Nomination Opens for 2024 Directors Of The Year Awards & Inaugural Climate Governance Awards

HONG KONG, June 6, 2024 – (ACN Newswire) – The Hong Kong Institute of Directors (“HKIoD”) announced yesterday that nomination has opened for the 2024 Award Series for Director Excellence (the “Awards”), consisting of the long-established Directors of the Year Awards (“DYA) and the first Climate Governance Awards (“CGA”).

From left to right: Ir Edmund K H Leung, Dr Christopher To, Ms Alice Yip, and Mr Vincent Chan provide an overview of the 2024 Award Series for Director Excellence during the briefing session.

The new series of Climate Governance Awards, launched on the United Nations World Environment Day on 5 June, aims to recognise and inspire exemplary achievements in climate governance, advocating climate action by directors to help build a sustainable future. The judging format of CGA is similar to that of the DYA.

The Awards project this year, themed “Leading with Agility in an Era of Innovation”, echoes with today’s rapidly evolving business landscape that presents both challenges and opportunities. The global economy has remained sluggish, with tough financial conditions and prevailing geopolitical tensions dampening economic prospects. Directors in Hong Kong are facing particularly daunting challenges in the demanding economic environment. On top of business performance, another test of organisational agility is in climate action. Directors must guide their companies in identifying the risks and opportunities that climate change brings, which are vital to ensuring the sustainability of the world and mankind.

Dr Christopher To, Chairman of HKIoD, said, “In the face of unpredictable circumstances, we must be prepared to learn, evolve, and change quickly in order to build a prosperous future. Adaptability, vision, and integrity are also essential leadership traits. Directors need the agility to pivot strategies as the landscape shifts, the foresight to anticipate and prepare for future challenges, and the principled decision-making to uphold good governance even in turbulent times. By hosting these award series, HKIoD aims to recognise outstanding boards and directors, as well as promote good practices in corporate governance.”

Director Of The Year Awards & Climate Governance Awards

Nomination for these two Awards will close on 31 July 2024. The Panel of Judges consists of leaders, professionals and regulators in Hong Kong. Both awards recognise excellence in the following categories:

Company Categories

Director Categories

1. Listed Companies

2. Non-Listed Companies

3. Statutory/Non-Profit-Distributing Organisations*

1. Executive Directors

2. Non-Executive Directors

3. Boards

Notes: *A non-profit-distributing organisation is defined as an organisation of which profits are not distributed to its shareholders, members, directors, employees or any other persons, with objectives including, but not limited to, charitable welfare, social service, health and medical care, education, research, trade and industrial alliance, professional advancement, self-help support etc.

The Awards nomination form and related information are available on The Hong Kong Institute of Directors website at www.hkiod.com.

About “HKIoD Award Series for Director Excellence”

The HKIoD Award Series for Director Excellence is a project organised by The Hong Kong Institute of Directors (“HKIoD”) and consists of two series of Awards.

The first series, Directors Of The Year Awards, was inaugurated in 2001 as the first ever such Awards organised in Asia. As directors are ultimately responsible for corporate governance and leading the company in prosperity and integrity, the objectives of the Awards are to recognise outstanding boards and directors and to promote good practices in corporate governance and director professionalism. The Awards have become an annual project of impact in the community organised by HKIoD together with over 100 Project Partners. To date, 242 Awardees have been recognised for their achievements in demonstrating exemplary high standards in corporate governance and director practice.

Inaugurated in 2024, Climate Governance Awards constitute the second series of HKIoD Awards with the objectives to recognise and inspire exemplary achievements in climate governance and to advocate climate action by directors. It is critical time now for directors to address the risks and opportunities of climate change in board agendas and their governance role.

Candidates are open to public nomination, with data processed in well-defined and stringent procedures, followed by interviews with independent consultants in utmost due diligence and finally selected by independent judges with high standards and fair judgment. Awards are presented by company categories, viz Listed Companies, Non-listed Companies and Statutory/Non-profit-distributing Organisations, and by capacities, viz Executive Directors, Non-Executive Directors and Boards.

About The Hong Kong Institute of Directors (“HKIoD”)

The Hong Kong Institute of Directors (“HKIoD”) is Hong Kong’s premier body representing directors working together to advance corporate sustainability in creating long-term value for companies, their owners, stakeholders, humankind and Planet Earth through advocacy and standards-setting in corporate governance and director professionalism.

Led by Founder Chairman Dr The Hon Moses Cheng, HKIoD was founded in 1997. Throughout the years, HKIoD is honoured to have the Chief Executive of HKSAR as the Institute’s Patron. Membership of HKIoD comprises of directors from diverse industries and corporate types and includes Executive Directors, Non-Executive Directors and Independent Non-Executive Directors. With multi-culturalism and international perspectives, HKIoD organises activities that cover director training, seminars and forums, collective director voice, guideline establishment, public education, Award Series for Director Excellence, assessment of Corporate Governance Scorecard for listed companies etc.

As a member body of the Global Network of Director Institutes (“GNDI”), HKIoD is committed to global collaboration in promoting good corporate governance and director professionalism. HKIoD is the appointed Host of the Hong Kong Chapter of Climate Governance Initiative, a global network that collaborates with the World Economic Forum in actively promoting directors’ address of the risks and opportunities of climate change.

