IFS Capital Limited announced pursuant to Rule 210(5)(d)(iii) of the SGXST Listing Manual, Mr. Law Song Keng who has served the Board of the Company for more than 9 years will cease to be independent with effect from 1 January 2022. The Company did not seek the requisite approval for Mr. Law's continued appointment as an Independent Director at the 2021 Annual General Meeting of the Company. In this regard, Mr. Law Song Keng will be redesignated from an Independent Non-Executive Director to Non-Independent Non-Executive Director of the Company with effect from 1 January 2022.

Mr. Law will also cease to be the Lead Independent Director of the Company. Mr. Barney Lau Tai Chiau has been appointed to take the role of the Lead Independent Director with effect from 1 January 2022.