SINGAPORE - The Singapore Exchange (SGX) has rejected 8Telecom International Holdings Co's application for extra time to submit its sustainability report on the basis that there are no "extenuating reasons" to grant an extension, 8Telecom announced on Tuesday (Jan 22) after the market closed.
Under SGX's sustainability reporting rules, 8Telecom, an infocomm services company focused on long-term evolution (LTE) solutions, had until Dec 31, 2018, to post its sustainability report for 2017. The company said that it will "endeavor to complete its sustainability report" for 2017 as soon as possible and will update shareholders as soon as it has a clear timeline.
On Dec 28, 2018, 8Telecom said that it would seek an extension for its sustainability report because it had not been able to fill its chief financial officer position since July 3, 2017; it had to change its auditors; and it had not been able to begin its audit process for 2017. The company asked to be able to release its sustainability report only after the completion of its audit for 2017.
Shares of the mainboard-listed company, which is on SGX's watch list, last traded at $0.078.