SGX extends deadline for Mary Chia AGM

Slimming services chain Mary Chia said the SGX has granted it an additional extension of time to report its results and conduct its annual general meeting (AGM) for fiscal year 2018.

The company has been granted a two-month extension to release its FY18 results by July 31, and hold its AGM by Sept 30.

In March this year, the company also completed the disposal of the group's major assets relating to a hotel property at 48, 49 and 50 Mosque Street.

Therefore, resources in its Singapore finance team were diverted to prepare the circular to shareholders and an extraordinary general meeting in relation to the disposal, Mary Chia said.

Subsequent to Suki Sushi and Lee Boon Leng (husband of Mary Chia Holdings' chief executive Ho Yow Ping) becoming controlling shareholders of the firm as at Aug 24 last year, the group became dependent on its new controlling shareholders for funding support.

During the transition period from Aug 24 last year to March 29 this year, the group submitted payment lists, payment plans and a cash forecast on the amounts of its borrowings on a weekly basis, the firm said.

However, its finance team in Singapore also faced challenges in managing the payments to creditors through various meetings and instalment plans.

The company said the current staff strength in its Singapore finance team is adequate, but it will "require a reasonable time to clear and complete the accounting backlog".

A version of this article appeared in the print edition of The Straits Times on June 05, 2018, with the headline 'SGX extends deadline for Mary Chia AGM'. Print Edition | Subscribe