PureCircle Limited Appointment of Directors (7923T)

TIDMPURE

RNS Number : 7923T

PureCircle Limited

18 November 2019

Appointment of Directors

PureCircle (LSE: PURE), the world's leading producer and innovator of great-tasting stevia sweeteners for the global food and beverage industry, announces the appointment of four non-executive directors.

Tan Boon Seng ("Boon Seng") is a representative of Wang Tak Company Limited ("Wang Tak"), which has a total combined interest of 27.7% in the Company. Wan Azmi Wan Hamzah, Tan Sri ("Tan Sri Wan Azmi") is a representative of Halfmoon Bay Capital Limited ("Halfmoon") and Alwaha Fund Limited ("Alwaha"), which has a total combined interest of 11.2% in the Company. Boon Seng's and Tan Sri Wan Azmi's appointment as non-independent non-executive directors of the Company is effective on 11 November 2019.

The other two appointments to the Board are Ali bin Abdul Kadir, Datuk ("Datuk Ali") and Robert Cheim Dau Meng, Dato', ("Dato' Robert Cheim"), as independent non-executive directors, effective on 18 November 2019.

Biographical details of the new Board members are provided below.

John Slosar, Chairman and interim Group CEO said, "These four new Board appointees will bring a range of fresh insight and expertise to the Board, especially in the areas of finance, accounting, governance and strategy development. It is also important that significant shareholders of PureCircle are supporting the Company by joining the Board and I welcome this development. I'd like to welcome Boon Seng, Tan Sri Wan Azmi, Datuk Ali and Dato' Robert Cheim to the Company."

Non-Independent Non-Executive Directors

Tan Boon Seng

Boon Seng, aged 64, is the Chairman and Managing Director of Lee Hing Development Limited ("Lee Hing"), a company listed on the Hong Kong Stock Exchange and the holding company of Wang Tak, of which he is also a Director.

Boon Seng has an indirect interest in PureCircle as a substantial shareholder of Lee Hing (with a 36.67% interest), of which Wang Tak is a wholly owned subsidiary. As such, Boon Seng has a total combined interest in PureCircle of 51,114,121 shares as held by Wang Tak, himself and his spouse, representing 27.7%, of the share capital of the Company.

A list of Boon Seng's directorship in other publicly listed companies over the past five years is included in the appendix to this announcement.

Wan Azmi Wan Hamzah, Tan Sri

Wan Azmi Wan Hamzah, Tan Sri, ("Tan Sri Wan Azmi") aged 69, is currently Chairman and controlling shareholder in Rohas Tecnic Berhad, a Malaysian public listed company whose principal business is in manufacturing and infrastructure development. He is also Chairman and shareholder of Syarikat Pengeluar Air Selangor Berhad, a water treatment concessionaire company whose business was recently taken over by the government of Malaysia's interests.

Tan Sri Wan Azmi has passed his final accountancy exam under the Institute of Chartered Accountants in England and Wales in 1974. His career spans nearly 5 decades in the UK and Malaysia, serving in leadership position for a number of corporations. Over the years, Tan Sri Wan Azmi had also held directorship in, and acted as the Chairman of several publicly listed companies.

Tan Sri Wan Azmi has a total combined interest of 11.2% of the share capital of PureCircle through two family investment vehicles, namely Halfmoon and Alwaha. Halfmoon owns 14,432,228 shares, or 7.8% of the issued share capital of the Company whereas Alwaha owns 6,151,706 shares, or 3.3% of the issued share capital of the Company.

A list of Tan Sri Wan Azmi's directorship in other publicly listed companies over the past five years is included in the appendix to this announcement.

Independent Non-Executive Directors

Ali bin Abdul Kadir, Datuk

Ali bin Abdul Kadir, Datuk ("Datuk Ali"), aged 70, is a Fellow of the Institute of Chartered Accountants in England and Wales ("ICAEW"), member of the Malaysian Institute of Certified Public Accountants and the Malaysian Institute of Accountants. He is also the Honorary Advisor to ICAEW Malaysia, Honorary Fellow of the Institute of Chartered Secretaries & Administrators, United Kingdom and the Malaysian Institute of Directors.

Datuk Ali is currently the Chairman of JcbNext Berhad (formerly Jobstreet Corporation Berhad) and Enra Group Berhad. He is a board member of Glomac Berhad, Citibank Malaysia and Ekuiti Nasional Berhad (Ekuinas).

Datuk Ali was the Chairman of the Securities Commission of Malaysia from 1 March 1999 to 29 February 2004. He initiated and drove the development of the Capital Market Masterplan and the Capital Market Advisory Council which he chaired. He was also a member of the National Economic Consultative Council II, the Foreign Investment Committee, Oversight Committee of National Asset Management Company (Danaharta) and Finance Committee on Corporate Governance.

