Coronavirus: SGX allows some firms to delay AGMs, financial results

SGX will grant the extension to companies if their financial year ends on Dec 31 and if China is their principal place of business or they have significant operations there.
SGX will grant the extension to companies if their financial year ends on Dec 31 and if China is their principal place of business or they have significant operations there.ST PHOTOS: KUA CHEE SIONG

SINGAPORE - Singapore Exchange has decided to allow some listed companies to delay their full-year results for up to two months due to the coronavirus outbreak.

The extension means companies that fulfil certain criteria can hold their annual general meetings (AGMs) and approval of financial results till June 30.

"The waiver follows feedback received from audit professionals of their practical difficulties in performing the statutory audits for FY Dec 2019, due to the measures put in place by the authorities in response to the novel coronavirus," Singapore Exchange Regulation (SGX RegCo) said on Friday (Feb 7).

The exchange will grant the extension to companies if their financial year ends on Dec 31 and if China is their principal place of business or they have significant operations there.

The companies will also need to show that their statutory audits for 2019 were affected by travel restrictions and other measures imposed by the authorities. They will also require an approval of the extension from the Accounting and Corporate Regulatory Authority (Acra) or other relevant authorities.

SGX RegCo said it has consulted Acra on the situation and the authority has agreed to process and allow applications that fulfil the exchange's criteria.

Acra will waive the fees for the applications, it added.

Meanwhile, companies are still required to release their unaudited financial statements for the year 2019 by Feb 29 as required under the listing rules, SGX RegCo said.

The exchange also encourages companies with operations in China to provide voluntary updates via SGXNet of any impact on their businesses due to the outbreak.