SINGAPORE - Weight loss and spa treatment firm Mary Chia Holdings called for a trading halt on Thursday morning (July 13), a day after it asked for more time to hold its annual general meeting for the financial year ended March 31, 2017.
The company cited high staff turnover which led to a delay in the closing of accounts. It said its accounts and that of its subsidiaries were closed at the end of May.
As a result, the company's and its subsidiaries' external auditors have just commenced their audit and will need time to complete the audit field work and review of the 2017 annual report.
SGX on Wednesday allowed the company to hold its AGM on Sept 15 instead of July 30, subject to certain conditions.
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This includes Mary Chia disclosing reasons for the extension and the conditions imposed. It must also get approval for the extension from the Accounting and Corporate Regulatory Authority.
The company confirmed that the extension doesn't contravene any laws and regulations governing the firm and its articles of association.
Mary Chia posted a 33 per cent drop in revenue to S$9 million for the full year ended March 31, due mainly to the closure of three outlets in Singapore and one in Malaysia and a shortage of manpower due to the suspension on hiring of foreign workers imposed by the authorities. The widened the company's net loss to S$5.67 million from losses of S$3.84 million in the previous year.
In February this year, Ms Ho Yow Ping, 45, the chief executive of Mary Chia was fined S$2,600 after pleading guilty to employing three foreign women without prior written approval of the licensing officer. Ms Ho is the daughter of the founder of the beauty company, Madam Mary Chia.