SINGAPORE - The Singapore Exchange has rejected minboard-listed 8Telecom International Holdings' request for an extension of time to hold its annual general meeting (AGM) for fiscal 2017, 8Telecom announced on Thursday night (Nov 29) after the market closed.
On April 9, the company had applied for a two-month extension to hold its AGM for the financial year ended Dec 31, 2017 by June 30, 2018 instead of April 30. But on Thursday, the market regulator told 8Telecom that the extension would not be granted because the company had failed to convene a shareholders' meeting "in a timely manner" with regards to a proposed change in auditors, among other matters. 8Telecom is a telecommunications infrastructure solutions company looking to shift into retail.
8Telecom said that it had, on Wednesday, re-submitted a revised circular for clearance by the SGX. Once cleared, 8Telecom will then be able to convene a shareholders' meeting to seek shareholders' approval of, amongst others, the proposed change of auditors, so that it will be able to commence the audit of its FY2017 accounts and hold its AGM for FY2017 soon thereafter.
8Telecom said further announcements on any material developments will be made on a timely basis to keep shareholders updated.
8Telecom was placed on the Singapore Exchange's watch list last year, under the minimum trading price criteria. It has 36 months from June 5, 2017 to raise its six-month volume-weighted average price (VWAP) to at least 20 cents, and to raise its six-month average daily market capitalisation to at least $40 million, or risk being delisted. As of Nov 29, its six-month VWAP was 0.16 cent, with a total market cap of $15.4 million.