Able Engineering Holdings Limited — Board/Management Information 2019

Nov 27, 2019

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

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ABLE ENGINEERING HOLDINGS LIMITED 安保工程控股有限公司

(Incorporated in Cayman Islands with limited liability)

(Stock Code: 1627)

RETIREMENT OF EXECUTIVE DIRECTOR AND

CHANGE OF CHIEF EXECUTIVE OFFICER AND AUTHORISED REPRESENTATIVE

The Board announces that, with effect from 20 February 2020:

• (i) Mr. YAM Kui Hung will retire as an Executive Director of the Company;

• (ii) Mr. IP Yik Nam will cease to be the Chief Executive Officer and an Authorised Representative of the Company; and

• (iii) Mr. CHEUNG Ho Yuen has been appointed as the Chief Executive Officer and an Authorised Representative of the Company.

RETIREMENT OF EXECUTIVE DIRECTOR

The board (the “ Board ”) of directors (the “ Directors ”) of Able Engineering Holdings Limited (the “ Company ”, together with its subsidiaries, the “ Group ”) hereby announces that Mr. YAM Kui Hung (“ Mr. YAM ”) has informed the Company that, with effect from 20 February 2020, he will not continue to serve as an executive director (the “ Executive Director ”) of the Company following the expiry of his contract term on 19 February 2020 due to change of his work arrangement in the Group. Mr. YAM will remain as a director of a subsidiary of the Group.

Mr. YAM has confirmed that he has no disagreement with the Board and there is no matter in relation to his retirement as Executive Director that should be brought to the attention of the shareholders of the Company (the “ Shareholders ”).

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The Board would like to take this opportunity to express its appreciation for the valuable contribution of Mr. YAM to the Company during his term of service as an Executive Director.

CHANGE OF CHIEF EXECUTIVE OFFICER AND AUTHORISED REPRESENTATIVE

The Board announces that Mr. IP Yik Nam (“ Mr. IP ”) will cease to be the chief executive officer (the “ Chief Executive Officer ”) and an authorised representative of the Company under Rule 3.05 of the Rules Governing the Listing of Securities (the “ Listing Rules ”) on The Stock Exchange of Hong Kong Limited (the “ Stock Exchange ”) and an authorised representative of the Company for accepting service of process or notice on behalf of the Company in Hong Kong under Part 16 of the Companies Ordinance (Chapter 622 of the Laws of Hong Kong) (collectively, the “ Authorised Representative ”) with effect from 20 February 2020 due to the expiry of his existing service contract on 19 February 2020. Mr. IP will remain as an Executive Director under a new service contract entered into with the Company on 27 November 2019 for a term from 20 February 2020 to 31 March 2022, which may be terminated by either party by giving a six-month written notice. Mr. IP is subject to retirement by rotation and is eligible for re-election at the annual general meeting of the Company in accordance with the articles of association of the Company. Mr. IP will also remain as a director of certain subsidiaries of the Group.

The biographical details of Mr. IP are set out below:

Mr. IP, aged 40, has been appointed as the Chief Executive Officer, an Executive Director and a director of certain subsidiaries of the Group since September 2016. He is primarily responsible for business development, legal and compliance, and corporate governance affairs of our Group. Mr. IP has over 14 years of management experience through assuming various management roles in companies in the United States and Hong Kong. He graduated from Hong Kong Baptist University with a bachelor of business administration degree in human resources management in December 2002. Mr. IP further obtained a master of business administration degree from Long Island University of the United States in May 2004 and a bachelor of laws degree from University of London in August 2011. Mr. IP is the son of The Hon. IP Kwok Him, GBM, GBS, JP, one of the independent non-executive directors of Vantage International (Holdings) Limited, a company incorporated in Bermuda and listed on the Main Board of the Stock Exchange, is the intermediate holding company of the Company. Save as aforesaid, Mr. IP does not hold any other position with the Company and other members of the Group or other major appointments and professional qualifications.

Save as disclosed above, Mr. IP has not held any directorship in other listed public companies in the last three years and does not have any relationship with any Directors, senior management or substantial or controlling shareholders of the Company.

