Memiontec Holdings Ltd. announced that Mr. Chua Kern is retiring pursuant to Regulation 96 of the Constitution of the Company at the forthcoming Annual General Meeting of the Company to be held on 12 April 2021 (AGM). He has decided not to seek for re-election to the Board of Directors of the Company at the forthcoming AGM to facilitate the Board Restructuring. In view of the challenging environment, the Board wishes to undertake certain restructuring (the "Board Restructuring"), in particular, to (i) scale down the size of the Board from a current seven member Board, to a six member Board; and separate the roles of the Chairman and the Chief Executive Officer to be held by separate persons to enhance the Group's corporate governance practices. Accordingly, Mr. Chua Kern will retire as an Independent Director of the Company at the conclusion of the forthcoming AGM. Upon his retirement, he will also cease to be the Chairman of the Nominating Committee, and a member of the Audit Committee and the Remuneration Committee of the Company.