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Moya Holdings non-executive director resigns after share sale

MOYA Holdings, an investment holding company engaged in the development of water treatment solutions, announced that Ziyad Fekri Z Omar has resigned his position as non-executive and non-independent director, following a share sale.

Some 286.08 million shares in Moya Holdings, worth S$31.47 million, were sold off by Moya Holding Company BSC to GW Redwood.

Mr Omar is the founder and chief executive of Gulf One Investment Bank BSC, which had a deemed interest in Moya Holdings as it held 41 per cent of Moya Holding Company BSC.

Separately, Moya announced that following Mr Omar's resignation, it has appointed managing director Irwan Atmadja Dinata, an executive director, as a member of its audit and remuneration committees with effect from April 26.

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The company noted that as a result of the above appointment, it "does not comply with the guidelines set out in the Singapore Code of Corporate Governance 2012 with regards to the composition of the audit committee and the remuneration committee", where all members of both committees should be independent and non-executive directors.

"In this regard, the board will endeavour to make the necessary arrangements to comply with the guidelines in due course," Moya said.