At the date of this announcement, Mr. IP does not have any interest in the shares of the Company (the “ Shares ”) within the meaning of Part XV of the Securities and Futures Ordinance (the “ SFO ”) (Chapter 571 of the Laws of Hong Kong).

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Mr. IP is entitled to an annual remuneration of HK$2,255,500 under the existing service contract and the new service contract. Mr. IP’s remuneration is determined by the Company with reference to his duties and responsibilities as well as the prevailing market conditions, subject to review by the Board from time to time. Mr. IP is also entitled to a performance related bonus for each financial year which is at the discretion of the Board and determined by reference to Mr. IP’s and the Group’s performance.

Mr. IP has confirmed that he has no disagreement with the Board and there is no matter in relation to his cessation as the Chief Executive Officer that should be brought to the attention of the Shareholders, nor is there any other information that is required to be disclosed pursuant to requirements of Rule 13.51(2) of the Listing Rules.

The Board is pleased to announce that Mr. CHEUNG Ho Yuen (“ Mr. CHEUNG ”), an Executive Director, has been appointed as the Chief Executive Officer and an Authorised Representative with effect from 20 February 2020.

The biographical details of Mr. CHEUNG are set out below:

Mr. CHEUNG, aged 48, has been an Executive Director and a director of certain subsidiaries of the Group since September 2016. Mr. CHEUNG is primarily responsible for project estimation, project sub-contracting and procurement management of the Group. Mr. CHEUNG has over 23 years of experience in the construction industry. He obtained a bachelor degree in quantity surveying from University of Greenwich of the United Kingdom in July 1998 and a higher diploma in building surveying from City University of Hong Kong in November 1995. Save as aforesaid, Mr. CHEUNG does not hold any other position with the Company and other members of the Group or other major appointments and professional qualifications.

Save as disclosed above, Mr. CHEUNG has not held any directorship in other listed public companies in the last three years and does not have any relationship with any Directors, senior management or substantial or controlling shareholders of the Company.

At the date of this announcement, Mr. CHEUNG is interested in 66,857 Shares. Save as aforesaid, Mr. CHEUNG does not have any other interest in the Shares within the meaning of Part XV of the SFO.

Mr. CHEUNG is entitled to an annual remuneration of HK$1,681,225 under the existing service contract expiring on 19 February 2020 and a new service contract entered into with the Company on 27 November 2019 for a term from 20 February 2020 to 31 March 2022, which may be terminated by either party by giving a six-month written notice. Mr. CHEUNG is subject to retirement by rotation and is eligible for re-election at the annual general meeting of the Company in accordance with the articles of association of the Company. Mr. CHEUNG’s remuneration is determined by the Company with reference to his duties and responsibilities as well as the prevailing market conditions, subject to review by the Board from time to time. Mr. CHEUNG is also entitled to a performance related bonus for each financial year which is at the discretion of the Board and determined by reference to Mr. CHEUNG’s and the Group’s performance.

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Save as disclosed above, there is no other matter relating to the appointment of Mr. CHEUNG that needs to be brought to the attention of the Shareholders, nor is there any other information which is required to be disclosed pursuant to requirements of Rule 13.51(2) of the Listing Rules.

The Board would like to take this opportunity to express its appreciation for the valuable contribution of Mr. IP to the Company during his term of service as the Chief Executive Officer and to express its warm welcome to Mr. CHEUNG on his appointment as the Chief Executive Officer.

By Order of the Board ABLE ENGINEERING HOLDINGS LIMITED NGAI Chun Hung Chairman

Hong Kong, 27 November 2019

As at the date of this announcement, the Board comprises the following Directors:

Executive Directors Independent Non-executive Directors Mr. NGAI Chun Hung Dr. LI Yok Sheung Mr. IP Yik Nam Ms. MAK Suk Hing Mr. YAU Kwok Fai Ms. LEUNG Yuen Shan, Maisy Mr. YAM Kui Hung Mr. LAU Chi Fai, Daniel Mr. CHEUNG Ho Yuen

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