By Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.
TUNGTEX (HOLDINGS) COMPANY LIMITED(Incorporated in Hong Kong with limited liability)
(Stock Code: 00518) APPOINTMENT OF INDEPENDENT NON-EXECUTIVE DIRECTOR AND CHANGE IN COMPOSITION OF AUDIT COMMITTEE, REMUNERATION COMMITTEE AND NOMINATION COMMITTEE
The Board announces that Mr. Leslie Chang Shuk Chien has been
appointed as an independent non-executive director of the
Company with effect from November 7, 2012.
The Board further announces that Mr. Leslie Chang Shuk Chien
has been appointed as the Chairman of the Audit Committee of
the Company and Mr. Edwin Siu Pui Lap has resigned as the
Chairman of the Audit Committee both with effect from
November 7, 2012. Mr. Edwin Siu Pui Lap will remain as a
member of the Audit Committee of the Company.
The Board also announces that Mr. Leslie Chang Shuk Chien has
been appointed as a member of the Remuneration Committee and
a member of the Nomination Committee of the Company both with
effect from November 7, 2012.
The board of directors (the "Board") of Tungtex (Holdings)
Company Limited (the "Company") hereby announces that Mr.
Leslie Chang Shuk Chien ("Mr. Chang") has been appointed as
an independent non-executive director of the Company with
effect from November 7, 2012.
Mr. Leslie Chang Shuk Chien (lsl'f:ll'È), aged 66,
is an associate member of Hong Kong Institute of Certified
Public Accountants. He is the Managing Director of Chang
Leung Hui & Li C.P.A. Limited since 1997. He is a Certified
Public Accountant practising in Hong Kong since
1982 and has over 35 years of experience in the field of
auditing and accounting.
Chang Leung Hui & Li C.P.A. Limited ("Mr. Chang's Firm")
provides auditing, accounting and taxation services to the
public. Mr. Chang's Firm, through another engagement partner,
is currently providing and has been providing auditing,
accounting and taxation services to a private company
controlled by Mr. Robert Yau Ming Kim ("Mr. Yau"), an
existing independent non-executive director of the Company,
and personal taxation service to Mr. Yau himself for over 20
years. Mr. Chang personally was not, and would not be
involved in the provision of any services to Mr. Yau and his
controlled company. Apart from the above, Mr. Chang or Mr.
Chang's Firm has not provided and does not provide services
to any of the Company's existing directors (including
executive directors) and/or substantial shareholders. Nor has
he been involved and is involved in business dealings with
the Company, its respective subsidiaries, its executive
directors or with any connected persons of the Company.
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In view of the above and that the level of fees received by
Mr. Chang's Firm from Mr. Yau and his controlled company is
insignificant, while Mr. Yau is only an independent
non-executive director of the Company, the Board considers
that Mr. Chang is both independent and competent to serve on
the Board as an independent non-executive director.
Mr. Chang has entered into a service contract with the
Company pursuant to which he is appointed as an independent
non-executive director for a term of three years subject to
retirement by rotation at least once every three years in
accordance with the provisions of the Articles of Association
of the Company. Mr. Chang, as an independent non-executive
director, will be entitled to a director's fee of HK$170,000
per annum as determined with reference to his duties and
responsibilities in the Company and the prevailing market
conditions, as approved by the Board in accordance with the
Company's remuneration policy pursuant to the authority given
by the shareholders of the Company in annual general
meeting.
Mr. Chang does not have any interest in any shares or
underlying shares of the Company within the meaning of Part
XV of the Securities and Futures Ordinance (Chapter 571 of
the Laws of Hong Kong). Save as disclosed above, he does not
have any relationships with any other directors or senior
management or substantial or controlling shareholders of the
Company. Mr. Chang does not at present, nor did he in the
last three years, hold any directorships in any other public
companies the securities of which are listed in Hong Kong or
overseas.
Mr. Chang has confirmed that there is no other information
which is discloseable pursuant to any of the requirements
under Rules 13.51(2)(h) to 13.51(2)(v) of the Rules Governing
the Listing of Securities on The Stock Exchange of Hong Kong
Limited, and there are no other matters relating to his
appointment that need to be brought to the attention of the
shareholders of the Company.
The Board would like to welcome Mr. Chang for joining us.
The Board further announces that Mr. Chang has been appointed
as the Chairman of the Audit Committee of the Company and Mr.
Edwin Siu Pui Lap ("Mr. Siu") has resigned as the Chairman of
the Audit Committee both with effect from November 7, 2012.
Mr. Siu will remain as a member of the Audit Committee of the
Company.
The Board also announces that Mr. Chang has been appointed as
a member of the Remuneration Committee and a member of the
Nomination Committee of the Company both with effect from
November 7, 2012.
By Order of the Board
Chairman
Hong Kong, November 6, 2012
As at the date of this announcement, the Executive Directors of the Company are Mr. Benson Tung Wah Wing (Chairman), Mr. Alan Lam Yiu On (Managing Director), Mr. Raymond Tung Wai Man, Mr. Martin Tung Hau Man and Mr. Billy Tung Chung Man; the Non-Executive Directors of the Company are Mr. Tung Siu Wing and Mr. Kevin Lee Kwok Bun; and the Independent Non-Executive Directors of the Company are Mr. Johnny Chang Tak Cheung, Mr. Tony Chang Chung Kay, Mr. Robert Yau Ming Kim and Mr. Edwin Siu Pui Lap.
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