The Board of Directors of Public Financial Holdings Limited announced that given that Lai Wan cannot fulfill the requirement of independence under Rule 3.13(7) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited following his re-designation from Independent Non-Executive Chairman to Non-Independent Non-Executive Chairman of Public Bank Berhad, Lai is re-designated from the Independent Non-Executive Co-Chairman to the Non-Executive Co-Chairman of the Company with effect from 8 June 2021. Following his re-designation, Lai also ceases to be the Chairman of the Nomination and Remuneration Committee with effect from 8 June 2021. Lai remains as member of the Nomination and Remuneration Committee.