SINGAPORE - Jason Holdings on Thursday (March 29) said the Singapore Exchange Securities Trading (SGX-ST) has granted it a waiver to extend the announcement of its fiscal 2017 results, and push back the firm's annual general meeting (AGM).
The company, which provides timber flooring services, was supposed to report its financial results for the year ended Dec 31, 2017 by March 1 this year. This deadline has now been extended by five months to July 31.
Under Catalist rules, the firm was also due to hold its AGM by April 30 this year. Jason Holdings has been granted an extension of four months and now has until end August this year to convene its AGM.
In a filing with the SGX, Jason Holdings said that the company has been "practically insolvent" as its aggregate liabilities exceeded its total assets. Thus, the board has been directing its resources on a scheme of arrangement (SOA) to restructure its debts and liabilities.
In addition, to preserve its limited funds, the group's finance team had been terminated, and the firm did not have sufficient resources to engage external parties to prepare its accounts, or commence audit on its financial statements, Jason Holdings said. Thus, preparation of its audited financial statements for fiscal 2015 and 2016 were delayed.
With the completion of the group's SOA on Oct 19 last year, the company's auditors, BDO LLP, has since commenced its audit for the group's financial statements for fiscal 2015 and 2016. According to Jason Holdings, its auditors expect to complete the audit by, or around end-March this year.
Barring unforeseen circumstances, the firm will then be able to finalise its annual reports and commence its AGM for shareholders to approve the audited fiscal 2015 and 2016 financial statements by end April.
The company has also been informed that its auditors will commence audit for fiscal 2017 and will take four months to do so, after the finalisation and release of the group's audited financial statements for the earlier two years.
In view of this timeline, the firm will only be able to complete its fiscal 2017 audit by or around end-July, and commence its AGM by Aug 31, the company said.
Separately, Jason Holdings will also be making an application to the Accounting and Corporate Regulatory Authority (Acra) for an extension to table its audited financial statements for fiscal 2017 at its AGM by end August.
Shares in Jason Holdings remain suspended, and last traded at 6.2 Singapore cents apiece on Jan 12, 2016.