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Camsing Healthcare seeks 2-month extension to announce fiscal 2019 results, conduct AGM

CAMSING Healthcare is requesting a two-month extension to announce its financial results for fiscal 2019, and to push back its annual general meeting (AGM), citing that it is in the process of appointing a professional firm to look into audit matters. 

The company was supposed to announce its FY2019 results by April 1, and to hold its AGM by July 31. 

In a regulatory filing on Monday night, Camsing Healthcare noted that it has on April 1 applied to the Singapore Exchange Securities Trading requesting these extensions, and will be applying to the Accounting and Corporate Regulatory Authority for these same extensions. 

It added that it is finalising the appointment of a professional firm to "assist the board to look into audit matters, work towards a suitable resolution of the audit matters, and to propose more effective controls to prevent the recurrence of theaudit matters". 

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The company aims to finalise this appointment within a week from April 1, it said. 

"Until such time the auditors receive satisfactory responses and resolution of the audit matters raised, the auditors will not be able to finalise the audit for FY2019. The board is of the view that it is prudent to seek to waiver to allow the professional firm and auditors to complete their work, before the company announces its FY2019 financial results and tohold its AGM," Camsing Healthcare said. 

The board is also of the view that a two-month extension should provide sufficient time for all parties to complete their work, given the "complexity of the audit matters". 

Last Friday, the Singapore Exchange RegCo (SGX RegCo) warned three former independent directors of Camsing Healthcare that it will assess their suitability for appointment as a director or executive officer in any issuer listed on the SGX.

The regulator has ordered Camsing Healthcare to obtain detailed explanations by April 5, 2019 from three of its former independent directors on why they considered it "proper and appropriate" for them to resign before audit matters were resolved.

The three independent directors are Kenneth Chin Hock Raphael Lau, Maurice Tan Huck Liang and Ong Wei Jin, who resigned from Camsing Healthcare with effect from March 20, 2019. All three quit for personal reasons and "unresolved differences in opinion on material matters" between them and the board of directors.

In a regulatory filing dated March 21, the independent directors noted that the auditors have raised certain matters arising from their audit work, and pending resolution of those questions are stopping their audit.

"The independent directors urge the management to address these and any other matters and concerns of the auditors so that the audit may continue and in a timely manner," the filing showed. 

SGX RegCo has suspended trading in the company’s shares until it is satisfied that the firm’s state of affairs is known, and that its shares can be traded on a "fair, orderly and transparent basis".

The counter last traded flat at S$1.07 apiece on Jan 18.