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Acra rejects Debao's bid to extend deadline for AGM, annual results

DEBAO Property Development said on Tuesday that the Accounting and Corporate Regulatory Authority (Acra) has rejected its application to extend the deadline for its annual general meeting (AGM) and fiscal 2018 financial statements.

In May, Debao had received a 60-day extension from Acra to hold its AGM and file its FY2018 return by June 29 and July 30 respectively. 

But about a month later, the company again applied to Acra for a further extension of 90 days to hold the AGM and file its results by Sept 27 and Oct 28 respectively. Debao had been informed by its new incoming auditors, Nexia TS Public Accounting Corporation, that the audit of the group's FY2018 financial statements is only expected to complete end-August.

Acra has now turned down that application. Debao said it will seek to convene its AGM and lay its audited financial statements for FY2018 "as soon as possible".

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It will also provide further updates on the intended date of the AGM in due course.

Shares of Debao, which remains on the Singapore Exchange's watch-list, closed unchanged at S$0.088 on Tuesday before the announcement.