Sincap looking for new CFO and audit committee chairman, board tells bourse

CATALIST-LISTED Sincap Group does not know of any undisclosed concerns that should be brought to shareholders' attention, the board said on Friday night, after queries from the bourse operator on recent departures from the company.

The Singapore Exchange (SGX) had noted that independent director William Chia is resigning on Sept 30 after less than a year on the board; it also noted that the company's chief financial officer (CFO) left in April and the financial controller, last December.

Sincap has identified a possible new group finance manager who has already been cleared by the audit and risk committee, and submitted candidate details to the sponsor for review earlier in the day, said the board.

But, since this candidate is not a Singapore resident, the potential appointment will also have to get the approval of the Manpower Ministry, it said.

Besides asking if any matters need to be raised to shareholders, the SGX also wanted to know more about the search for a CFO, and the details of the person now responsible for the group's financial, internal controls and compliance functions.

The board replied that an outsourced accountant is handling bookkeeping and other finance functions, and that Sincap's chief operations officer is financially trained and also reviews and oversees these functions.

Meanwhile, lead independent director Wilson Teng will temporarily take over Mr Chia's duties as chairman of the audit and risk committee.

Sincap is already looking for a new chairman to meet the requirement for at least three audit committee members, the board added, in reply to the SGX queries.