The Board of Directors of PNE Industries Ltd. announced that Mr. Lim Meng Wee, who is an Independent, Non-executive Director of the Company, shall be appointed as the Chairman of the Audit Committee in place of Mr. Tung Chee Weng who shall step down as the Chairman of the Audit Committee, effective October 1, 2019. Mr. Lim shall also be the Lead Independent Director of the Company while Mr. Tung shall remain as a member of the Audit Committee.