The board of directors of CPM Group Limited announced that Mr. Lam Ting Ball, Paul (Mr. Lam) has tendered his resignation as the chairman of the Board and a non-executive director of the Company with effect from 1 April 2023 due to his retirement. Mr. Lam has confirmed that he has no disagreement with the Board and there is no other matter relating to his resignation that needs to be brought to the attention of the shareholders of the Company. In recognition of Mr. Lam's invaluable contributions and devotion to the Company during his tenure of office, Mr. Lam has been appointed as the honorary chairman of the Company (the Honorary Chairman) with effect from 1 April 2023.

As the Honorary Chairman, Mr. Lam is neither a director nor an officer of the Company, and he does not have any management role in the Company. Mr. Lam is not required to participate in the meetings of the Board. He will not receive any fee during his tenure of office.

The Board also announced that Mr. Tsui Ho Chuen, Philip (Mr. Tsui) has been appointed as the chairman of the Board on a temporary basis with effect from 1 April 2023. Mr. Tsui, aged 59, is the executive director and managing director of the Company and he has more than 38 years of experience in the paint and coating industry. Mr. Tsui graduated from the University of Hull with a bachelor of law degree in July 1989 and was admitted as a Hong Kong solicitor in March 1993.

He is a non-executive director of CNT Group Limited. Mr. Tsui has been appointed as a committee member of the eighth, eleventh and twelfth sessions of the Chinese People's Political Consultative Conference of Jiangsu Province, respectively.