Best World International
Best World International now has until Oct 31 to convene its annual general meeting (AGM), the mainboard-listed skincare product seller announced yesterday.
SGX RegCo, the regulatory arm of the Singapore Exchange (SGX), on Monday approved Best World's application for a four-month extension to hold the AGM. The firm had earlier extended its deadline to hold the AGM by two months to June 30.
This comes as PwC is conducting an independent review into Best World's business dealings as ordered by the SGX in April, after a short-seller report questioned the accounting behind its profits and sales practices in China.
On May 13, SGX RegCo issued a notice of compliance to Best World. Among other things, it wanted PwC to expand the scope of its review to determine the veracity of Best World's sales in China under the export model from 2015 to last year, and whether these were conducted on normal commercial terms.
SGX RegCo has been digging deeper into Best World's business dealings after the firm confirmed on May 13 that its biggest customer was owned by the brother-in-law of chief executive Dora Hoan and also revealed more links between the two firms.
Foreland Fabrictech Holdings
The Singapore Exchange (SGX) has rejected Foreland Fabrictech Holdings' appeal against its delisting and request for up to three months to prepare its proposal for the resumption of trading. The Chinese textile company will be delisted from the mainboard on Friday, with effect from 9am.
The bourse told Foreland Fabrictech in a letter on Monday that the firm continues to be in breach of many listing rules, such as failing to hold annual general meetings and issue annual reports for the financial years ended Dec 31, 2016, 2017 and 2018. It also does not have a properly functioning board and did not submit any acceptable trading resumption proposal.
Furthermore, since Oct 24 last year, the board has been saying the company intends to seek shareholders' approval to expand the current business to include food processing, to be funded by a convertible loan of $1.4 million obtained in February this year. But to date, no memorandum of understanding or binding agreement has been announced, said the SGX.
The bourse also pointed out that given the company's insolvent financial position, it is unlikely that the loan will be enough for the firm to acquire a new business or even operate as a going concern.