMENT OF DIRECTORS (i) The appointment of Mr Edwin Soeryadjaya as the Non-executive Chairman of the Company with effect from 14 August 2009. Mr Edwin Soeryadjaya will be responsible for the strategic planning and development of the Group's business, and spearheading the expansion and growth of the Group. As the Non-executive Chairman of the Company, Mr Edwin Soeryadjaya will also be reviewing the effectiveness of the governance process of the Board. From 1981 to 1993, Mr Edwin Soeryadjaya was employed at PT Astra International Tbk, a conglomerate in Indonesia, where he last held the position of vice president director. During his employment with PT Astra International Tbk, Mr Edwin Soeryadjaya spearheaded the company's financial restructuring and its public listing on the Indonesia Stock Exchange in February 1990, the largest initial public offering in Indonesia at the time. From 1995 to 2003, Mr Edwin Soeryadjaya was the Commissioner of PT Aria West International. During the same time, Mr Edwin Soeryadjaya also established PT Saratoga Investama Sedaya in 1991 and was appointed as the President Commissioner of PT Saratoga Investama Sedaya in 1997 till today. He obtained his Bachelor degree in Business Administration from University of Southern California in 1974. (ii) The appointment of Mr Husni Heron as the Executive Director and CEO of the Company with effect from 14 August 2009. Mr Husni Heron will be responsible for overseeing the overall management and operations, formulating the business model and growth strategies of the Group. Mr Husni Heron is currently the President Director of PT Pulau Seroja Jaya ("PT PSJ") and PT Pulau Seroja Jaya Pratama ("PSJP") and has been with PT PSJ and PSJP (the "PSJ Group") since January 2008. Mr Husni Heron started his career in PT Astra International Tbk in 1988 in the finance and budget department where he remained till 1992 and last held the position of coordinator of international finance division. He was involved in the initial public offering of PT Astra International Tbk on the Indonesia Stock Exchange in February 1990, the largest initial public offering in Indonesia at the time. From 1993 to 1996, Mr Husni Heron was the general manager of finance & accounting of PT Surya Raya Idaman. From 1996 to 2001, Mr Husni Heron was the finance director of PT Bhuwanatala Indah Permai Tbk. He was involved in various fund raising, project finance and merger and acquisition activities. Since 2001, he has been the director of PT Saratoga Investama Sedaya overseeing the activities of the company's subsidiaries. He graduated from the Accounting Department of Gadjah Mada University in 1988 with a Bachelor degree in Accountancy. He is a certified public accountant in Indonesia. He is also a member of the Indonesian Institute of Audit Committee. (iii) The appointment of Mr Masdjan as the Executive Director and Chief Operating Officer of the Company with effect from 14 August 2009. Mr Masdjan is currently a director of PT PSJ and PSJP. Mr Masdjan is the founder of the PSJ Group. He will be responsible for managing the day-to-day activities of the Enlarged Group. From 1993 to 1998, Mr Masdjan was the director of PT Sumber Matra Kencana, a crude palm oil shipping company where he was responsible for the management of the company. In 1999, he founded PT PSJ and was instrumental in formulating business strategies and spearheading the growth of the business of PT PSJ. (iv) The appointment of Mr Andreas Tjahjadi as the non-executive Director of the Company with effect from 14 August 2009. Mr Andreas Tjahjadi worked in the United States of America from 1978 to 1990, first as a real estate associate with California Business and Industry Northridge, California from 1978 to 1981, and then as a general manager with North Hollywood Auto and Service, North Hollywood, California from 1982 to 1990. Mr Andreas Tjahjadi subsequently returned to Indonesia. From 1991 to 2009, he was the president director of PT Japirex, a company engaged in the export of rattan. PT Japirex ceased its business in 2009. From 1994 to 1997, Mr Andreas Tjahjadi was a Commissioner of PT Bhuwanatala Indah Permai Tbk, a property management company listed on the Indonesia Stock Exchange. Since 2006, Mr Andreas Tjahjadi is the President Comissioner of PT Mitra Investindo Tbk, a company listed on the Indonesia Stock Exchange involved in the mining and trading of granite. Mr Andreas Tjahjadi graduated from Northrop University in the United States of America with a Bachelor degree in Engineering Technology in 1976. He subsequently obtained his Master of Science (Marketing), Northrop University in 1978. (v) The appointment of Mr Basil Chan as the Independent Director of the Company with effect from 14 August 2009. Mr Basil Chan is the founder and managing director of MBE Corporate Advisory Pte Ltd, a corporate finance firm started in 2003. Mr Basil Chan has more than 25 years of audit, financial and general management experience, having held senior positions in companies, for example, as the chief financial officer in Datacraft Asia Ltd from 1999 to 