Cordlife seeks extension for AGM, sustainability report deadlines due to 2023 earnings delay

The company is requesting for a two-week extension.

Cordlife Group Limited has filed for extensions for its annual general meeting and sustainability report as it has yet to finalise its audited 2023 earnings.

In a regulatory filing on 11 April, Cordlife said auditors need more time to assess the impact of the test results amid ongoing investigations regarding its cord blood tanks issue. 

On 15 December 2023, the Ministry of Health (MOH) directed the company to stop collecting, testing, and processing/storing new cord blood and human tissues for six months. This was after officials detected that certain cryogenic storage tanks based in Singapore had been exposed to temperatures outside of their normal temperature range. 

MOH and experts are investigating the matter.

ALSO READ: MOH finds 5,300 more ‘non-viable’ cord blood units at Cordlife

Cordlife said it needs a two-week extension to be able to hold the AGM and submit its sustainability report on 14 May 2024.

Citing listing rules, Cordlife said an AGM should be held no later than 30 April, while the sustainability report should be issued no later than four months after the end of fiscal year (FY) 2023 or where the company has conducted external assurance, no later than five months after the end of FY2023.

Cordlife said it has also submitted an application to the Accounting and Corporate Regulatory Authority for an extension to convene for an AGM, and to file its 2023 earnings.