SGX allows some firms to delay AGM, 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

It cites problems some auditors are facing due to measures against virus outbreak

Singapore Exchange (SGX) will allow some listed companies to delay their full-year results for up to two months on account of the coronavirus outbreak, the exchange said yesterday.

The extension means firms that fulfil certain criteria have until June 30 to hold their annual general meetings and approve financial results.

It cited the difficulties some auditors have faced due to measures imposed in response to the virus outbreak.

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.

Firms will need to show that their statutory audits for last year were affected by travel restrictions and other measures imposed by the authorities.

They will need approval of the extension from the Accounting and Corporate Regulatory Authority (Acra) or other relevant authorities.

Singapore Exchange Regulation (SGX RegCo) said Acra has agreed to allow applications that fulfil the exchange's criteria and waive fees for the applications.

But companies are still required to release their unaudited financial statements for the year 2019 by Feb 29, SGX RegCo said.

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

It reminded companies that they are obliged to disclose all material information, whether it is price-or trade-sensitive.

 
A version of this article appeared in the print edition of The Straits Times on February 08, 2020, with the headline 'SGX allows some firms to delay AGM, results'. Print Edition | Subscribe