AusGroup seeks to extend AGM deadline to Dec 31

SINGAPORE-LISTED marine services provider AusGroup on Wednesday requested Singapore Exchange to grant permission to delay the holding of its annual general meeting (AGM) until the year's end as the company seeks another valuer's opinion on the commercialisation of its port and marine businesses.

The company announced before markets opened that it has sought the permission to hold on or before Dec 31, 2016, the AGM for the financial year ended June 30. It was scheduled to hold the AGM by Oct 31.

This is because AusGroup is in the process of engaging another valuer to prepare an independent valuation of the Port Melville assets and the port and marine business of the company. This can help the company "obtain a more accurate and independent valuation" of the Port Melville assets and its port and marine business, it said.

Already, delays in the commercialisation have significantly impacted its fourth-quarter results. The firm chalked up a net loss of A$99.5 million (S$102.3 million) for the quarter ended June 30, compared to a net profit of A$266,000 in the same period a year ago, it said in late August.

AusGroup's share price fell by one Singapore cent on Tuesday to close at four Singapore cents.