Mainboard-listed property investment firm, Japan Land, said on Thursday that it remains committed to observing the requirements of the listing manual of the Singapore Exchange.
The firm gave the assurance following news that one of its independent directors, lawyer and MP for Tampines GRC Sin Boon Ann resigned from the board.
Mr Sin had quit as he was not satisfied with the firm’s control of its operating subsidiary, Japan Asia Land Limited.
In response, Japan Land said it has made a number of recommendations to the Board, which have been accepted. The recommendations include the improvement of the management control and reporting by its subsidiary, Japan Asia Land Limited.
Separately, Japan Land said its managing director, Mitsutoshi Ono, has indicated his desire to step down. It has appointed its executive director, Leow Tet Sin, as the managing director designate with immediate effect.
Moreover, Japan Land said ConnectedPlanet will buy some 17.5 million shares in its wholly-owned subsidiary, Jurong Data Development (JDD).
This is in addition to ConnectedPlanet’s purchase of 25 million JDD shares as announced earlier this month.
An extraordinary general meeting will be held to approve the changes and the deals.
Source : Channel NewsAsia – 26 Nov 2009