The board of directors of Kinergy Corporation Ltd. announced that with effect from the conclusion of the annual general meeting of the Company, approved that Mr. Ng has retired by rotation at the AGM from his position of independent non-executive director, the chairman of the audit committee of the Company (the "Audit Committee") and a member of the nomination committee of the Company (the "Nomination Committee") and did not offer for re-election; and Mr. Hoon Chee Wai ("Mr. Hoon") has been appointed as an independent non- executive director, the chairman of the Audit Committee and a member of the Nomination Committee. Mr. Hoon, aged 52, has over 19 years of experience in finance and banking. Mr. Hoon has been admitted as a member of the Singapore Institute of Directors in April 2019. Mr. Hoon served as the director of the investment banking division of CIMB Bank Bhd from November 2002 to August 2012. He held the position of senior vice president at Genting Singapore Limited from September 2012 to April 2016. Mr. Hoon held the position of senior vice president at Landing International Development Limited from January 2017 to May 2020. Mr. Hoon has been serving as an independent and non- executive director of Yongmao Holdings Limited since September 2019, an independent and non-executive director of Tee International Limited since December 2020 and an independent and non-executive director of Intraco Limited since April 2021. Mr. Hoon has entered into a letter of appointment with the Company for a term of three years commencing from 28 May 2021, which may be terminated by not less than one month's notice in writing served by either party on the other. Mr. Hoon is subject to retirement by rotation and re-election at the annual general meetings of the Company in accordance with the constitution of the Company. Mr. Hoon is entitled to director's fee of SGD 45,000 per annum from the date of appointment, which is determined with reference to his duties and responsibilities and the prevailing market conditions, subject to any increment as approved by the Board.