For details please visit: http://www.hkiod.com | http://www.gndi.org | https://climate-governance.org/

Directors Award Series for Director Excellence Enquiries	Media Enquiries
The Hong Kong Institute of Directors	Strategic Public Relations Group
Odessa So	Brenda Chan
+852 2889 4988 / odessa.so@hkiod.com	+852 2114 4396 / brenda.chan@sprg.com.hk
Fax +852 2889 9982	Fax +852 2114 4948

Shopee’s logistics partners dispel concerns over monopoly allegations

JAKARTA, May 31, 2024 – (ACN Newswire) – Shopee’s logistics service partners have expressed their support for continued partnerships with the e-commerce company, citing the positive impact on their businesses and communities.

PT Tiki Lintas Nugraha Ekakurir, known as JNE, noted it had successfully collaborated with Shopee as a logistics partner for the past eight years. “Our strong relationship with Shopee is grounded in our joint commitment to developing the digital economy and integrating JNE’s logistics system with Shopee technology,” JNE SVP and Marketing Group Head Eri Palgunadi said.

Since 2016, the partnership has seen significant success, as the demand for logistics services driven by the increasing number of MSME players utilizing Shopee’s sales channels continues to surge. The 33-year-old company plans to continue working with Shopee, and remains committed to innovating its technology and services to support the growth of Indonesian MSMEs.

On May 28, the state-owned courier and logistics service company PT Pos Indonesia (PosID) awarded Shopee as Best Private Partner in a ceremony for partners who consistently support PosID’s work programs in the logistics sector.

Haris, PosIND’s Director of Financial Services Business, noted “As a postal operator, courier service provider, and logistics provider, we are proud to serve millions of Shopee users by connecting sellers to buyers in 514 cities and regions in Indonesia,” he said.

Previously, it was reported that the Business Competition Supervisory Commission (KPPU) suggested that Shopee deliberately discriminated by mass activating select delivery service companies on its seller dashboard.

The Chairman of the E-commerce Logistics Entrepreneurs Association (APLE), Sonny Harsono, offered a different take, explaining that the priority mechanism for couriers is part of a marketing strategy, not an attempt to monopolize. Furthermore, the techniques benefit consumers.

Sonny explained that from his observations, Shopee still provided courier service options in addition to those affiliated with the company. “Therefore, it does not meet the classification of monopoly or oligopoly,” he explained when contacted on Thursday (30/5/2024).

There are more than three courier services on the Shopee platform, leading Sonny to suspect a misinterpretation of the marketing pattern as a violation of healthy business competition regulations, as outlined in Law No. 5 of 1999. “Our concern is that the cross-selling or cross-promotion interpretation is being misunderstood as an attempt at monopolization. Furthermore, buyers can change their delivery provider after check-out,” he said.

“In our opinion, since Shopee still uses other logistics or courier providers, Shopee is merely utilizing marketing techniques to make services more attractive for the broader public.”

Creation Business Consultants Expands Presence with New Office in Hong Kong

HONG KONG, May 13, 2024 – (ACN Newswire) – Creation Business Consultants, a leading corporate services provider, tax, compliance advisory, and business consultancy firm, is thrilled to announce the opening of its new office in Hong Kong. This strategic expansion marks an exciting milestone for Creation and represents a significant opportunity for Hong Kong and Chinese clients seeking to establish their commercial presence in the Middle East.

With its rich history as a global financial hub, Hong Kong serves as an ideal gateway for businesses looking to expand into new markets. The launch of Creation’s Hong Kong office solidifies the company’s commitment to providing comprehensive support to clients in the region and beyond.

“Our decision to open an office in Hong Kong was driven by the increasing demand from our clients in the region and the growing importance of Hong Kong as a business destination,” said Scott Cairns, Managing Director of Creation Business Consultants. “This expansion allows us to better serve our clients by providing localized expertise and support, while also offering a seamless transition for businesses looking to enter the Middle Eastern market.”

The Hong Kong office will offer a wide range of services tailored to the needs of Hong Kong and Chinese companies seeking to expand into the Middle East. These services include company formation, tax advisory, and ongoing business, and compliance support. By establishing a physical presence in Hong Kong, Creation aims to streamline the process for clients and provide them with access to a dedicated team of experts with in-depth knowledge of the Middle Eastern market.

“We believe that our presence in Hong Kong will not only benefit our clients but also contribute to the growth and development of the local business community,” added Cairns. “We are excited about the opportunities that this new office will bring and look forward to helping our clients achieve their business objectives in the Middle East.”

Neil Wilson, Director of Strategy and Commercial at Creation Business Consultants, commented on the timing of the office launch, stating, “This is an excellent time for Hong Kong and Chinese companies to capitalize on the opportunities in the UAE and Saudi markets. By establishing a presence in Hong Kong, we aim to forge stronger partnerships with trade bodies and strategic allies, ultimately streamlining support and fostering stronger business ties for companies from Hong Kong and China in the MENA region”

Gary Hales, Head of International Business, emphasized the significance of the Hong Kong office launch, stating, “This is a part of our on-going expansion to our service offering and delivering exceptional superior service to our clients. The launch of the Hong Kong office will complement the Chinese-speaking team we have working in Dubai and Riyadh, providing a comprehensive suite of services to our clients.”

