The Board of Hiap Hoe Limited having considered the recommendation of the Nominating Committee and assessed Mr. Teo Keng Joo, Marc's qualifications and experience, has appointed Mr. Teo Keng Joo, Marc as an Executive Director of the Group. Mr. Teo Keng Joo, Marc will oversee and head the Project Management department of the Group and report directly to the Executive Board of Directors. From April 2017 to present, he was Director of Meteorite Group Pte Ltd. Mr. Teo Ho Beng will relinquish his position as Executive Chairman of the Board. Following this, Mr. Teo Ho Beng will remain as an Executive Director and Chief Executive Officer of the company; and Mr. Ronald Lim Cheng Aun, who is an Independent Director of the Company, will also be appointed as Non-Executive Independent Chairman of the Board. Following his appointment, Mr. Ronald Lim Cheng Aun will remain as the chairman of the Nominating Committee and a member each of the Audit and Risk Committee and Remuneration Committee. The changes will be effective from 11 May 2017.