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ASTI Holdings to release FY2018 results by March 31
ASTI Holdings has been granted an extension by the Singapore Exchange to release its financial statements for the year ended Dec 31, 2018 and plans to release its fiscal 2018 results by March 31 at the latest.
The delay is due to an acquisition of Yumei Technologies Sdn Bhd, Yumei Reit Sdn Bhd and Pioneer Venture by its associate Advanced Systems Automation (ASA) on Dec 4.
ASTI said: "As the acquisition was only completed close to the financial year end, ASA is still in the process of consolidating the newly acquired companies and has itself sought for an extension from the need to make a disclosure under Rule 705(1) of the Catalist Rules by March 1, 2019. The extension sought by ASA will allow ASA and its external auditors to review certain accounting adjustments arising from the acquisition and to ensure that the financial statements of the newly acquired companies are in compliance with the company’s and its subsidiaries’ accounting policies and the Singapore Financial Reporting Standards (International)."
As ASA is an associate of the group, the group is required to take into account its investment in ASA through the equity method into its own financial statements.