The Board of Directors of World Precision Machinery Limited announced the following changes to the composition of the Board and Board Committees with effect from 4 January 2024 in view of succession planning of the Board and in line with the Group's operating strategies: (a) the re-designation of Mr. Wang Weiyao from Non-Executive and Non-Independent Director of the Company to Executive Chairman of the Company. Concurrently, he has also stepped down as a member of the Audit Committee ("AC"), the Nominating Committee ("NC") and the Remuneration Committee ("RC"); and (b) the re-designation of Mr. Shao Jianjun from Executive Chairman of the Company to Non-Executive and Non-Independent Director of the Company. Concurrently, he has been appointed as a member of the AC, the NC and the RC.

Consequent to the abovementioned changes, the composition of the Board and Board Committees of the Company shall be reconstituted as follows: Wang Weiyao as Executive Chairman, Shao Jianjun Non-Executive and Non-Independent Director as member of AC, NC and RC and Lim Yoke Hean Independent Director as Chairman of AC, NC and RC.