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Debao Property Development applies for third extension to hold FY2017 AGM

DEBAO Property Development has submitted an application to the Singapore Exchange (SGX) for a third extension to hold its annual general meeting (AGM) for the 2017 fiscal year, the company said in a filing late on Monday night.

It has requested a two-month extension to hold the AGM on Nov 30 instead of Sept 30 this year.

The Chinese real estate developer said that it had appointed Ernst & Young (China) Advisory Limited as a third-party audit firm to review its consolidated financial statements for FY2017 for any undisclosed acts of bribery, as requested by Debao's auditors.

The company's auditors received the final report from Ernst & Young on Sept 5, and will require an additional four to six weeks to complete their review and carry out relevant audit procedures before they can issue the financial statements.

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Debao said that it will make further announcements to update its shareholders on the outcome of the application.

The counter last traded at S$0.17 on Aug 21.