OEL (Holdings) Limited announced the cessation of Lai Kwok Seng as Independent Non-Executive Director. Following the change of controlling shareholder of the Company, Mr. Lai Kwok Seng resigned as an Independent Director of the Company. After having interviewed Mr. Lai Kwok Seng and to the best of its knowledge, the Company's Sponsor, RHT Capital Pte. Ltd., is satisfied that saved as disclosed in this announcement, there are no other material reasons for the cessation of Mr. Lai Kwok Seng as an Independent Director. Following his resignation, Mr. Lai has ceased to be the Chairman of the Nominating Committee and the member of the Audit and Remuneration Committees. Mr. Lam Kwong Fai has been appointed as an Independent Non-Executive Director of the company. Consequent to the above changes, the composition of the Board and Board Committees of the company with effect from 15 January 2020.