Creation Business Consultants is dedicated to empowering businesses to succeed in today’s booming global marketplace. The opening of the Hong Kong office underscores Creation’s commitment to providing unparalleled service and support to clients worldwide.

For more information about Creation Business Consultants and its services, please visit www.creationbc.com

ABOUT CREATION BUSINESS CONSULTANTS:

Creation Business Consultants is a leading MENA and APAC corporate services provider, tax, compliance advisory, and management consultancy firm, assisting multinational corporations, family offices, SMEs, and entrepreneurs worldwide. With a team of highly skilled professionals and a client-centric approach, the company offers comprehensive solutions in company structuring, company formation, tax planning, accounting, and other corporate services. Creation safeguards their clients’ corporate entities and maximizes their business returns through the United Arab Emirates, Saudi Arabia, and the wider GCC region. Creation Business Consultants is dedicated to delivering excellence, value, and tailored solutions to empower businesses worldwide.

MEDIA CONTACT:
Creation Business Consultants
Marketing Team
+971 4 878 6240
marketing@creationbc.com
www.creationbc.com

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Hong Kong Capital Markets Forum 2024 “Driving Growth with Market Integrity and Sound Governance”

HONG KONG, Jan 31, 2024 – (ACN Newswire) – The inaugural Hong Kong Capital Markets Forum, jointly organised by The Chamber of Hong Kong Listed Companies (CHKLC), the Hong Kong Association of Registered Public Interest Entity Auditors Limited (PIEAA), and The Hong Kong Institute of Directors (HKIoD), was held yesterday, with the aim of upholding common goals and beliefs and collaboratively exploring the development path of Hong Kong’s capital markets.

Geopolitical tensions have brought more instability to the global economy, and the external environment faced by Hong Kong has become more complex. What is the outlook for Hong Kong’s capital markets under the new international situation? How should Hong Kong better attract domestic and foreign investors and explore innovative financial and business models, while consolidating the city’s unique advantages to meet challenges and seize opportunities? This forum focuses on various issues and emphasises that market integrity and sound governance are important cornerstones for the development of Hong Kong’s capital markets. The Forum invited a wide range of guest speakers and moderators, bringing together nearly 400 business elites and professionals to share their insights and efforts in addressing the challenges faced by Hong Kong, fostering a vibrant exchange of ideas.

Dr Kenneth Lam, Chairman of the Forum Organising Committee and Vice Chairman of The Chamber of Hong Kong Listed Companies, said, “CHKLC emphasises the long-term healthy growth and efficient operation of Hong Kong’s capital markets; PIEAA attaches great importance to the integrity and transparency of listed companies; and the HKIoD focuses on corporate governance and director professionalism. With this consensus, the three organisations have joined forces to initiate a representative and influential partnership, and have for the first time created a cross-sectoral communication platform that aims to integrate the professional knowledge and market practices of all parties to give impetus to the sustainable development of the capital markets.”

The guest of honour at the Forum was the Financial Secretary, Mr Paul Chan Mo-po GBM GBS MH JP. The Forum kicked off with a keynote speech entitled “2024 Economic and Capital Markets Outlook”. This was followed by in-depth panel discussions on two major topics: “Boosting Liquidity of Hong Kong Capital Markets” and “Enhancing the Role of Hong Kong as an International Asset Management Centre”. The final highlight of the Forum was a luncheon speech by Dr Carlson Tong GBS, JP, Chairman of the Task Force on Enhancing Stock Market Liquidity, entitled “Enhancing the Competitiveness and Attractiveness of Hong Kong as an IFC”, which brought the event to a successful close.

“By hosting this forum, the co-organisers hope to provide a communication and discussion platform for the industry to express opinions on market integrity, sound governance, sustainable development, and other related issues, and to share best practices and guidance on innovative development prospects. This will increase market participants’ awareness and understanding of market integrity, attract more capital to our markets, and promote the healthy development of the economy. At the same time, it will help facilitate the capital markets’ transformation towards sustainable development, enhance their capital formation and asset management capabilities, and improve Hong Kong’s long-term competitiveness and economic sustainability”, Dr Lam concluded.

Approximately 400 business and industry professionals actively participated in the inaugural Hong Kong Capital Markets Forum 2024.

Media Enquiries:

Strategic Public Relations Group Limited

Brenda Chan/ +852 2114 4396/ brenda.chan@sprg.com.hk

Advocates Deliver Over 540,000 Signatures Demanding Increased Regulation to Combat Child Sexual Abuse Online

BRUSSELS, BELGIUM, Dec 7, 2023 – (ACN Newswire) – Since 2022, proposed legislation to combat online child abuse — the Regulation to Prevent and Combat Child Sexual Abuse — has gone through a number of iterations, the latest of which child protection advocates view as a compromise too far. This echoes happenings globally, as legislation in countries like the United States and United Kingdom face roadblocks. However, with over 540,000 signatures, a petition submitted to the European Union demonstrates mass support to enact comprehensive legislation protecting children online.