On the international front, he was a member of the Executive Committee of the International Organisation of Securities Commissions (IOSCO) and Chairman of its Asia-Pacific Regional Committee and the Islamic Capital Market Working Group and trustee of AAOIFI. He was also the advisor to the Sri Lanka Securities & Exchange Commission to develop their Capital Market Development Blueprint.

Earlier in his career, Datuk Ali was the Executive Chairman and Partner of Ernst & Young and its related firms. He was the Past President of the MICPA, chairing its Executive Committee and Insolvency Practices Committee, and co-chairing the Company Law Forum. He was appointed as an Adjunct Professor in the Accounting and Business Faculty, University of Malaya in 2008, retiring in August 2011. He was then appointed to the Advisory Board of the same faculty. Datuk Ali has also chaired the Financial Reporting Foundation from July 2009 to June 2015. He was an Authority board member of the Labuan Financial Services Authority from 2000 to October 2019.

Datuk Ali was bestowed with the "Lifetime Achievement Award" by MICPA and the "President's Award" by ICAEW Kuala Lumpur City Chapter.

A list of Datuk Ali's directorship in other publicly listed companies over the past five years is included in the appendix to this announcement.

Robert Cheim Dau Meng, Dato'

Robert Cheim Dau Meng, Dato', ("Dato' Robert Cheim"), aged 68, is a Fellow of ICAEW & a Member of the Malaysian Institute of Accountants.

He is currently Non-Executive Chairman of CIMB Investment Bank & CIMB Thai Bank Public Company Limited both of which are subsidiaries of CIMB Group Holdings Berhad ("CIMB Group"), a leading banking group in South East Asia.

He is also a Trustee of Yu Cai Foundation (a charitable foundation) and the current Chairman of the Malaysian Investment Bankers Association.

He retired from all his executive positions in the CIMB Group in February 2015 after having served in various capacities with CIMB Group since 1984 as Head of Corporate Finance, Chief Executive of CIMB Investment Bank, Adviser for Investment Banking.

He has also served previously as Independent Non-Executive Chairman of Tanjong PLC from 2005 to 2016 & also Chairman of CIMB Principal-Asset Management Berhad (a Joint Venture between the Principal Group from USA & CIMB Group) from 2015 to 2018.

A list of Dato' Robert Cheim's directorship in other publicly listed companies over the past five years is included in the appendix to this announcement.

Appendix - List of directorship in other publicly listed companies over the past five years

Tan Boon Seng

 
   Position         Full Company Name         Country of       If listed,           Principal 
                                             Incorporation       exchange            Activity 
                                                                that it is 
                                                                listed on 
 Current Directorships 
 Chairman        Lee Hing Development       Hong Kong        Hong Kong         Share trading 
  and Managing    Limited                                     Stock Exchange    and investment 
  Director                                                                      holding 
                -------------------------  ---------------  ----------------  --------------------- 
 Previous Directorships (last 5 yrs) 
 Director        Auto Italia Holding        Bermuda          Hong Kong         Import, marketing 
                  Ltd                                                           and distribution 
                  (Formerly known as                                            of cars, electrical 
                  Woo Kee Hong (Holdings)                                       appliances 
                  Ltd.)                                                         and fashion 
                                                                                apparels and 
                                                                                accessories 
                -------------------------  ---------------  ----------------  --------------------- 
 Director        IGB Corporation Berhad     Malaysia         Malaysia          Investment 
                                                                                holding 
                -------------------------  ---------------  ----------------  --------------------- 
 

Wan Azmi Wan Hamzah, Tan Sri

 
         Position            Full Company Name      Country of     If listed,   Principal 
                                                   Incorporation    exchange     Activity 
                                                                     that it 
                                                                    is listed 
                                                                       on 
 Current Directorships 
 Chairman/Non-Independent   Rohas Tecnic Berhad   Malaysia         Malaysia     Investment 
  Director                                                                       holding 
                           --------------------  ---------------  -----------  ----------- 
 Previous Directorships (last 5 yrs) 
 Nil 
                           --------------------  ---------------  -----------  ----------- 
 

Ali bin Abdul Kadir, Datuk

 
    Position        Full Company Name        Country of     If listed,         Principal 
                                            Incorporation     exchange          Activity 
                                                             that it is 
                                                             listed on 
 Current Directorships 
 
  Independent      Glomac Berhad            Malaysia         Malaysia      Property 
  Non-Executive                                                            development 
  Director                                                                 and investment 
                                                                           holding 
                 -----------------------  ---------------  ------------  --------------------- 
 
  Non-Executive    JcbNext Berhad           Malaysia         Malaysia      Investment 
  Chairman         (Formerly known as                                      holding 
                   Jobstreet Corporation 
                   Berhad) 
                 -----------------------  ---------------  ------------  --------------------- 
 
