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5 SGX-listed companies get nod to hold AGM, announce financial results later

FIVE companies, including three on the Singapore Exchange (SGX) watch list, were granted extensions by the bourse to hold their annual general meetings (AGM) and announce their financial results, the companies announced in filings on Thursday night.

Canned fruits and vegetables producer Sino Grandness Food Industry has been granted a two-month extension to July 31 from May 31 to hold its AGM for fiscal 2018, and an extension of time to release its 2019 first-quarter results by Aug 15.

The extension was requested as the group is still addressing its default on the loan from engineering company Soleado Holdings.

It also cited high staff turnover and reduced staff strength in the finance team in FY2018, with staff movement affecting the accuracy of the financial information and delaying the release of its financial results.

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As the group's current market capitalisation is lower than its net assets, its external auditors requested formal valuations to be done on the assets of the group's four principal subsidiaries.

More time is needed to obtain certain outstanding audit confirmation replies and to follow up on pending matters such as site visits, the group added.

Sino Grandness shares closed down 1.96 per cent, or 0.1 Singapore cent at S$0.05 on Thursday.

Petroleum company AnAn International was granted a two-month extension to hold its AGM for FY2018 to June 28 from April 30, and an extension to announce its Q1 2019 financial results to June 28 from May 15.

It said that it had appointed a new company auditor, Crowe Horwath First Trust, on Jan 8, and needed more time to complete the audit of the group's fiscal 2018 accounts.

The new auditor encountered many difficulties in their review of audited accounts of Rompetrol France SAS (RPF) - an indirect subsidiary of the issuer, and Rizhao Port Gold Brick Oil Storage and Transportation Corp - a joint venture of the issuer. It cited "multi-jurisdictional context with inherent language and other barriers" in working with auditors of the two entities.

Changes to the group’s finance team and management resulted in delays in communication and information flow between them, Crowe Horwath and RPF's auditors.

AnAn International, which is on SGX's watch list, closed unchanged at S$0.005 on Thursday.

Semiconductor equipment company ASTI Holdings and its subsidiaries, Advanced Systems Automation (ASA) and Dragon Group, were granted a one-month extension to May 31 to hold the group's AGM for FY2018.

One of the reasons cited was extra time needed to complete its financial statements in compliance with accounting policies and standards, as ASA had announced its unaudited FY2018 financials just recently.

ASA also needed more time to consolidate its financial statements with those of two companies it acquired on Dec 4, 2018.

Electronics distributor Dragon Group's auditors Ernst & Young could not complete its audit of the group's FY2017 results as it required more clearance and information from auditors of Dragon Group's subsidiary DTB Limited, and DTB Limited's 60 per cent-owned Nanjing DTB.

ASTI Holdings, which remains on SGX's watch list, saw its shares close unchanged at S$0.04 on Thursday, while ASA shares closed flat at S$0.001. Trading in watch list stock Dragon Group remains suspended.