SINGAPORE - Mainboard-listed Australian oilfield services provider AusGroup said on Wednesday (Sept 20) that the Singapore Exchange has approved its request for a two-month extension to hold its annual general meeting (AGM) for the financial year ended June 2016 by Dec 31.

The company had said the extension was needed so it could engage another valuer to obtain a more accurate and independent valuation of its Port Melville assets and port & marine business.

This will ensure that its audited financial statements for FY2016 are accurate, AusGroup said.

A recent change in commercial circumstances has made the existing valuation by RSM Corporate Advisory Pte Ltd as at May 31, 2016, no longer true and fair from an accounting perspective, as the valuation was based on information and figures provided in April/May this year, it added on Wednesday.