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Best World applies for AGM deadline extension pending review of franchise model
BEST World International is applying for a two-month extension to the deadline for its annual general meeting (AGM) to June 30, pending the results of an independent review of its franchise model in China.
The Singapore-headquartered group distributes skincare, nutritional and wellness products in Asia and the Middle East.
In a Singapore Exchange filing after the market closed on Wednesday, Best World said the review's aim "would be better achieved" if the AGM is postponed until after the review is completed and the executive summary of its key findings announced.
"This would enable the company's shareholders to have more information on the franchise model and to clarify any questions that they may have at the AGM," Best World said.
The reviewer, PricewaterhouseCoopers, was appointed on March 18 and is expected to complete its work by June. Based on an Apr 12 interim update, the reviewer has not identified any matters that may have a material impact on the group's financials for the year ended Dec 31, 2018, it added.
Besides applying to the Singapore Exchange regulation unit (SGX RegCo), Best World will also apply to the Accounting and Corporate Regulatory Authority of Singapore (ACRA) for an extension of time to hold the AGM. It said it will update shareholders on the outcome of the applications to SGX RegCo and ACRA in due course.