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Debao Property Development given third extension for AGM, with Nov 30 deadline

DEBAO Property Development has been given its third extension on the deadline for its annual general meeting, the board said on Wednesday night.

The shareholder meeting for the 2017 financial year, which was originally due by April 30, has been pushed back by another two months and must now be held by Nov 30.

Company auditors need another four to six weeks to look over an independent reviewer's report before they can issue audited financial statements, the board disclosed, in line with the Singapore Exchange's conditions for granting the waiver.

Attempts to hold the meeting have been stymied by what the board said in April was the discovery that judgment has been passed against a wholly owned subsidiary, as well as executive chairman and chief executive officer Yuan Le Sheng, for bribing a Chinese official in Foshan city in Guangdong.

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An independent review by third-party auditors from Ernst & Young (China) Advisory wrapped up around mid-August. Their report was sent to Debao's company auditors - who are still looking at it - on Sept 5.

The board added that it has asked the Accounting and Corporate Regulatory Authority for an extension on its annual general meeting deadline, and will give further updates on that front in due course.