Kimly Limited announced that Mr. Ter Kim Cheu is subject to retirement pursuant to Regulation 112 of the Company's Constitution and did not wish to seek re-election to avoid possible negative perception arising from his familial relationship with Mr. Ong Eng Sing, previously a non-executive and non-independent director of the Company until 23 January 2018, in light of the ongoing investigations by the regulatory authorities as announced by the Company on 29 November 2018 and 4 December 2018. Accordingly, he shall be retiring at the conclusion of the Annual General Meeting to be held on 21 January 2020 and stepping down as the Lead Independent Director and members of the Audit Committee and the Remuneration Committee and Chairman of the Nominating Committee.