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Advanced Systems Automation gets 1-month extension to hold AGM

CATALIST-LISTED Advanced Systems Automation (ASA) has received a one-month extension till May 31, 2019 to hold its annual general meeting (AGM) for the financial year ended Dec 31, 2018, it announced on Thursday after market close.

On Apr 18, the Singapore Exchange (SGX) informed the company that it has no objection to granting the extension, provided the company announces the waiver, its reasons, and whether it has satisfied required conditions, and convenes the AGM by that date.

ASA had sought the extension for two reasons. First, it had announced its unaudited financial statements for the year on Mar 31, and needed more time to complete its financial statements in compliance with its accounting policies and the Singapore Financial Reporting Standards (International) (SFRS(I)), in order to get the necessary clearances from its auditors.

Second, the company completed the acquisition of three firms on Dec 4, 2018, and needed more time to consolidate its financial statements with those of the new acquisitions, as those financial statements have to be aligned to comply with ASA's accounting policies and the SFRS(I).

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ASA confirmed that the waiver is not in contravention of any laws and regulations governing the company nor its constitution. With the disclosures on Thursday, the company has complied with SGX's first condition for the waiver.

The company said it had also applied for and received an extension of time from the Accounting and Corporate Regulatory Authority of Singapore to hold the AGM latest by June 29, 2019 and to lay the financial statements for FY2018 at the said AGM.

ASA said it will hold its AGM no later than May 31, and the annual report and related documents will be despatched to shareholders in due course.

Its shares closed unchanged at 0.1 Singapore cent on Thursday before the announcement.