Justice Initiative Petition Handover - Survivors and advocates deliver 540,000 signatures at event with European Commissioner for Home Affairs Ylva Johansson and Members of the European Parliament Hilde Vautman and Catharina Rinzema — Justice Initiative Petition Handover – Survivors and advocates deliver 540,000 signatures at event with European Commissioner for Home Affairs Ylva Johansson and Members of the European Parliament Hilde Vautman and Catharina Rinzema

The Justice Initiative led the petition’s delivery in the European Parliament on December 6th attended by NGOs, survivors, and politicians including European Commissioner for Home Affairs Ylva Johansson, Members of the European Parliament, former United States Ambassador-at-Large John Cotton Richmond, and a Spanish Council Presidency representative.

Advocates urged lawmakers to champion the rights of children. As survivor Mie Kohyiama said, “The compromise in the European Parliament is a clear step back in the protection of children online.”

In 2022, there were 32 million reports globally of suspected online child sexual exploitation. Powerful interest groups have done everything they can to weaken the proposal, but survivors say, “Enough is enough.” This stance is in line with results of recent EU-wide surveys such as the Eurobarometer and one conducted by ECPAT-NSPCC, whose results show an overwhelming majority of citizens support legislation to prevent, detect, and report child sexual abuse online.

As global debates continue, the European Union has a crucial role to play. With a user base higher than the United States, as Guido Fluri of the Justice Initiative said, “What the EU decides to do about the sexual abuse images on the internet will have repercussions around the world. This is an opportunity for global child protection.”

With significant events set to occur internationally including landmark testimony on the issue of online child sexual abuse and exploitation to the United States Senate Judiciary Committee from five of the largest tech CEOs slated for January 31st, the legislation faces another round of revisions. At the event, calling on governments to act, former U.S. Ambassador-at-Large to Monitor and Combat Trafficking in Persons Richmond said, “We’re not going to stop this problem if we don’t hold the perpetrators, whether it be individuals or companies, accountable.”

Ylva Johansson, European Commissioner for Home Affairs urged, “This is a decisive moment. The European Parliament and the Council of the European Union are deciding on the final text of the proposal. I urge you to listen to the silent majority, to listen to the survivors and support my proposal, to protect children from the worst crime imaginable.”

Access photos from the event here.

Contact Information:
Matthew Hartman
Principal
matt@socialgoodcommunications.com
+13107676789

Reach Announces Platform-Agnostic Global Tax Compliance Solution

Calgary, Alberta, Canada, Dec 5, 2023 – (ACN Newswire) – Already a worldwide leader in providing Merchant of Record services to global businesses, Reach is excited to announce the worldwide expansion of its revolutionary global tax compliance solution. Unlike competing services, the Reach platform is a standalone service that can be seamlessly integrated into a merchant’s existing ecommerce infrastructure without the need for additional coding or technical lift. This service not only eliminates one of the most complicated pain points for online businesses, but Reach also assumes all risk and liability associated with global tax compliance on behalf of merchants. The challenges of selling cross-border into international markets don’t end with payment processing and logistics. Many online businesses don’t realize that they must also be registered with domestic tax authorities and calculate, file, and remit sales tax, VAT, GST and duties. The penalties for not complying with local tax laws can be severe and extend beyond large fines into the realm of criminal prosecution.

“Our aim at Reach is to eliminate pain points that deter or prevent online businesses from selling cross-border and reaching their full revenue potential. By combining our world-leading Merchant of Record model with robust global tax compliance, we are unmatched in the space,” Sam Ranieri, CEO of Reach, said.

With this revolutionary solution, Reach’s Merchant of Record network localizes the customer’s experience to increase conversions while taking on all the complexity of and liability with local tax authorities. This responsibility means that Reach is solely responsible for accurately calculating, filing, and remitting any tax incurred on online transactions, freeing ecommerce businesses from all penalties and liabilities that might arise as a result of improper compliance.

“Online businesses often treat the ecommerce space as the ‘wild west’ where anything goes,” explained Mr. Ranieri. “But international regulatory agencies are more vigilant than ever when it comes to cracking down on businesses that don’t pay what is proscribed by local tax laws. And those crackdowns can be harsh.”

The Reach global tax compliance solution is available globally in over 50 of the world’s largest ecommerce markets, with additional jurisdictions being added on a regular basis. The solution is also not limited by business focus, as it is universally available to any economic sector, from B2C to B2B, for any marketplace or platform, and also for digital and SaaS merchants who struggle with the complexities of global taxation on recurring and subscription payments.

More information on this revolutionary service can be found on the Reach website: https://www.withreach.com/solution/global-tax-compliance.

ABOUT REACH

Reach is a global Merchant of Record that helps businesses scale in international markets, reduce risk and complexity, increase conversions and lower fees. Its vast network of local entities turns every international buyer into a local buyer, giving them the comfort and convenience of paying in their local currencies with the payment methods that they prefer. In addition to market-leading automated FX and global tax compliance, Reach offers a suite of integration options, ranging from no-code plug-and-play access to a powerful and fully customizable API.

For Media Inquiries:
Andrew Cunningham
Head of Marketing & Media
marketing@withreach.com

Contact Information
Andrew Cunningham
Head of Marketing & Media
marketing@withreach.com
15875745011

The Hong Kong Institute of Directors Announces Winners of Directors of the Year Awards 2023 at the Institute Annual Dinner

HONG KONG, Nov 24, 2023 – (ACN Newswire) – The Hong Kong Institute of Directors (“HKIoD”) announced the winners of the Directors Of the Year Awards (“DYA”) 2023 at its Annual Dinner held at the Hong Kong Convention and Exhibition Centre yesterday.

