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Nam Cheong gets nod for further extension to announce Q1, Q2 2018 results

SHIPBUILDER Nam Cheong has received approval from the Singapore Exchange for more time to announce its Q1 2018 and Q2 2018 results.

SGX has no objections to the company announcing the results by Aug 31, and to hold its annual general meeting (AGM) by Aug 20 based on the company’s submissions and representations .

The firm applied for its second time extension on July 24. Its first application was on April 12.

On Friday, Nam Cheong said that the reason for the second time extension was so that the AGM can be held on the same day as the special general meeting relating to a proposed scheme of arrangement between itself and its creditors, where shareholders’ approval will be sought for resolutions.

"The FY 2017 audited financial statements which were initially expected to be finalised and available by end April 2018 were only recently finalised and were announced by the company on July 24, 2018. As such, the preparation and finalisation of the Q1 2018 financial statements will be similarly delayed.

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"Because the company is required to compare certain financial information in its Q2 2018 financial statements against the FY 2017 financial statements, it is expected that the preparation and finalisation of the Q2 2018 financial statements will also be delayed and will not be ready by Aug 14, 2018," Nam Cheong added.

Trading in the company's shares has been voluntarily suspended since July 21, 2017.

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