Green Build's request for more time to announce FY18 results rejected

SINGAPORE - The Singapore Exchange (SGX) has turned down Green Build Technology's request for more time to announce its results for the financial year ending Dec 31, 2018, but gave the company an extra month to hold its annual general meeting (AGM) and issue its annual report, the company announced on Monday (Feb 4).

Green Build had asked SGX to extend the deadline for reporting its results by two months to May 1, but its rejection means the company will have to announce its FY2018 results by March 1.

The construction company had also asked for a two-month extension to hold its AGM and issue its annual report. With the one-month extension granted, the company now has to convene its AGM by May 30 and issue its annual report by May 16.

Green Build - whose financial controller, Li Zhaokun, resigned on Jan 17 - said the changes to its finance team and auditors warranted the extension requests. It would allow the company to ensure its new auditors were aligned on accounting policies, and could make amendments as needed.

In a separate filing to SGX on Monday, Green Build announced it had extended the long-stop date for the acquisition of niches in Yea Eun Columbarium in Seoul, South Korea, from Yea Eun Columbarium Co Ltd from Feb 28, 2019, to June 30, 2019.

The niches have a ballpark indicative value of $5.6 million.

As part of the deal, Green Build would issue to Yea Eun Columbarium, whose sole shareholder is Shin Jin Dae, about 27.78 million new shares in the company amounting to $5 million at $0.18 each, which is the volume-weighted average price per share on the last full market day preceding the signing of the agreement. The number of shares to be issued for the acquisition makes up about one-tenth of the company's enlarged share capital.

The company had said the acquisition will provide an additional revenue stream for the company.

A six per cent convertible bond subscription agreement of $2.5 million with Kim Kwang Seun, which is a precedent condition for the acquisition, has also had its long stop date extended to June 30.

Green Build's shares last traded flat at $0.18 on Friday.