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SGX queries GCCP on independent director resignation and board reshuffle
THE Singapore Exchange (SGX) has queried Catalist-listed GCCP Resources on why it only announced the resignation of its independent director Teng Chang Yeow on the same day as his last day of service, Oct 1.
Malaysia-based GCCP said Mr Teng had submitted his resignation letter on Sept 27, and the board had agreed to the terms of Mr Teng's resignation on Sept 30.
Mr Teng had requested that the company waive his notice period of at least one month, which it agreed to.
The firm said it also needed time from Sept 25-30 to arrange and conduct his exit interview, accommodate dialogue and decision making with and within the board.
SGX also queried when GCCP's sponsor, PrimePartners Corporate Finance, was informed of six changes to GCCP's management and board, one of which wass Mr Teng's resignation.
All changes were announced on Oct 1, and GCCP said its sponsor was informed on Sept 25. The exception was the appointment of its executive director Loo Wooi Hong as deputy chief executive officer of GCCP, of which the sponsor was informed in August 2019.
PrimePartners conducted Mr Teng's exit interview on Sept 30, GCCP said.
Shares of GCCP, which is in the business of quarrying and processing limestone, were flat at S$0.007 as at 2.30pm.