Yantai Raffles Waves Goodbye to BOD Member

Yantai Raffles Shipyard announced that Mr. Sum Soon Lim, an Independent Director who was appointed in January 2007, tendered his resignation from the position on the Board of Directors with effect from April 14, 2010. Following the resignation of Mr. Sum, he shall also cease to be the Chairman of Audit Committee and a member of Nominating Committee.

Mr. Mai Bo Liang, Chairman of Yantai Raffles Shipyard Limited said, "Mr. Sum Soon Lim has given strong supports to the Group over the past 3 years. As the Chairman of Audit Committee, he devoted valuable time and effort in the area of financial accounting and reporting system as well as corporate governance. On behalf of the Company and the Board we wish to thank him for his strong contribution and wish him the best of luck in the future."