The opening ceremony of the event was hosted by Dr Christopher To, Chairman of HKIoD, with Dr Kelvin Wong, SBS, JP, Chairman of Accounting and Financial Reporting Council, as the Guest of Honour addressing participants.

Dr Christopher To, Chairman of HKIoD, said, “In the wake of the pandemic, all businesses need to re-evaluate their positioning, identify their new niche and engage in transformation to bring about a better tomorrow. The Institute’s theme this year is “Transform for a Better Tomorrow”. The 13 awardees, who were well-deserving, have demonstrated their ability to navigate their companies through the unprecedented challenges presented by the pandemic. They have also embraced change and innovation, paving the way for a brighter future. The leadership exhibited by these winners aligns perfectly with this year’s award theme.”

Awards Organising Committee Chairman Ms Alice Yip, commented, “From the awardees, we see excellent corporate governance and director practice, even in challenging time. Some of the boards have demonstrated compositions that merit an additional recognition in board diversity. From the Awardees, we see corporate transformation, that enables corporate sustainability. They are mindful of their business purpose in creating value for their companies, stakeholders and humankind.”

Dr Carlye Tsui, CEO of HKIoD, said, “Sustainability remains our goal in the “Better Tomorrow” part of our theme “Transform for a Better Tomorrow”. Transformation is led by the board of directors. It covers business transformation and board transformation, the latter to enable the former. Hats off from HKIoD to this year’s award-winning directors, who have demonstrated outstanding practices in this regard.”

Dr Tsui supplemented that DYA has been organised since 2001 and supported by over 100 project partners. It is a community-wide project with nominations open to the public. “We are pleased to have candidates and Awardees from Hong Kong as well as the Mainland of China. Apart from recognizing role models, the project also serves the purpose of public education.”

The winners of DYA 2023 in the various award categories are listed below:

Listed Companies Categories
Executive Directors	Ms CHIU Siu Yin Lovinia Medialink Group Limited
	Ms JIANG Anqi Tianqi Lithium Corporation
	Mr LAM Wai Hon, Patrick FSE Lifestyle Services Limited
	Dr MA Mingzhe Ping An Insurance (Group) Company of China Ltd
	Ms Winnie WONG Chi Shun Asia Insurance Company Limited
Boards	China Resources Beer (Holdings) Company Limited
	FSE Lifestyle Services Limited
	Tam Jai International Co. Limited**
	Tianqi Lithium Corporation
Statutory/ Non-profit-distributing Organisations Categories
Boards	Friends of the Earth (HK)**
	Hong Kong Housing Society**
	KELY Support Group**
	Kids4Kids**

In alphabetical order of names within category

**In addition: recognition of Excellence in Board Diversity

About The Hong Kong Institute of Directors (“HKIoD”)

The Hong Kong Institute of Directors is Hong Kong’s premier body representing directors to foster the long-term success of companies through promoting corporate governance and director professionalism. A non-profit-distributing organisation with membership consisting of executive directors, non-executive directors and independent non-executive directors from diverse industries and corporate types, HKIoD is committed to providing directors with education, information service and a representative and influential voice. HKIoD conducts business with international perspectives and multi-culturalism. In the international platform, HKIoD is a member institute of the Global Network of Director Institutes (“GNDI”), which represents over 150,000 directors, and also hosts the Hong Kong Chapter of Climate Governance Initiative, a global network in promoting climate actions among directors.

For details, please visit: http://www.hkiod.com / http://www.gndi.org / https://climate-governance.org/

About Directors of the Year Awards

Directors Of The Year Awards were first launched in 2001 as the first ever such Awards organised in Asia. The project has now become an annual project of impact in the community organised by the Institute together with over 100 Project Partners. To date, 243 Awardees have been recognised for their achievements in demonstrating exemplary high standards in corporate governance.

Nominations of candidates are open to the public and are processed in a well-defined and stringent set of procedures. Awards are presented by company categories, viz Listed Companies, Non-listed Companies and Statutory/Non-profit-distributing Organisations, and by capacities, viz Executive Directors, Non-Executive Directors and Boards.

Media Enquiries:

Strategic Public Relations Group Limited

Brenda Chan+852 2114 4396/ brenda.chan@sprg.com.hk

Directors Of The Year Awards:

The Hong Kong Institute of Directors

Odessa So +852 2889 4988/ odessa.so@hkiod.com

The Guest of Honour, Dr Kelvin Wong, Chairman of Accounting and Financial Reporting Council (8th from left, 1st row), special guests and officials to join the group photos together with the awardees (2nd row).

A panoramic group photographs taken together to commemorate the occasion.

Kitchen Culture: Update on Progress towards Resumption of Trading of the Company’s Shares

SINGAPORE, Nov 17, 2023 – (ACN Newswire) – The Board of Directors (the “Board”) of Kitchen Culture Holdings Ltd. (the “Company” or “Kitchen Culture”) wishes to announce that following the Extraordinary General Meeting of the Company (“EGM”) held on 17 November 2023, at 9.00 a.m. in the Grand Copthorne Waterfront Hotel, the following two resolutions were passed and adopted by shareholders of the Company:

1. Ordinary Resolution: Appointment of Foo Kon Tan LLP as the statutory auditor of the Company

2. Special Resolution: Change of name of the Company from “Kitchen Culture Holdings Ltd.” to

“SDAI Limited”

At the EGM, 99.997% of the approximately 184.59 million votes represented, were cast in favour of the two resolutions and the resolutions were duly passed.