2001 and chief executive officer in Hua Kok International Ltd from 2001 to 2003. He also previously held the position of finance director in Schneider Electric South East Asia (HQ) Pte Ltd from 1993 to 1995, Singapore Technologies Pte Ltd from 1995 to 1998 and Singapore Technologies Engineering Ltd from 1998 to 1999. Since 2002, Mr Basil Chan has been a council member and board director of the Singapore Institute of Directors where he presently chairs the professional development sub-committee which focuses on director training programs. Mr Basil Chan graduated from the University of Wales Institute of Science and Technology with a Bachelor of Science (Economics) Honors degree, majoring in Business Administration. Mr Basil Chan is a member of the Institute of Chartered Accountants in England and Wales (ICAEW) and the Institute of Certified Public Accountants in Singapore (ICPAS). He is also a Fellow of the Singapore Institute of Directors. (vi) The appointment of Mr Yap Kian Peng as the Independent Director of the Company with effect from 14 August 2009. Since 2005, Mr Yap Kian Peng has been the executive director of Capital Equity Holdings Pte Ltd, a private equity investment company with interests in petrochemicals, food and beverage, logistics and manufacturing. In addition, since 2004, he has been the executive director of CKG Chemicals Pte Ltd in charge of its financing and accounting functions. He was employed by Maybank from 2001 to 2004, initially as a senior business development manager and subsequently promoted to be the team head of Trade Finance Business Development Group. From 1998 to 2000, Yap Kian Peng was a director of You Yi Glass Contractor Pte Ltd, a company engaged in the business of trading in glass sheets. He joined Oversea-Chinese Banking Corporation Limited in 1992 and when he left in 1998, he was an assistant manager at the bank. Mr Yap Kian Peng graduated from RMIT University, Australia, with a Bachelor degree in Business (Business Administration) in 1996. He is an independent director and the chairman of the audit committee of China Bearing (Singapore) Ltd., a company listed on the SGX-ST and also an independent director of Travelite Holdings Ltd and Soon Lian Holdings Limited, both of which are listed on the SGX-Catalist. (vii) The appointment of Mr Ng Yuen as the Independent Director of the Company with effect from 14 August 2009. Mr Ng Yuen is currently a partner in Messrs Malkin & Maxwell LLP. Mr Ng Yuen started his career as a State Counsel in the Attorney-General's Chambers in 1986. He was subsequently called to the Bar in 1989 and has been in private practice since, first at Messrs Lee & Lee from 1991 as an associate, and subsequently to Messrs Shook Lin & Bok LLP in 1992 as a partner and then to Messrs Ng & Koh in 1999 before he joined his current firm. Mr Ng Yuen graduated from the Law Faculty of National University of Singapore, Singapore with a Bachelor degree in Law in 1985. He is also an accredited adjudicator of the Singapore Mediation Centre and a member of the Law Society of Singapore and the Singapore Academy of Law. 3. CHANGES IN THE COMPOSITION OF COMMITTEES In consequence thereof, the composition of the Audit Committee, the Nominating Committee and the Remuneration Committee shall comprise the following members of the Board with effect from 14 August 2009:- (a) Audit Committee (i) Mr Basil Chan (Chairman) (ii) Mr Yap Kian Peng (Member) (iii) Mr Ng Yuen (Member) (iv) Mr Edwin Soeryadjaya (Member) (b) Nominating Committee (i) Mr Ng Yuen (Chairman) (i) Mr Basil Chan (Member) (ii) Mr Yap Kian Peng (Member) (iii) Mr Edwin Soeryadjaya (Member) (c) Remuneration Committee (i) Mr Yap Kian Peng (Chairman) (ii) Mr Basil Chan (Member) (iii) Mr Ng Yuen (Member) (iv) Mr Edwin Soeryadjaya (Member) 4. RULE 210(5)(a) OF THE LISTING MANUAL OF THE SGX-ST Pursuant to Rule 210(5)(a) of the Listing Manual of the SGX-ST, the Judicial Manager also wishes to announce that, among the directors of the Company, Mr Edwin Soeryadjaya, Mr Husni Heron, Mr Basil Chan and Mr Yap Kian Peng have prior experience as directors of public listed companies in Singapore and are familiar with the roles and responsibilities of a director of a public listed company in Singapore. The other three (3) directors of the Company, Mr Masdjan, Mr Andreas Tjahjadi and Mr Ng Yuen, do not have prior experience as directors of public listed company in Singapore but have undertaken relevant training to familiarise themselves with the roles and responsibilities of a director of a public listed company in Singapore. Bob Low Siew Sie Judicial Manager of L & M Group Investments Limited (Under Judicial Management) 12 August 2009 Collins Stewart Pte. Limited was the financial adviser ("Financial Adviser") to the Judicial Manager of the Company in respect of the Transactions as set out in the Circular. The Financial Adviser assumes no responsibility for the contents of this announcement, including the correctness of any statements or opinions made or reports contained in this announcement. |
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