Best World International must hold FY2019 AGM by June 29: Acra

MAINBOARD-LISTED skincare company Best World International will hold its annual general meeting (AGM) for FY2018 on June 22, it confirmed on Thursday night, after receiving a final rejection of its request for more time to convene the meeting and lodge its annual return.

The Accounting and Corporate Regulatory Authority (Acra) gave Best World until June 29 to hold the FY2019 AGM. The annual return for that year must be filed by July 30.

The Best World board said that, as soon as the FY2018 AGM is over, the company will finalise its audited FY2019 financial statements and annual report, and convene the AGM.

"The company will pay the necessary composition amounts imposed by Acra for the delays in holding the FY2018 AGM and FY2019 AGM and lodging the annual returns for FY2018 and FY2019," the board added in its late-night bourse filing.

Independent auditor Ernst & Young earlier this month issued a disclaimer of opinion on Best World's FY2018 financial statements.

The disclaimer was related to questions about the company's export model and franchise model that were raised during an independent review by PricewaterhouseCoopers Advisory Services.

PwC had said that Best World may have understated the sales and expenses associated with its franchise business in China in 2018.

Trading in Best World's shares has been suspended since May 2019.