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Pacific Star's independent director, 2 non-executive directors step down
THREE directors of Catalist-listed Pacific Star Development resigned on Friday, amid the firm's strategic shift from the aluminium business to property development and new board appointments in the past week.
In separate bourse filings, Pacific Star announced that independent director Heng Su-Ling Mae and non-executive directors Peh Siong Woon Terence and Tan Hai Peng Micheal will be stepping down from the board.
Ms Heng is stepping down to focus on her present work, while Mr Tan is looking to focus on "primary work commitments", Pacific Star said.
In addition, all three directors are "of the view that it is an appropriate time to step down and let the new board lead the company moving forward", according to the filings.
On June 4, Pacific Star announced the appointment of a new executive chairman Ying Wei Hsein and independent directors Leow Chin Boon and Bob Low. Late last month, the company said that it is liquidating its aluminium business division to focus on property development instead.
Based on the current board composition, Pacific Star has yet to meet the minimum requirement of having three non-executive directors in its Audit Committee. The company will look to fulfil the requirement no later than three months from now, it said on Friday.
Shares of Pacific Star last traded at S$0.15 on June 4.