GALLANT VENTURE LTD.

(the "Company")

(Incorporated in the Republic of Singapore)

Co. Registration No. 200303179Z

MINUTES OF THE ANNUAL GENERAL MEETING OF THE COMPANY HELD BY ELECTRONIC MEANS VIA LIVE WEBCAST ON FRIDAY, 30 APRIL 2021 AT 10.00 A.M.

PRESENT

DIRECTORS

Mr Lim Hock San (Chairman of the Board and Chairman of the meeting)

Mr Eugene Cho Park

Mr Gianto Gunara

Mr Choo Kok Kiong (also CFO and Company Secretary)

Dr Tan Chin Nam

Mr Foo Ko Hing

Mr Rivaie Rachman

Mr Axton Salim

SHAREHODLERS

As per attendance list of the meeting

  • WELCOME NOTE
    Mr Lim Hock San, the Chairman of the Board welcomed shareholders to the annual general meeting ("AGM") attending the meeting through webcast.
    He informed the shareholders that he was presiding over the AGM at the office of the Company at HarbourFront Place, HarbourFront Tower Two. With him was Mr Choo Kok Kong, also the CFO cum Company Secretary, The CEO, Mr Eugene Cho Park and the other Directors, Mr Gianto Gunara, Mr Foo Ko Hing, Mr Rivaie Rachman, Dr Tan Chin Nam and Mr Axton Salim attended the AGM through webcast. The auditors represented by the audit partner, Mr Ho Teik Tiong also attended the meeting through webcast.
  • QUORUM

A quorum was present and the Chairman called the meeting to order.

  • PROCEEDINGS OF THE MEETING
    The Chairman informed the meeting that the Company appointed Trusted Services Pte Ltd as the polling agent and Intertrust Singapore Corporate Services Pte Ltd as the Scrutineer. The Company had received proxy forms from shareholders appointing Chairman of the meeting and indicating how the shareholders wish to vote on specific resolutions. The Chairman informed the meeting that he would be voting or abstaining according to the instructions of the shareholders. The proxies and the number of votes that he had been directed to cast on behalf of the shareholders had been verified by the Scrutineer.

GALLANT VENTURE LIMITED

Minutes of the AGM held on 30 April 2021

Page 2 of 10

Voting will be conducted by poll and the Chairman would announce the voting results for

each resolution.

4

QUESTIONS OF SHAREHOLDERS

The Chairman informed the shareholders that the Company had not received any

questions from shareholders relating to the resolutions set out in the Notice of the AGM.

The presentation slides for the AGM had been posted on SGXNet and the Company's

website.

5

NOTICE OF MEETING

The Notice of the AGM dated 15 April 2021 convening this meeting which was published

on SGXNet and on the Company's website was taken as read.

6

AUDITED FINANCIAL STATEMENTS, DIRECTORS' STATEMENT AND AUDITORS'

REPORT FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2020 (RESOLUTION

1)

The Chairman addressed the first item on the agenda which was to approve the Audited

Financial Statements for the financial year ended 31 December 2020 together with the

Directors' Statement and Auditors' Report.

The Chairman proposed:

"That the Audited Financial Statements for the financial year ended 31 December 2020

together with the Directors' Statement and Auditors' Report thereon be and are hereby

received and adopted."

The resolution was put to vote with the result as follows:

Total number of

For

Against

shares

represented by

Number of

Number of

votes for and

shares

%

%

against resolution

shares

1

5,075,582,292

5,075,570,292

100.00%

12,000

0.00%

The Chairman declared the resolution carried.

7

DIRECTORS' FEE (RESOLUTION 2)

The Chairman proposed:

"That Directors' fee of S$405,000 for the financial year ended 31 December 2020 be and

is hereby approved."

The resolution was put to vote with the result as follows:

GALLANT VENTURE LIMITED

Minutes of the AGM held on 30 April 2021

Page 3 of 10

Total number of

For

Against

shares

represented by

Number of

Number of

votes for and

shares

%

%

against resolution

shares

2

5,075,582,292

5,075,570,292

100.00%

12,000

0.00%

The Chairman declared the resolution carried.

  • RE-ELECTIONOF DIRECTOR - MR EUGENE CHO PARK (RESOLUTION 3)
    The Chairman informed the meeting that Resolution 3 dealt with the re-election of Mr Eugene Cho Park, a Director retiring under Regulation 111 of the Constitution. Mr Eugene Cho Park had consented to continue in office.
    The Chairman proposed:
    "That Mr Eugene Cho Park be and is hereby re-elected as a Director of the Company." The resolution was put to vote with the result as follows:

Total number of

For

Against

shares

represented by

Number of

Number of

votes for and

shares

%

%

against resolution

shares

3

5,075,582,292

5,075,570,292

100.00%

12,000

0.00%

The Chairman declared the resolution carried.

