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ICP independent director barred from position in June, board discloses
AN independent director of Catalist-listed ICP Ltd was barred from being a director four months ago, the board disclosed in a filing on Friday.
Winston Seow Han Chiang, who was appointed in March 2012, has been disqualified from holding such a role for five years from June 4, 2018, under the Companies Act.
The company said that it was informed of the decision only on Oct 10, while sponsor RHT Capital said it was satisfied, based on its enquiries, that there are no other material reasons for Mr Seow's departure.
Mr Seow does not own any shares in ICP, according to the filing. ICP manages and franchises Travelodge-branded hotels in Asia, and also owns and charters oil tankers.
Mr Seow's departure leaves the board with two independent directors, Tan Kok Hiang and Ong Kok Wah, as well as chairman Aw Cheok Huat.
The board said in a separate announcement that the nominating committee, which comprises Mr Tan and Mr Ong, will deliberate and recommend a suitable replacement for Mr Seow.
ICP closed flat at S$0.009 before the announcement.