  Non-Executive    Enra Group Berhad        Malaysia         Malaysia      Property 
  Chairman                                                                 investment, 
                                                                           investment 
                                                                           holding, investment 
                                                                           services activities 
                                                                           and 
                                                                           sale of completed 
                                                                           properties 
                 -----------------------  ---------------  ------------  --------------------- 
 Previous Directorships (last 5 yrs) 
 
  Chairman         Privasia Technology      Malaysia         Malaysia      Investment 
                   Berhad                                                  holding 
                 -----------------------  ---------------  ------------  --------------------- 
 Chairman         Microlink Solutions      Malaysia         Malaysia      Investment 
                   Berhad                                                  holding and 
                                                                           provision 
                                                                           of research 
                                                                           and development 
                                                                           on information 
                                                                           technology 
                                                                           solutions 
                 -----------------------  ---------------  ------------  --------------------- 
 Chairman         Milux Corporation        Malaysia         Malaysia      Investment 
                   Berhad                                                  holding and 
                                                                           provision 
                                                                           of management 
                                                                           services 
                 -----------------------  ---------------  ------------  --------------------- 
 

Robert Cheim Dau Meng, Dato'

 
         Position             Full Company Name      Country of     If listed,    Principal 
                                                    Incorporation    exchange      Activity 
                                                                      that it 
                                                                     is listed 
                                                                        on 
 Current Directorships 
 Chairman//Non-Independent   CIMB Thai Bank        Thailand         Thailand     Financial 
  Director                    Public Company                                      institution 
                              Limited 
                            --------------------  ---------------  -----------  ------------- 
 Previous Directorships (last 5 yrs) 
 Independent Non-Executive   Tanjong PLC           England          Malaysia     Investment 
  Chairman                                                                        holding 
                            --------------------  ---------------  -----------  ------------- 
 Executive Director          CIMB Group Holdings   Malaysia         Malaysia     Financial 
                              Berhad                                              Institution 
                            --------------------  ---------------  -----------  ------------- 
 

18 November 2019

Enquiries:

Investors/Analysts

John Slosar, Chairman and Interim CEO

Phone: [phone]

Newgate Communications, Media Relations

Elisabeth Cowell

Giles Croot

Email: [e-mail]

Phone: [phone]

Notes to Editors

About PureCircle

-- PureCircle is the only company that combines advanced R&D with full vertical integration from farm to high-quality, great-tasting innovative stevia sweeteners.

-- The Company collaborates with farmers who grow the stevia plants and with food and beverage companies which seek to improve their low- and no-calorie formulations using a sweetener from plants.

-- PureCircle will continue to: lead in research, development and innovation; produce a growing supply of multiple varieties of stevia sweeteners with sugar-like taste, using all necessary and appropriate methods of production; and be a resource and innovation partner for food and beverage companies.

-- PureCircle stevia flavor modifiers work in synergy with sweeteners to improve the taste, mouthfeel and calorie profile, and enhance the cost effectiveness, of beverage and food products.

-- Founded in 2002, PureCircle is continually investing in breakthrough research and development and it has been granted over 100 stevia-related patents with more than 250 applied for patents pending.

-- PureCircle has offices around the world with the global headquarters in Chicago, Illinois.

-- To meet growing demand for stevia sweeteners, PureCircle is rapidly ramping up its supply capability. It completed expansion of its Malaysian stevia extract facility in March 2017, increasing its capacity to rapidly supply the newer and great-tasting specialty stevia sweeteners and helping provide ever-increasing value to its customers.

-- PureCircle's shares are listed on the main market of the London Stock Exchange.

-- For more information, visit: www.purecircle.com

About stevia

-- Given the growing global concerns about obesity and diabetes, beverage and food companies are working responsibly to reduce sugar and calories in their products, responding to both consumers and health and wellness advocates. Sweeteners from the stevia plant offer sugar-like taste and are becoming an increasingly important tool for these companies.

-- Like sugar, stevia sweeteners are from plants. But unlike sugar, they enable low-calorie and zero-calorie formulations of beverages and foods.

-- Stevia leaf extract is a natural-based, zero calorie, high-intensity sweetener, used by global food and beverage companies as a great-tasting zero-calorie alternative to sugar and artificial sweeteners.

-- Stevia is a naturally sweet plant native to South America; today, it is grown around the world, notably in Kenya, China and the US.

-- The sweet-tasting parts of the stevia leaf are up to 350 times sweeter than sugar: stevia's high-intensity sweetness means it requires far less water and land than sugar.

-- Research has shown that the molecules of the stevia leaf are present and unchanged in the dried stevia leaf, through the commercial extraction and purification process, and in the final stevia leaf extract product. All major global regulatory organisations, across 65 countries, have approved the use of high-purity stevia leaf extracts in food and beverages.

-- Stevia has strong environmental benefits when compared to sugar requiring less water, less land area and having a lower carbon footprint.

-- For more information on the science of stevia, please visit https://www.purecirclesteviainstitute.com/

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November 18, 2019 10:42 ET (15:42 GMT)