Hiap Tong’s chairman of the audit committee retires

Yee Chia Hsing was recommended to replace Tay.

Hiap Tong Corp said Tay Seo Long is retiring from the board as well as his post as the chairman of the firm’s audit committee as part of the progressive board’s renewal process.

Hiap Tong said in an SGX filing Wednesday that Tay will also relinquish his role as a member of the nominating committee and remuneration committee. 

The 73-year-old veteran will officially bow out on 25 July as he is no longer seeking re-election at the company’s forthcoming annual general meeting that day.

The firm recommended and its board concurred that Yee Chia Hsing will be appointed as an independent director to replace Tay, subject to shareholders’ approval.

Tay took his seat on the board in 2016. 

“The board would like to express its heartfelt gratitude towards Mr Tay for his invaluable and significant contributions to the company during his tenure of service,” Hiap Tong said in the statement.

Hiap Tong recently sold a property at 8 Tuas South Street 10 to Bachy Soletanche Singapore for $4.8m.