The board of directors of Merdeka Financial Services Group Limited announced that Mr. Yip Kat Kong, Kenneth, due to his need in concentrating in the development of his own business, has resigned as an independent non-executive director of the Company with effect from 27 February 2017 and accordingly, his appointment as a member of the nomination committee, a member of the remuneration committee and as a member of the audit committee of the company has been revoked with effect from 27 February 2017. Mr. Yip has confirmed that he has no disagreement with the Board and do not have any matters in relation to his resignation that should be brought to the attention of the shareholders of the company. The Board further announced that Mr. Au-yeung Sei Kwok was appointed as an independent non-executive director of the Company with effect from 27 February 2017 and he was also appointed as a member of the nomination committee, a member of the remuneration committee and as a member of the audit committee of the Company with effect from 27 February 2017. Mr. Au-Yeung currently serves as the Vice Chairman of Senate of Democratic Alliance for Betterment of Hong Kong and the member of Heilongjiang Province Committee of Chinese People's Political Consultative Conference. Mr. Au-yeung has accepted a letter of appointment from the Company for a term of one year commencing from 27 February 2017. Mr. Au-yeung's appointment is subject to retirement by rotation and re-election at the annual general meeting of the Company in accordance with the articles of association of the Company.