“Through the effective stewardship of the new Board, a new statutory auditor of the Company has now been appointed, filling the void following the cessation of the previous auditor. This is a significant and necessary step forward in getting the Company back on the path of accountability, restoration and fulfilling all its statutory responsibilities to shareholders.” said Mdm Hao Dongting, Executive Chairperson of the Board.

“With the new management in place, we are actively working to chart a new path for the Company by pursuing various strategies going forward, including a new name for the Company as a testament and reflection of the positive developments being undertaken in our new growth trajectory.”

“Holding the EGM marks a vital milestone towards the Board’s ultimate goal of obtaining SGX approval for the resumption of trading of the Company’s shares. We would like to assure shareholders that we are steadily making progress to create long-term value for the Company and we thank them for their continued trust and patience in us in overcoming the many obstacles during the tumultuous period of the Company’s history.” added Mdm Hao.

Background

Kitchen Culture was listed on the SGX-Catalist on 22 July 2011. The Company previously specialised in the sale and distribution of a wide range of premium imported kitchen systems, appliances, wardrobes systems, household furnishings and accessories from Europe and the USA. The Company worked closely with developers to market “higher-end” residential projects. Since 12 July 2021, the Company’s shares have been suspended due to a variety of issues including non-compliance and systemic internal failures.

Appointment of new Statutory Auditor, Foo Kon Tan LLP

The appointment of the new statutory auditor of the Company is a significant milestone accomplished by the present Board to rectify historical breaches of the Company, signifying a major step to work towards resumption of trading of the Company’s shares. Prior to this, the Company had failed to secure a statutory auditor when the previous auditor, Nexia TS Public Accounting Corporation (now known as CLA Global Public Accounting Corporation), did not seek re-appointment at the last Annual General Meeting of the Company held on 18 March 2022 for the financial year ended 30 June 2021. Consequently, the Company has failed to comply with the requisite listing rules of SGX and is in breach of statutory requirements under the Companies Act 1967 of Singapore for filing of statutory accounts and convening of shareholders’ meeting.

Change of the Company’s name to “SDAI Limited”

The change of the Company’s name from “Kitchen Culture Holdings Ltd.” to “SDAI Limited” will reflect the Company’s strategic direction and business activities going forward. This will enable the Company to create a new corporate identity for itself and develop a new positioning in the market, allowing the public and the Company’s business partners to better identify with the Company under this new name moving forward.

Going Forward

The Company will lodge the requisite statutory returns with the Accounting and Corporate Regulatory Authority of Singapore (“ACRA”) to effect the change of name of the Company from “Kitchen Culture Holdings Ltd.” to “SDAI Limited”. Upon the lodgement of the requisite statutory returns with ACRA, the Company shall adopt the name “SDAI Limited” as its new name and the name “SDAI Limited” shall replace all references to “Kitchen Culture Holdings Ltd.”.

The Company has also been working hard to accelerate the process of completing the Independent Special Audit being conducted by Deloitte & Touche Financial Advisory Services Pte. Ltd. by the end of the year, in compliance with statutory requirements, and is another key factor in the resumption of trading of the Company’s shares.

Change of Continuing Sponsor to ZICO Capital Pte. Ltd.

With effect from 1 November 2023, the Company has appointed ZICO Capital Pte. Ltd. as its new continuing sponsor in place of the previous continuing sponsor, SAC Capital Private Limited. The change of continuing sponsor is due to commercial reasons.

This media release is to be read in conjunction with the Company’s announcement on the results of the EGM held on 17 November 2023 released on SGXNET on 17 November 2023.

For media queries, please reach out to:
Waterbrooks Consultants
Wayne Koo – wayne.koo@waterbrooks.com.sg +65 9338-8166
Derek Yeo – derek@waterbrooks.com.sg +65 9791-4707

Proud Investor Relations partner:

https://www.waterbrooks.com.sg/ https://www.shareinvestorholdings.com/

ISSUED BY KITCHEN CULTURE HOLDINGS LTD:

This media release has been prepared by the Company and its contents have been reviewed by the Company’s sponsor, ZICO Capital Pte. Ltd. (the “Sponsor”), in accordance with Rule 226(2)(b) of the Singapore Exchange Securities Trading Limited (the “SGX-ST”) Listing Manual Section B: Rules of Catalist.

This media release has not been examined or approved by the SGX-ST and the SGX-ST assumes no responsibility for the contents of this media release, including the correctness of any of the statements or opinions made or reports contained in this media release.

The contact person for the Sponsor is Ms Goh Mei Xian, Director, ZICO Capital Pte. Ltd. at 77 Robinson Road, #06-03 Robinson 77, Singapore 068896, telephone (65) 6636 4201.

Directors’ Symposium 2023: Transform for a Better Tomorrow

Hong Kong, Oct 6, 2023 – (ACN Newswire) – During the Directors’ Symposium 2023 of The Hong Kong Institute of Directors (“HKIoD”) recently held at the Hong Kong Convention and Exhibition Centre, speakers from diverse industries expressed their vision and strategies to “Transform for a Better Tomorrow” to over 200 directors and corporate leaders in attendance.

