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ASTI, Dragon Group and Advanced Systems seek extension to hold fiscal 2018 AGMs by June 29

ASTI Holdings, Dragon Group International (DGI) and Advanced Systems Automation (ASA) have separately applied, to the Singapore Exchange Securities Trading (SGX-ST), for extensions to hold their annual general meetings (AGM) for fiscal 2018 by June 29.

In separate announcements, all three companies said their management and external auditor - Ernst & Young LLP - require more time to clear “certain outstanding matters” to ensure financial accounts are accurately reported.

Another reason semiconductor manufacturer Asti Holdings gave, for not being able hold its AGM on time, was that ASA - an associate of the group, and subsidiary DGI could not finalise their accounts for fiscal 2018 before or on May 31.

“As the group is required to take into account its investments in ASA and DGI through the equity method and consolidated method into its own financial statements respectively, the group is hence also unable to finalise its financial statements for fiscal 2018 on or prior to May 31, 2019,” it added.

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The Accounting and Corporate Regulatory Authority had earlier granted ASTI, DGI and ASA an extension of time to hold their AGMs by June 29, and lodge their annual returns by July 30.

ASTI shares closed at 3.4 Singapore cents, down 0.1 cent or 2.86 per cent, on Thursday. ASA shares, meanwhile, closed flat at 0.1 Singapore cent on the same day.

Shares of DGI are suspended pending a mandatory delisting after the company failed to meet minimum levels of profitability and market valuation under the SGX's mainboard-listing rules.

ASTI, as the controlling shareholder of DGI, is required to make an exit offer to other DGI shareholders.