SGX RegCo to provide issuers a two-month extension to hold AGMs

The move came amidst a growing number of firms posting auditing difficulties for 2019 results.

Singapore Exchange Regulation (SGX RegCo) has extended the deadline for firms to hold its annual general meetings (AGMs) until 30 June for the approval of their financial results as of 31 December 2019, an announcement revealed.

The regulator reminded companies to issue their annual reports to shareholders and the SGX at least 14 days before the date of its AGM.

The move follows after receiving feedback from audit professionals who reported practical difficulties in performing the statutory audits for FY2019 due to the measures put in place by the authorities in response to the novel coronavirus (2019-nCoV) situation.

The waiver will be granted to companies whose financial year ended last 31 December 2019; whose principal place of business or business with significant operations is in the People’s Republic of China (PRC); whose FY2019 statutory results were affected due to the travel restrictions or other measures in response to the 2019-nCoV; and those who got an approval of a similar application for time extension by the Accounting and Corporate Regulatory Authority (ACRA) or other relevant regulatory authorities.

SGX RegCo has also consulted ACRA on this decision. The authority will process and allow these applications for extension of time through its existing on-line system if issuers fulfilled the criteria above and will also waive the fees for these applications for extension of time.

Issuers looking to apply for the waiver must notify SGX RegCo through its RegCo Submissions Portal. Successful applicants will be announced on SGXNet.