EC World Reit asks extension for AGM due to delay in divestment

There were also delays in the settlement of mandatory repayment.

Property firm, EC World Reit, sought an extension of its annual general meeting for the financial year that ended 31 December 2022, citing reasons such as delay in settlement of mandatory repayment and completion of proposed divestment.

In a statement addressed to SGX and Singapore's central bank, the company said it is seeking an extension time from 30 April 2023 to 27 July 2023 to hold this year's AGM.

"In view of the above, EC World REIT’s external auditors have advised the Manager that based on the current information and documents made available to them, they do not have sufficient audit evidence to form a conclusion on the likelihood of Mandatory Repayment by 30 April 2023 and consequently the appropriateness of the use of the assumption in the audited financial statements for FY2022 (the “FY2022 Financial Statements”) that EC World REIT is able to continue operating as a going concern," read the bourse filing.

It added that the repayment deadline of 28 February 2023 has passed and there is no confirmation on the finalisation of new repayment plan to suspend the mandatory repayment deadline to the end of April and whether the repayment can be repaid by the end of April.