Best World's trading halt extended ahead of results release on May 8

Best World shares plunged to their lowest in six months before trading was halted on April 24, 2019.
Best World shares plunged to their lowest in six months before trading was halted on April 24, 2019. PHOTO: BEST WORLD INTERNATIONAL

SINGAPORE - Best World International's trading halt has been extended again as the company looks to release its quarterly results on May 8.

Trading in shares of Best World has been halted since April 24, after its stock price tumbled on the back of a shortseller report that probed the accounting behind the skincare product seller's profits and its sales practices.

Based on the most recent extension granted by the Singapore Exchange (SGX) on April 27, the trading halt was to be lifted on May 6.

In exchange filings on Saturday (May 4), Best World said SGX has granted the company a further extension of three days, with the halt to be lifted by May 9.

It also said it will release its financial results for the first quarter ended March 31 on May 8.

Separately, Best World has been granted approval by SGX's regulatory arm for more time to hold its annual general meeting. The two-month extension is meant to accommodate the completion of the independent review on the company by PwC, according to Best World's earlier announcements.

Best World had hired PwC to assess the franchise model that it adopted in China last year. According to its announcement on April 17, the review is to be completed by June 2019.