CHINA HUARONG ENERGY CO LTD Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.
中國華榮能源股份有限公司
(Incorporated in the Cayman Islands with limited liability)
(Stock Code: 01101)
The board of directors (the 'Board') of China Huarong Energy Company Limited (the 'Company', together with its subsidiaries, the 'Group') announces that Mr. Xia Da Wei ('Mr. Xia') has tendered his resignation as an independent non-executive director of the Company
('Director') to devote more time to other business commitments with effect from 18 November 2015.
Mr. Xia has confirmed that he does not have any disagreement with the Board and there is no matter relating to his resignation which needs to be brought to the attention of the shareholders of the Company.
The Board also announces that Mr. Lam Cheung Mau ('Mr. Lam') has been appointed by the Board as an independent non-executive Director with effect from 18 November 2015.
Mr. Lam, aged 59, has over 30 years of experience in the auditing and finance. Mr. Lam previously held various positions, as officers in the audit department of Hua Chiao Commercial Bank, in the corporate planning and budgeting division of the finance department of Bank of China (Hong Kong) and was an audit manager of Han's Laser Technology Industry Group Co., Ltd. Mr. Lam graduated in 1982 from the accounting division of Xiamen University with a bachelor's degree in economics.
Mr. Lam entered into an appointment letter with the Company for a term of three years commencing on 18 November 2015. Under the appointment letter, the total amount of director's emoluments payable to Mr. Lam is HK$360,000 per annum, which was determined with reference to his experience, qualifications, duties and responsibilities in the Company, as well as current market conditions. In accordance with the amended and restated articles of association of the Company, Mr. Lam will hold office until the next annual general meeting of the Company and is eligible for re-election at that meeting.
Save as disclosed above, Mr. Lam: (1) does not have any interests in shares of the Company within the meaning of Part XV of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong); (2) has not held any other positions in the Company or any of its subsidiaries; (3) has not been a director of any public company (the securities of which are listed on any securities market in Hong Kong or overseas) in the last three years; (4) does not have any other major appointments and professional qualifications; (5) does not have any relationship with any Director, senior management or substantial or controlling shareholder of the Company;
(6) there is no other information relating to Mr. Lam that needs to be disclosed pursuant to paragraphs (h) to (v) of Rule 13.51(2) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited; and (7) there is no other matter that needs to be brought to the attention of the shareholders of the Company.
Mr. Xia will cease to be a member of each of the audit committee, the corporate governance committee, the finance and investment committee and the nomination committee of the Company upon his resignation as an independent non-executive Director with effect from 18 November 2015.
The Board further announces the following appointments in respect of the Board committees of the Company:
Mr. Lam has been appointed as a member of each of the audit committee and the corporate governance committee of the Company with effect from 18 November 2015;
Mr. Wang Tao, an executive Director, has been appointed as a member of the corporate governance committee of the Company with effect from 18 November 2015;
Mr. Wang Jin Lian, an independent non-executive Director, has been appointed as a member of the finance and investment committee of the Company with effect from 18 November 2015; and
Ms. Zhou Zhan, an independent non-executive Director, has been appointed as a member of the nomination committee of the Company with effect from 18 November 2015.
The Board would like to take this opportunity to express its sincere gratitude to Mr. Xia for his valuable contribution to the Company during his tenure of appointment, and also to welcome Mr. Lam to the Company as an independent non-executive Director.
By Order of the Board
China Huarong Energy Company Limited LEE Man YeeCompany Secretary
Hong Kong, 17 November 2015
As at the date of this announcement, the directors of the Company are: Executive Directors:
Mr. CHEN Qiang (Chairman), Mr. HONG Liang, Mr. Sean S J WANG, Mr. WANG Tao, Mr. WEI A Ning and Ms. ZHU Wen Hua;
Independent non-executive Directors:
Mr. XIA Da Wei, Mr. WANG Jin Lian and Ms. ZHOU Zhan.
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