Hot stock: Chemical Industries (Far East) rises 8.5% to S$0.77; director resigned night before

SHARES of Chemical Industries (Far East) were up 8.5 per cent, or S$0.06, to S$0.77 as at 2.07pm on Friday (May 26).

About 2,800 shares were traded at the time, and no married deals were found on data platform ShareInvestor.

This comes after the company announced in a bourse filing late last night that its non-executive and non-independent director, Lim Yew Khang Cecil, had tendered his resignation. It took effect on Thursday, the same day it was announced.

“The announcement pursuant to Rule 704(7) of the listing manual containing the details of the cessation will be released separately to the Singapore Exchange Securities Trading Limited,” said the company.

However, no further announcements had been made by Chemical Industries as at 2.19 pm on Friday.

Rule 704(7) of the Singapore Exchange listing manual relates to the appointment or cessation of key persons such as director, chief executive officer, chief financial officer, chief operating officer, general manager, or qualified person or other executive officer of equivalent authority.

The announcement of such cessation of service must include information such as whether there were any unresolved differences in opinion on material matters between the person and the board of directors, which would have a material impact on the group or its financial reporting.