Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On July 11, 2022, each of Christian Jason Chan and Dwi Prasetyo Suseno informed
the Board of Directors (the "Board") of Malacca Straits Acquisition Company
Limited, a Cayman Islands exempted company (the "Company"), of his intention to
resign as the a director of the Company effective immediately. Neither of their
resignations was due to any disagreement with the Company.
To fill the vacancy created by the resignations of Mr. Chan and Mr. Suseno, on
July 11, 2022, the Board appointed each of Vince Ming Shu Leung and Eugene TY
Tan to serve as a member of the Board, a member of the audit committee and a
member of the compensation committee, effectively immediately. Mr. Leung was
appointed to serve as the Chairman of the audit committee of the Company and Mr.
Tan was appointed to serve as the Chairman of the compensation committee. The
Board has determined that both of Mr. Leung and Mr. Tan are financially literate
and that Mr. Leung qualifies as an "audit committee financial expert" as defined
in applicable Securities and Exchange Commission rules and has accounting or
related financial management expertise.
Mr. Vince Ming Shu Leung, age 46, has been the group Chief Financial Officer, a
member of strategy committee of 58 Group, a leading classified information
internet platform in China and managing partner of 58 Industry Fund, an
investment fund under 58.com Inc. , where he is mainly responsible for
overseeing overall financial and legal functions and strategic investment and
management of the 58 Industry Fund, since April 2021. He has been serving as a
founding and managing partner at Harmony Capital, a family office PE fund with a
focus on internet and consumer sectors in China, since February 2017. From
January 2013 to January 2017, Mr. Leung served as Chief Financial Officer of
Visual China Group, a company mainly engaged in the image licensing businesses
and a public company listed on the Main Board of the Shenzhen Stock Exchange.
From January 2008 to December 2012, Mr. Leung served as the Chief Financial
Officer of China ITS (Holdings) Co., Ltd., a Hong Kong listed company mainly
engaged in the provision of intelligent transportation solutions covering
expressway, railway and urban traffic sectors. From February 2003 to March 2006,
he served as a senior manager in the mergers and acquisitions department and
subsequently as Chief Financial Officer at CDC Corporation, a Nasdaq and Hong
Kong listed group. From October 1999 to December 2000, Mr. Leung served as a
senior consultant at Arthur Andersen & Co, where he was mainly responsible for
providing business consultancy services. From September 1998 to August 1999, he
was an auditor at PricewaterhouseCoopers. Since May 2022, Mr. Leung has been
serving as an independent non-executive director at Jiu Zun Digital Interactive
Entertainment Group Holdings Limited, a company mainly engaged in the provision
of mobile gaming solutions and a public company listed on the Main Board of the
Hong Kong Stock Exchange. Since December 2019, Mr. Leung has been serving as an
independent non-executive director at Renrui Human Resources Technology Holdings
Limited, a company mainly engaged in the provision of human resources services
and a company listed on the Main Board of the Hong Kong Stock Exchange. Since
March 2017, he has been serving as an independent non-executive director at
Sun.King Technology Group Limited, a company mainly engaged in the provision of
power electron capacitor and a public company listed on the Main Board of the
Hong Kong Stock Exchange. Since February 2013, Mr. Leung has been serving as an
independent non-executive director at Cabbeen Fashion Limited, a menswear outfit
brand in China and a public company listed on the Main Board of the Hong Kong
Stock Exchange. Mr. Leung has been a Fellow Member of Association of Chartered
Certified Accountants and the Fellow Member of the Hong Kong Institute of
Certified Public Accountants since February 2007 and June 2010, respectively.
Mr. Leung obtained a First Class Honor bachelor's degree in accounting from the
City University of Hong Kong and a master's degree in accounting from The
Chinese University of Hong Kong. Mr. Leung is well-qualified to serve on the
Board due to his expertise in corporate finance and management and his extensive
experience with public companies.
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Mr. Eugene TY Tan, age 59, has been the Co-Chief Executive Officer of Oriental
Patron Asia Limited, a financial services company, since April 2019. From
January 2017 to March 2019, Mr. Tan was the Co-Chief Executive of the
Institutional and Client Group at Shanxi Securities International, a company
engaging in the provision of securities brokerage and investment advisory
services. He was the Managing Director and Head of Investment Banking and Equity
Capital Markets - Asia Department at Oppenheimer Investments Asia Limited, an
investment advisory firm, from 2013 to 2016. From 2010 to 2012, Mr. Tan served
as the Managing Director, Greater China of Rothschild (Hong Kong) Limited, a
financial advisory firm. From 2007 to 2010, he was the Managing Director of
Argyle Street Management, an asset management firm. Prior to that, Mr. Tan has
also worked at various financial services firms, including Goldman Sachs,
Salomon Smith Barney, ING Barings, HSBC Investment Bank and Citibank, N.A. Mr.
Tan served as independent board member of KGI Holdings and KGI Thailand. Mr. Tan
holds an MBA with Distinction from Stanford Graduate School of Business where he
was an Arjay Miller Scholar and Deloitte and Touche Accounting Awardee. He also
holds dual degrees in Accounting and Finance, summa cum laude, from the
University of the Philippines. Mr. Tan is a Certified Public Accountant. Mr. Tan
is well-qualified to serve on the Board due to his extensive corporate finance
and publicly-listed company experience.
There are no family relationships between each of Mr. Leung and Mr. Tan and any
director, executive officer, or person nominated or chosen by the Company to
become an executive officer of the Company. There are no transactions between
the Company and each of Mr. Leung and Mr. Tan that are subject to disclosure
under Item 404(a) of Regulation S-K.
In connection with the appointment, on July 11, 2022, the Company and each of
Mr. Leung and Mr. Tan entered into a certain letter agreement and
indemnification agreement, which are substantially similar to the letter
agreement and indemnification agreements, respectively, entered into by the
other officers and directors in connection with the Company's initial public
offering.
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