Nam Cheong to hold AGM by June 29 after two-month deadline extension

MAINBOARD-LISTED shipbuilder Nam Cheong, which last week warned that it was mulling over a restructuring, said on Sunday that it will hold its annual general meeting by June 29.

This comes after it obtained a two-month extension for its annual report and annual general meeting from the bourse operator, amid business disruptions from the novel coronavirus pandemic and the measures taken to curb the spread of the deadly disease.

Nam Cheong's annual report, which was originally due by April 15, will now be released by April 29 under an indicative timetable that takes the extension into account.

The board of Malaysia-based Nam Cheong, which is also reeling from a global oil price rout, told the bourse that it faced "immense challenges" in completing the annual report amid the prolonged movement control order (MCO) imposed by the Malaysian government.

Calling the MCO "unprecedented", Nam Cheong flagged "new challenges arising from working from home" as offices are shuttered and employees barred from heading to the workplace.

"The ongoing process of the finalisation of the annual report has been significantly disrupted and, therefore, the group would require more time to finalise its annual report," it added.

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The board affirmed that with the waiver in hand, Nam Cheong will not be in contravention of any laws and regulations governing either the company or its constitution.