Midas Holdings Ltd : Resignation Of Independent Non-Executive Director And Changes In The Composition Of The Audit Committee, Nominating Committee And Remuneration Committee

09/23/2011 | 05:25pm

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.

(Singapore Registration No.: 200009758W) (Incorporated in Singapore with limited liability) (Hong Kong Stock Code: 1021) (Singapore Stock Code: 5EN)

RESIGNATION OF INDEPENDENT NON-EXECUTIVE DIRECTOR AND CHANGES IN THE COMPOSITION OF THE AUDIT COMMITTEE, NOMINATING COMMITTEE AND REMUNERATION COMMITTEE

The board of directors (“the Board”) of Midas Holdings Limited (the "Company") wishes to announce that due to board renewal, Mr Chew Chin Hua (“Mr Chew”) has resigned as an Independent Non-executive Director and ceased to be the Chairman of the Audit Committee, a member of the Nominating Committee and Remuneration Committee of the Company on 23 September 2011. Mr Tong Din Eu, an Independent Non-executive Director has been appointed as the Chairman of the Audit Committee, a member of the Nominating Committee and Remuneration Committee in place of Mr Chew on the same date.

The announcement on Mr Chew’s resignation pursuant to the requirement of the Listing

Manual of the Singapore Exchange Securities Trading Limited is released separately.

Mr Chew has confirmed that he does not have any disagreement with the Board and there is no matter in relation to his resignation that needs to be brought to the attention of the shareholders of the Company.

The Audit Committee, Nominating Committee and Remuneration Committee of the

Company comprise the following directors on 23 September 2011:-

Audit Committee

Mr Tong Din Eu (Independent Non-executive Director) - Chairman

Mr Chan Soo Sen (Independent Non-executive Director) - Member

Dr Xu Wei Dong (Independent Non-executive Director) - Member

1

Nominating Committee

Mr Chan Soo Sen (Independent Non-executive Director) - Chairman

Mr Tong Din Eu (Independent Non-executive Director) - Member

Dr Xu Wei Dong (Independent Non-executive Director) - Member

Remuneration Committee

Mr Chan Soo Sen (Independent Non-executive Director) - Chairman

Mr Tong Din Eu (Independent Non-executive Director) - Member

Dr Xu Wei Dong (Independent Non-executive Director) - Member

On behalf of the Board Midas Holdings Limited Chew Hwa Kwang, Patrick

Executive Director and

Chief Executive Officer

Hong Kong, 23 September 2011

As at the date of this announcement, the executive directors of the Company are Mr. Chen Wei Ping and Mr. Chew Hwa Kwang, Patrick; and the independent non-executive directors of the Company are Mr. Chan Soo Sen, Dr. Xu Wei Dong and Mr. Tong Din Eu.

2