Nanyang Holdings Limited announced that Mr. Rudolf Bischof will retire as chairman of the board of directors (the "Chairman") and chairman of the Nomination Committee of the Company (the "NC Chairman") with effect from 1 January 2024. He will remain as the Independent Non-Executive Director of the Company after his retirement as the Chairman and the NC Chairman. Mr. Bischof has confirmed that he has no disagreement with the Board and there is no matter that need to be brought the attention of the shareholders of the Company in connection with his retirement as the Chairman and the NC Chairman.

The board of directors also announced that Mr. Nicholas Timothy James Colfer ("Mr. Colfer"), an Independent Non-Executive Director of the Company, will be appointed and succeeded Mr. Bischof as the Chairman and the NC Chairman with effect from 1 January 2024. The remuneration of Mr. Colfer and Mr. Bischof will be adjusted to HKD 540,000 and HKD 420,000 per annum respectively, in accordance with the resolution in relation to Director's remuneration previously approved in 2017 and 2020 Annual General Meeting respectively by the shareholders of the Company. Mr. Colfer, aged 64, was appointed as an Independent Non-Executive Director, a member of each of the Audit Committee, the Remuneration Committee and the Nomination Committee of the Company on 22 March 2023.

He holds a Bachelor of Arts and Master of Arts Degree from the University of Oxford. He has over 40 years' experience of corporate management in the Asia-Pacific region, principally in real estate, manufacturing and distribution. He is a Non-Executive Director of the Hongkong and Shanghai Hotels, Limited (whose shares had been listed on the Hong Kong Stock Exchange, Stock Code: 45), Chairman and Non-Executive Director of Tai Ping Carpets International Limited (whose shares had been listed on the Hong Kong Stock Exchange, Stock Code: 146), and also a Director of Sir Elly Kadoorie & Sons Limited, overseeing a number of Kadoorie family interests in Hong Kong and overseas.