  • RE-ELECTIONOF DIRECTOR - DR TAN CHIN NAM (RESOLUTION 4)
    The Chairman informed the meeting that Dr Tan Chin Nam, a Director retiring under Regulation 111 of the Constitution had consented to continue in office.
    The Chairman proposed:
    "That Dr Tan Chin Nam be and is hereby re-elected as a Director of the Company." The resolution was put to vote with the result as follows:

GALLANT VENTURE LIMITED

Minutes of the AGM held on 30 April 2021

Page 4 of 10

Total number of

For

Against

shares

represented by

Number of

Number of

votes for and

shares

%

%

against resolution

shares

4

5,075,582,292

5,075,450,292

100.00%

132,000

0.00%

The Chairman declared the resolution carried.

10 RE-ELECTIONOF DIRECTOR - MR FOO KO HING (RESOLUTION 5)

The Chairman informed the meeting that Mr Foo Ko Hing, a Director retiring under Regulation 111 of the Constitution had consented to continue in office.

The Chairman proposed:

"That Mr Foo Ko Hing be and is hereby re-elected as a Director of the Company." The resolution was put to vote with the result as follows:

Total number of

For

Against

shares

represented by

Number of

Number of

votes for and

shares

%

%

against resolution

shares

5

5,075,582,292

5,075,570,292

100.00%

12,000

0.00%

The Chairman declared the resolution carried.

11 RE-APPOINTMENTOF AUDITORS (RESOLUTION 6)

The Chairman informed the meeting that the Audit and Risk Management Committee had recommended the re-appointment of Foo Kon Tan LLP as Auditors of the Company. Foo Kon Tan LLP had expressed their willingness to accept re-appointment as Auditors.

The Chairman proposed:

"That Foo Kon Tan LLP, Certified Public Accountants, be and are hereby re-appointed Auditors of the Company until the conclusion of the next Annual General Meeting at a fee to be agreed between the Directors and the Auditors."

The resolution was put to vote with the result as follows:

GALLANT VENTURE LIMITED

Minutes of the AGM held on 30 April 2021

Page 5 of 10

Total number of

For

Against

shares

represented by

Number of

Number of

votes for and

shares

%

%

against resolution

shares

6

5,075,582,292

5,075,570,292

100.00%

12,000

0.00%

The Chairman declared the resolution carried.

12 SPECIAL BUSINESS - CONTINUING IN OFFICE BY MR LIM HOCK SAN AS INDEPENDENT DIRECTOR (RESOLUTION 7A- TIER 1)

The Chairman informed the meeting as follows:

  • Under Rule 210(5)(d)(iii) of the Listing Manual of SGX-ST which comes into effect on 1 January 2022, a director who has served for an aggregate period of more than 9 years would not be considered independent unless prior to 1 January 2022, approval has been sought from shareholders under a two-tier voting for him to continue in office as an independent director from 1 January 2022 until his retirement or resignation or the conclusion of the third AGM following the passing of the two-tier resolutions whichever is earlier.
  • The Chairman, Mr Foo Ko Hing and Mr Rivaie Rachman have served for an aggregate period of more than 9 years on the Board would be subject to the two-tier voting.
  • The first-tier voting was by all shareholders; and the second-tier voting was - by shareholders, excluding the directors and the chief executive officer of the issuer and their associates.
  • The Directors and the CEO and their associates shall abstain from voting on the second-tier voting.

As Resolutions 7A and 7B dealt with the Chairman's election, he requested Mr Eugene Cho Park to chair this segment of the meeting.

With respect to Resolution 7A, Mr Eugene Cho Park proposed:

"That contingent upon the passing of Resolution 7B and in accordance with Rule 210(5)(d)(iii)(A) of the Listing Manual of the SGX-ST which will take effect on 1 January 2022:

  1. members to approve the continued appointment of Mr Lim Hock San as an independent director of the Company with effect from 1 January 2022; and
  2. the authority conferred by this Resolution shall continue in force until the earlier of the retirement or resignation of Mr Lim Hock San as a Director or the conclusion of the third AGM of the Company following the passing of this Resolution."

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Gallant Venture Ltd. published this content on 03 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 May 2021 09:40:07 UTC.