News
Change - Announcement Of Cessation Of Chief Executive Officer - Mohamed Ismail S/O Abdul Gafoore
BackJul 15, 2025
Announcement Title | Change - Announcement of Cessation |
Date & Time of Broadcast | Jul 15, 2025 12:16 |
Status | New |
Announcement Sub Title | Cessation of Chief Executive Officer - Mohamed Ismail S/O Abdul Gafoore |
Announcement Reference | SG250715OTHRWP9K |
Submitted By (Co./ Ind. Name) | Lee Li Huang |
Designation | Chief Financial Officer and Company Secretary |
Description (Please provide a detailed description of the event in the box below) | Cessation of Mr Mohamed Ismail S/O Abdul Gafoore ("Mr Ismail Gafoor") as Chief Executive Officer ("CEO") of the Company |
Additional Details | |
Name Of Person | Mohamed Ismail S/O Abdul Gafoore |
Age | 61 |
Is effective date of cessation known? | Yes |
If yes, please provide the date | 15/07/2025 |
Detailed Reason (s) for cessation | In line with the Company's structured succession planning initiatives, Mr Ismail Gafoor who is currently the Executive Chairman and CEO of the Company, will relinquish his role as CEO, and Mr Kelvin Fong Keng Seong ("Mr Kelvin Fong") who is currently serving as Executive Director and Deputy CEO, will assume the position of CEO with effect from 15 July 2025. Following the change, Mr Ismail Gafoor will continue to serve as Executive Chairman, providing strategic guidance to the Board and overseeing the Group's long-term directions. The Nominating Committee and the Board of Directors, after evaluation of Mr Kelvin Fong's credentials, industry experience, leadership capabilities, and contributions to the Group, have approved the leadership transition. The Board believes that the separation of the Chairman and CEO roles is timely and appropriate in view of the Group's continued growth and development. This transition reinforces the Company's commitment to sound corporate governance while ensuring strategic continuity through Mr Ismail Gafoor's continued executive leadership. Further details regarding the appointment of Mr Kelvin Fong as CEO and the governance considerations underpinning this transition are provided in separate announcements released today. |
Are there any unresolved differences in opinion on material matters between the person and the board of directors, including matters which would have a material impact on the group or its financial reporting? | No |
Is there any matter in relation to the cessation that needs to be brought to the attention of the shareholders of the listed issuer? | No |
Any other relevant information to be provided to shareholders of the listed issuer? | No |
Date of Appointment to current position | 13/06/2018 |
Does the AC have a minimum of 3 members (taking into account this cessation)? | Yes |
Number of Independent Directors currently resident in Singapore (taking into account this cessation) | 3 |
Number of cessations of appointments specified in Listing Rule 704 (7) or Catalist Rule 704 (6) over the past 12 months | 0 |
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.) | Mr Ismail Gafoor will remain as the Executive Chairman after relinquishing his role as CEO. |
Role and responsibilities | As Chairman of the Board, Mr Ismail Gafoor will be responsible for all duties associated with this role, including but not limited to, leading the Board in its oversight of the Company's management, setting the Group's strategic direction in collaboration with the Board, ensuring effective communication with shareholders, facilitating the quality and timeliness of information flow between management and the Board, and supporting efficient and effective Board's decision-making. |
Familial relationship with any director and/ or substantial shareholder of the listed issuer or of any of its principal subsidiaries | Yes. Mr Ismail Gafoor is the Executive Chairman and substantial shareholder of the Company. He is also holding directorships in some of the subsidiaries of the Company. |
Shareholding interest in the listed issuer and its subsidiaries? | Yes |
Shareholding Details | Deemed interest: 475,441,558 ordinary shares representing 64.25% interest in the Company |
Past (for the last 5 years) | Directorships: - Singbuilders Development Pte. Ltd. - Singbuilders Pte. Ltd. - P & N Development Private Limited - PPMC Pte. Ltd. - Soreal Prop Pte. Ltd. - PropNex International Sdn. Bhd. - PT Ventures Pte. Ltd. Other Principal Commitment: Nil |
Present | Directorships: - PropNex Limited - PropNex Realty Pte. Ltd. - PropNex International Pte. Ltd. - PropNex Grandeur Homes Pte. Ltd. - Life Mastery Academy Pte. Ltd. - P & N Holdings Pte. Ltd. - P & N Property Investment Pte. Ltd. - SingCapital Pte. Ltd. - SingCapital Holdings Pte. Ltd. - Spirit of Enterprise - PropNex Foundation Limited Other Principal Commitment: - Majlis Ugama Islam Singapura |