The Board of Directors of OEL (Holdings) Limited announced that Ms. Zhao Xin has been appointed as Chief Executive Officer and Executive Director of the Company with effect from 20 January 2020. Following Ms. Zhao Xin's appointment as Chief Executive Officer and Executive Director of the Company, Mr. Jeffrey Hing Yih Peir has been re-designated as a Non-Executive Director and will cease to be the Company's Managing Director and Executive Chairman with effect from 20 January 2020. Mr. Lam Kwong Fai, an Independent Non-Executive Director, has been appointed as the Interim Independent Non-Executive Chairman of the Board with effect from 20 January 2020.

Consequent to the above changes, the composition of the Board with effect from 20 January 2020 is as follows: Mr. Lam Kwong Fai as Interim Independent Non-Executive Chairman; Ms. Zhao Xin as Chief Executive Officer and Executive Director; Mr. Renny Yeo Ah Kiang as Lead Independent Director; Mr. Jeffrey Hing Yih Peir as Non-Executive Director. There are no changes to the composition of the Audit, Nominating and Remuneration Committee.