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CHAIRMAN of the board and director at the manager of Ascendas India Trust, Ascendas Property Fund Trustee (APFT), Philip Yeo Liat Kok, will be retiring on Friday, according to a statement by the manager.
David Lim Tik En also retires as deputy chairman of the board, and will also cease being the chairman of the investment committee.
Both Mr Yeo and Mr Lim have served on APFT's board for nine years. Their retirements follow adopted regulations which states that a director is no longer considered independent if he has served on the board of the manager for a continuous period of nine years.
Chiang Chie Foo and Manohar Khiatani will become the new chairman and deputy chairman of the board, respectively.
Jonathan Yap Neng Tong will also be appointed as a non-executive director.
The changes take effect from July 8.
Ascendas India Trust rose by 0.5 cents to 98.5 cents on Friday.