PSL chairman quits due to 'other work commitments'

PSL Holdings has appointed non-executive director Ng Yoke Chan as chairwoman (see amendment note) after her predecessor, Sucipto, resigned due to "other work commitments".

The change was effective on Friday, said PSL, an investment holding company that engages in marine logistics, land logistics and supply services and trade and supply of construction materials and related equipment.

Mr Sucipto, who was last appointed in March 2016, is the brother of Suman Hadi Negoro, a substantial shareholder of the company who held a 13.7 per cent stake in the company as at April 26.

That was before the company placed out S$3.2 million of new shares in June, which would have diluted Mr Suman's stake to about 11.4 per cent. The placees in that deal were introduced to the company by Ms Ng.

PSL has had a number of key changes to its board and senior management over the past month.

On June 1, former chief financial officer Tan Cheang Shiong was named chief executive of the company. Mr Tan officially relinquished his CFO duties in July when the company appointed Angeline Yap Hui Mei as financial controller.

The company also appointed Kevin Wong Wei Boon as an independent director on June 1.

Amendment note: An earlier version of this story described Ng Yoke Chan is an independent director based on information provided by PSL Holdings. The company has clarified that Ms Ng is not independent.