Guest of Honour at the Symposium was the Financial Secretary, The Hon Chan Mo-po Paul GBM GBS MH JP. Speaking on the theme of the Symposium, he said: “Hong Kong’s medium to long-term future will be vested in how well we will transform ourselves for the better. … That requires us to look into and reinforce our own strengths, while proactively finding new points of growth to drive our economic momentum.” In updating the participants on government initiatives and policy plan, he summarised by saying, “We envision Hong Kong to be an international green technology and green finance centre.”

The Symposium featured in total nine speakers and six hosts in five talks and two panel discussions covering transformation in the digital era, an overview of the economic outlook, the global director perspectives, regulatory review and transformation for sustainability.

Speaking from the HKIoD perspective, Dr Christopher To, Chairman of HKIoD, noted, “In the midst of a waning COVID-19 pandemic, companies and boards of directors continue to face persistent challenges and long-term macro issues.” He cited that in the latest World Competitiveness study by the Institute of Management Development, Hong Kong’s global competitiveness has experienced a decline, with a slip to 7th place from its previous rank of 2nd. Similarly, digital competitiveness and talent ranking have both dwindled. On the other hand, Dr To noted that there are positive indications, such as Hong Kong’s improved standing in the Smart City Index at 19th place and its remarkable 3rd rank in the Sustainable Trade Index.

“To navigate these challenges and capitalize on emerging prospects,” Dr To opined, “hard work, agility, and adaptability are crucial. Notably, successful business transformations have yielded growth and financial turnarounds, as underscored in Innosight’s study of the ‘Top 20 Business Transformations of the Last Decade’ featured in the Harvard Business Review. The board of directors assumes a pivotal role in steering the company toward a brighter tomorrow. Preparation and a willingness to embrace transformation are essential for businesses to not only survive but thrive amidst adversity and seize new opportunities.”

In her speech, Dr Carlye Tsui, CEO of HKIoD commented: “For corporate transformation towards sustainability, the board itself needs to undergo a transformation first.” She cited the 2022-2023 Global Network of Director Institutes (“GNDI”) survey that sheds light on global directors’ perspectives for future development. Findings from this survey highlight that boards focusing on the next two years have identified critical areas for corporate success, including long-term strategy, business continuity and resilience, human capital, ESG matters, and digital transformation. “Furthermore, there are three major improvement areas that warrant attention: board and management dynamics, board performance, and board operation,” noted Dr Tsui.

“To ensure readiness for the next 3 to 5 years, the boards should bridge expertise gaps in areas such as cyber risk, digital innovation, global economics, geopolitical issues, and ESG. These are areas that should no longer be left to specialists and that should be addressed on the board agenda,” remarked Dr Tsui. The GNDI study highlighted that it is crucial to emphasize the need for board norms to evolve, including the utilization of directors with specific skills and an enhanced board evaluation process. Additionally, effective strategic dialogue between the board and management, improved analysis and decision-making through data analytics, and the incorporation of forward-looking KPIs are paramount. “Looking ahead to 2030 and beyond, the survey inspires us on the top actions for boards to prepare,” Dr Tsui supplemented. “These actions include expanding to encompass technology and sustainability, delivering on the interests of multiple stakeholders, adopting a purpose-driven and impact-oriented approach, promoting diversity, and dedicating equal time to both financial and non-financial goals.”

During the Symposium, a poll was conducted among participants on questions relevant to the theme. Significant findings from the participants included:

— 35% believe that Hong Kong’s economy next year will remain the same as this year, while 28% believe that it will be 30% better next year.

— 30% have started digital transformation and 25% are actively engaged in it.

— 49% are in good progress and 9% have achieved good results of business transformation.

— 35% boards are geared for the next 3-5 years and 33% are addressing priorities for the next 2 years.

— Regarding the most lacking board quality, 29% are in diversity while 27% are in continuing professional education.

— 78% feel able to raise challenges or ask questions when something is not right.

— On the ESG journey for a sustainable future, 42% have good strategy in place, while 13% have good achievements.

The 2022-2023 Global Director Survey focuses on “The Future of Board Governance”. The survey report is downloadable.

About The Hong Kong Institute of Directors

The Hong Kong Institute of Directors is Hong Kong’s premier body representing directors to foster the long-term success of companies through advocacy and standards-setting in corporate governance and professional development for directors. A non-profit-distributing organisation with membership consisting of directors from listed and non-listed companies, HKIoD is committed to providing directors with educational programmes and information service and establishing an influential voice in representing directors. With international perspectives and a multi-cultural environment, HKIoD conducts business in biliteracy and trilingualism. http://www.hkiod.com

HKIoD is a member institute of the Global Network of Director Institutes (“GNDI”), which provides a global voice and sharpens leading practices for boardroom leaders on governance matters that cut across national boundaries. Established in 2012, GNDI now comprises 24 institutes representing more than 150,000 directors. http://www.gndi.org

HKIoD is Host of the Hong Kong Chapter of Climate Governance Initiative (“CGI”), a global network set up in 2019 to mobilise and equip directors in taking climate action to future proof their businesses. CGI works in collaboration with the World Economic Forum.

