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Ezra gets SGX green light to postpone AGM

Thursday, December 22, 2016 - 10:50

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The Singapore Exchange has granted mainboard-listed Ezra Holdings approval to extend its annual general meeting by two months following a delay in the release of the group's results for the financial year ended Aug 31, 2016.

THE Singapore Exchange has granted mainboard-listed Ezra Holdings approval to extend its annual general meeting by two months following a delay in the release of the group's results for the financial year ended Aug 31, 2016.

The approval by SGX is subject to several conditions including a written confirmation from the group that it is not aware of any information which has yet to be announced that will have a material bearing on investors' decision. The group is also required to convene its AGM by Feb 28, 2017.

Ezra released its FY2016 results on Nov 29 after being granted a 30-day extension. The group posted a net loss of US$339.6 million for its fourth quarter on huge impairments and provisions.

Ezra took on US$370.3 million in total impairments and provisions, according to an OCBC research note. Two of the largest chunks relate to a US$90.9 million write-down on Ezra's aggregate stake in its distressed Kuala Lumpur-listed affiliate Perisai Petroleum and a US$43.7 million impairment on the joint venture with Perisai on the Perisai Kamelia.

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Ezra's subsidiary, Emas Offshore Limited (EOL), has been trying to fend off Perisai's call on a put option on the latter's shares in the SJR Marine joint venture. EOL announced on Dec 8 the unilateral termination of a share sale agreement relating to the put option. The share sale agreement gave Perisai the right to exercise the option to sell its 51 per cent stake in SJR Marine and a mobile offshore production unit to Emas for US$43 million. Perisai had disputed the termination of the share sale agreement.

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