The Nominating Committee (NC) of Grand Banks Yachts Limited has recommended the appointment of Mr. Chiam Heng Huat as the new Chief Financial Officer of the company, effective October 29, 2015, after evaluating his qualification, working experience and independence. The Board of Directors, having considered the NC recommendation, approved the appointment of Mr. Chiam Heng Huat as Chief Financial Officer of the company. Prior to this appointment, Mr. Chiam was the Chief Financial Officer of RF Networks Pte.Ltd.