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Ipco Int'l gets more time to hold AGM

THE Singapore Exchange (SGX) has agreed to give Ipco International more time to convene its annual general meeting (AGM), so long as an AGM is held by Oct 30.

Ipco is required to despatch its annual report for the financial year ended April 30 by Oct 16, failing which the SGX will suspend trading of Ipco's shares until the company's state of affairs is clear.

Ipco's board said on Monday that it needed more time to complete a review of the company’s financial and operational positions, to look into certain questions raised by its two new independent directors.

For instance, based on a valuation report commissioned by the new directors, the land held by Capri Investments, Ipco's US subsidiary, appear to be "materially different" from that reported previously.

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The directors are also seeking clarifications from Ipco's previous auditors on why Ipco's audited accounts as at April 30 last year show that subsidiary China Environmental Energy Protection Investment (CEEP) has "retained substantially" shares that were reportedly sold to HeShun Investment Management Centre and On Wang Sang.

Another matter raised by the directors is whether a S$266,000 loan allegedly advanced by former Ipco chief executive Quah Su Ling to the company was, in fact, made and whether and how this loan came to be subsequently assigned and transferred to the ex-interim CEO, Goh Hin Calm, by Ms Quah. The company is looking for documents to support this claim, it said.

These matters have an impact on the group’s net tangible assets and opening balances, Ipco said, and the company has requested but has not yet obtained working papers from its previous auditors for the current auditors’ review in connection with some of the matters.

For these reasons, the audited accounts for the full year ended April 30 have not been completed, and some of the financial figures previously reported may have to be restated, Ipco said.  

Ipco shares closed 33.3 per cent lower at S$0.002 on Monday.