Sinostar PEC announces cessation of lead independent director

SINOSTAR PEC Holdings announced over the weekend that Teo Moh Gin, 62, ceased to be its lead independent director effective May 21, citing personal and health reasons.

Mr Teo also chaired the audit and remuneration committees and was a member of the nomination committee, and risk and investment committee.

The mainboard-listed group produces and supplies downstream petrochemical products in China.

Earlier this month, it posted a significant jump in net profit to 59.3 million yuan (S$12.2 million) for the first quarter of 2021, up from 801,000 yuan a year ago, on the back of a ramp-up in production volume of most products and the expansion of gross margins due to increased average selling prices of certain petrochemicals.