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ASTI, Dragon Group fail to get further extension; to hold FY2018 AGMs by Aug 15
THE Singapore Exchange (SGX) has rejected respective requests from ASTI Holdings and Dragon Group International (DGI) for further extensions to hold their fiscal 2018 annual general meetings (AGMs), telling them to hold their AGMs "as soon as possible".
ASTI and DGI said in separate announcements that they are targeting to hold their AGMs by Aug 15.
Both companies had applied for the further extensions on June 14 to hold their AGMs by July 31, after a first extension to hold their AGMs by June 29 was approved.
On its further extension, DGI said its external auditor Ernst & Young (EY) still required more time to clear "certain outstanding matters" to ensure the electronics engineering firm’s financial accounts are accurately reported, hence it was unable to hold its AGM by June 29.
Since DGI and ASTI associate Advanced Systems Automation (ASA) were unable to finalise their accounts for fiscal 2018, ASTI said - in a separate announcement, that it was also unable to finalise its fiscal 2018 financial statements.
The semiconductor manufacturer added that it had to take into account its investments in ASA and DGI through the equity method and consolidated method into its own financial statements respectively.
Similarly, ASTI said its management and external auditor EY required more time to clear "certain outstanding matters" to ensure financial accounts were accurately reported.
ASTI said on June 5 that it would be placed on SGX’s financial watch-list because it had pre-tax losses for its three most recently completed consecutive financial years, and failed to maintain an average daily market cap of at least S$40 million over the last six months.
In April, the company saw its executive chairman and chief executive Michael Loh Soon Gnee resigning from his post and from its listed units ASA and DGI due to unspecified "personal reasons".
ASTI shares last traded flat at 2.7 Singapore cents on June 28. DGI shares, meanwhile, 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.