The board of directors of Lai Sun Garment (International) Limited announces that Mr. Yip Chai Tuck has been appointed as the Chief Executive Officer of the Company with effect from 19 August 2013.
Mr. Yip, age 39, has extensive experience in corporate advisory, business development and investment banking. Prior to joining the Lai Sun Group, he was a Managing Director of Goldman Sachs and Head of Mergers and Acquisitions ("M&A") for China. He also worked for PCCW Limited, a Hong Kong listed company, as Vice President of Ventures and M&A, responsible for strategic investments and M&A transactions.
He graduated from Macquarie University, Australia with a Bachelor of Commerce (Accounting) and obtained a master degree in Applied Finance and Investments from the Financial Services Institute of Australia, where he is also a Fellow member.
Mr. Yip has entered into a service contract with the Company with no fixed term but such contract is determinable by either the Company or Mr. Yip serving the other party not less than 3 months' written notice or payment in lieu thereof.
Mr. Yip will be entitled to receive an annual remuneration of HK$7,800,000 and such other remuneration and discretionary bonus as may be determined by the Board from time to time with reference to the performance of the Chief Executive Officer and the Company, profits on new investments, his duties and responsibilities and the prevailing market conditions.
Mr. Yip does not hold any other directorships in listed public companies in the last three years and does not have any relationship with any directors, senior management, substantial or controlling shareholders of the Company.
As at the date of this announcement, Mr. Yip does not have any interests or short positions in the shares, underlying shares and/or debentures of the Company or its associated corporations within the meaning of Part XV of the Securities and Futures Ordinance, Chapter 571 of the Laws of Hong Kong.
Lai Sun Garment
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