News
Change - Announcement Of Appointment Of Chief Executive Officer
BackApr 01, 2024
| Announcement Title | Change - Announcement of Appointment |
| Date & Time of Broadcast | Apr 1, 2024 7:46 |
| Status | New |
| Announcement Sub Title | Appointment of Chief Executive Officer |
| Announcement Reference | SG240401OTHRLW5M |
| Submitted By (Co./ Ind. Name) | LUN CHEE LEONG |
| Designation | COMPANY SECRETARY |
| Description (Please provide a detailed description of the event in the box below) | Appointment of Chief Executive Officer |
| Additional Details | |
| Date Of Appointment | 01/04/2024 |
| Name Of Person | Rahul Rana |
| Age | 60 |
| Country Of Principal Residence | Singapore |
| The Board's comments on this appointment (including rationale, selection criteria, board diversity considerations, and the search and nomination process) | The Nominating and Remuneration Committee ("NRC") has reviewed the experience and credentials of Mr Rahul Rana and is satisfied that Mr Rahul Rana is appropriately qualified and competent for the Chief Executive Officer role. Based on the NRC's recommendations, the Board approved the appointment of Mr Rahul Rana as the Chief Executive Officer of the Company. |
| Whether appointment is executive, and if so, the area of responsibility | Executive. Work closely with the board and management team to define the overall corporate strategy for PRIME US REIT, while overseeing its strategic development, day-to-day management, and operations. He is also in charge of executing PRIME's strategic priorities and capital management plans to enhance PRIME's portfolio value. |
| Job Title (e.g. Lead ID, AC Chairman, AC Member etc.) | Chief Executive Officer |
| Professional qualifications | Mr Rahul Rana received his Master of Business Administration from the University of Illinois Urbana-Champaign and Bachelor of Commerce in Accounting and Finance from Shri Ram College of Commerce, University of Delhi. |
| Any relationship (including immediate family relationships) with any existing director, existing executive officer, the issuer and/ or substantial shareholder of the listed issuer or any of its principal subsidiaries | Nil |
| Conflict of interests (including any competing business) | Nil |
| Working experience and occupation(s) during the past 10 years | Mr Rahul Rana brings with him extensive investment banking experience in Singapore and the United States. Mr Rahul Rana is a shareholder of KBS Asia Partners Pte. Ltd., which is the sponsor of PRIME US REIT, and holds 40% of the shares of the Manager. Prior to joining PRIME, he held senior investment banking roles with UBS in the US and Deutsche Bank in Singapore. Mr Rahul Rana was also significantly involved in the IPO of PRIME US REIT and has deep understanding of the portfolio and US commercial landscape. |
| Undertaking submitted to the listed issuer in the form of Appendix 7.7 (Listing Rule 704(7)) Or Appendix 7H (Catalist Rule 704(6)) | Yes |
| Shareholding interest in the listed issuer and its subsidiaries? | Yes |
| Shareholding Details | 1,676,161 units in Prime US REIT |
| # These fields are not applicable for announcements of appointments pursuant to Listing Rule 704 (9) or Catalist Rule 704 (8). | |
| Past (for the last 5 years) | Nil |
| Present | 1) Non-Executive Director of Rana KAP I, Pte. Ltd. 2) Executive Director of KBS Asia Partners Pte. Ltd. 3) Executive Director of G2020 Advisors Pte. Ltd. 4) Non-Executive Director of Asahi India Glass Limited. |
| (a) Whether at any time during the last 10 years, an application or a petition under any bankruptcy law of any jurisdiction was filed against him or against a partnership of which he was a partner at the time when he was a partner or at any time within 2 years from the date he ceased to be a partner? | No |
| (b) Whether at any time during the last 10 years, an application or a petition under any law of any jurisdiction was filed against an entity (not being a partnership) of which he was a director or an equivalent person or a key executive, at the time when he was a director or an equivalent person or a key executive of that entity or at any time within 2 years from the date he ceased to be a director or an equivalent person or a key executive of that entity, for the winding up or dissolution of that entity or, where that entity is the trustee of a business trust, that business trust, on the ground of insolvency? | No |
| (c) Whether there is any unsatisfied judgment against him? | No |
| (d) Whether he has ever been convicted of any offence, in Singapore or elsewhere, involving fraud or dishonesty which is punishable with imprisonment, or has been the subject of any criminal proceedings (including any pending criminal proceedings of which he is aware) for such purpose? | No |
| (e) Whether he has ever been convicted of any offence, in Singapore or elsewhere, involving a breach of any law or regulatory requirement that relates to the securities or futures industry in Singapore or elsewhere, or has been the subject of any criminal proceedings (including any pending criminal proceedings of which he is aware) for such breach? | No |
| (f) Whether at any time during the last 10 years, judgment has been entered against him in any civil proceedings in Singapore or elsewhere involving a breach of any law or regulatory requirement that relates to the securities or futures industry in Singapore or elsewhere, or a finding of fraud, misrepresentation or dishonesty on his part, or he has been the subject of any civil proceedings (including any pending civil proceedings of which he is aware) involving an allegation of fraud, misrepresentation or dishonesty on his part? | No |
| (g) Whether he has ever been convicted in Singapore or elsewhere of any offence in connection with the formation or management of any entity or business trust? | No |
| (h) Whether he has ever been disqualified from acting as a director or an equivalent person of any entity (including the trustee of a business trust), or from taking part directly or indirectly in the management of any entity or business trust? | No |
| (i) Whether he has ever been the subject of any order, judgment or ruling of any court, tribunal or governmental body, permanently or temporarily enjoining him from engaging in any type of business practice or activity? | No |
| (j) Whether he has ever, to his knowledge, been concerned with the management or conduct, in Singapore or elsewhere, of the affairs of :- | |
| (i) any corporation which has been investigated for a breach of any law or regulatory requirement governing corporations in Singapore or elsewhere; or | No |
| (ii) any entity (not being a corporation) which has been investigated for a breach of any law or regulatory requirement governing such entities in Singapore or elsewhere; or | No |
| (iii) any business trust which has been investigated for a breach of any law or regulatory requirement governing business trusts in Singapore or elsewhere; or | No |
| (iv) any entity or business trust which has been investigated for a breach of any law or regulatory requirement that relates to the securities or futures industry in Singapore or elsewhere, in connection with any matter occurring or arising during that period when he was so concerned with the entity or business trust? | No |
| (k) Whether he has been the subject of any current or past investigation or disciplinary proceedings, or has been reprimanded or issued any warning, by the Monetary Authority of Singapore or any other regulatory authority, exchange, professional body or government agency, whether in Singapore or elsewhere? | No |
| Any prior experience as a director of an issuer listed on the Exchange? | No |
| If no, please state if the director has attended or will be attending training on the roles and responsibilities of a director of a listed issuer as prescribed by the Exchange | Not Applicable |