Media Enquiries:

Strategic Public Relations Group Limited

Brenda Chan

+852 2114 4396

brenda.chan@sprg.com.hk

ASTI Says Fresh Attempt to Remove 5 Directors Is Invalid; Urges Shareholders to Attend FY2021 AGM on 31 August Instead

SINGAPORE, Aug 14, 2023 – (ACN Newswire) – ASTI Holdings ("ASTI" or the "Company") said today that a second attempt to call for an extraordinary general meeting ("EGM") to replace all 5 current directors, as well as the EGM itself, are invalid. Instead, it urged shareholders to ignore the invalid EGM and to attend the Company's Annual General Meeting for its FY2021 ("FY2021 AGM") scheduled for 31 August 2023.

Acting on the advice of its lawyers, ASTI said 4 requisitioners seeking to hold an EGM on 22 August 2023 had breached Company's constitution.

"The Requisitioning Shareholders are usurping the rights, powers and entitlements of the Board to scrutinize, attend and conduct the Proposed EGM (assuming it was otherwise properly held), and have made and continue to make it impossible for the Proposed EGM (assuming that it was otherwise properly held) to be actually, properly and validly held and conducted by the Board in all respects in compliance with the Constitution and such laws," ASTI said.

ASTI also pointed out that the requisitioners have failed and/or neglected, or deliberately and recklessly without regard to their duty to give such Notice of the EGM to "all Members" as required by the Constitution. Further, no notice was given to the Auditor, which is also a requirement of the Constitution.

The second attempt to overhaul ASTI's board is taking place after a consortium, Prospera Alliance Pte. Ltd. ("Prospera"), has expressed genuine interest to make a pre-conditional voluntary general cash offer (''Potential Exit Offer'') for the Company. The consortium comprises Stock Exchange of Thailand-listed Capital Engineering Network Public Company Limited ("CEN") and a substantial ASTI shareholder, Mr Heah Theare Haw.

Prospera, whose offer ASTI believes remains "the only and most advanced exit offer available at the moment", has said it is deeply concerned about the proposal to remove all current directors, and that it will re-assess the viability of implementing the exit offer.

As such, ASTI said it will continue to work with Prospera to address its concerns and to ensure amicable communications, so as to reach a viable solution in the best interest of the Company and for the benefit of all shareholders.

The 4 – Mr Ng Yew Nam ("Mr Ng"), Mr Lim Chee San, Mr Toh Cheng Hai and Mr Ng Kok Hian – had led an attempt in April 2023 – later deemed invalid – to call for an EGM to overhaul ASTI's board. In their second attempted EGM, being called under section 177 of the Companies Act, they seek to appoint 5 new directors including Mr Ng as Executive Director.

Among the 5 current directors they seek to remove is a CEN-nominated director, Mr Theerachai Leenabanchong. Prospera has informed ASTI that it is concerned whether this indicates that the new board is not receptive to the Potential Offer.

ASTI said that the requisitioners, in breach of the Company's Constitution, "clearly and unequivocally are usurping the right, power and entitlement" of the Board of Directors to conduct the Proposed EGM (assuming that it was otherwise properly held) in a proper manner.

Hence, shareholders should ignore the invalid 22 August 2023 EGM, ASTI said. To minimise disruptions caused by the requisitioners, the Company urged shareholders to focus on the FY2021 AGM 9 days later when they will be able to consider on the audited results, and vote on the election or re-election of directors and the appointment of the auditor for FY2022.

ASTI intends to release the FY2021 results by 16 August 2023 and hold the FY2021 AGM on 31 August 2023. This long-awaited AGM will allow ASTI to comply with and satisfy the requirements of the Second Notice of Compliance issued by the Singapore Exchange Regulation on 21 July 2023.

To address concerns of shareholders and to maintain a spirit of openness and discussion, ASTI has written today to the Securities Investors Association (Singapore) ("SIAS") to facilitate and moderate a Shareholders' Dialogue early next week, ahead of the FY2021 AGM.

ASTI said it intends to invite all shareholders, the requisitioners as well as representatives of the Potential Offeror to the dialogue. "We have been urging a spirit of open communications among all shareholders and with the Potential Offeror. Instead, the requisitioners have so far rebuffed our appeals with a response that they prefer legal correspondence," ASTI said.

"ASTI has already achieved a financial turnaround in the first half of FY2022. The presentation of the FY2021 audited results to shareholders on 31 August 2023 will facilitate the progress of the Potential Exit Offer which can unlock value for all shareholders. Hence, we continue to seek open dialogue with all parties concerned," the Company said.

The Potential Offer is subject to, amongst others, approvals being obtained from the Securities Industry Council ("SIC") of Singapore. ASTI has been informed that the Potential Offeror has submitted an application to the SIC for the necessary approvals.

ASTI recorded an unaudited profit after tax of S$3.0 million for FY2022 which reversed a pre-tax loss of S$8.1 million in FY2021. However, it could not exit the SGX-ST Watch-list by the 5 June 2022 deadline as its six-month average daily market capitalisation was short of the S$40 million threshold. After several attempts to extend the deadline were rejected, ASTI's shares were suspended from 5 July 2022 pending the completion of an exit offer.

Media & Investor Contact
Isaac Tang
WhatsApp (Text): +65 9748 0688 asti@wer1.net

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