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Ryobi Kiso gets Singapore Exchange's nod to postpone annual general meeting amid financial woes
RYOBI Kiso Holdings on Monday obtained an extension to push back the deadline for its annual general meeting for the year to June 30, the board said on Tuesday.
The meeting, which had to be held by Oct 31, 2018, can now be convened by April 30, 2019.
The troubled ground engineering solutions firm, which is under court-supervised reorganisation, disclosed - in line with conditions set out by the Singapore Exchange - that it asked for the waiver amid cash-flow and financial difficulties.
The board said that the group has been focusing on working with its financial and legal advisers on a proposed scheme of arrangement for the reorganisation of its liabilities and business.
It added that five staff members from the accounts department have left amid "the tremendous pressure and stress from trade creditors, sub-contractors and bank creditors" and the group's uncertain financial position, while the group financial controller is away on maternity leave.
Meanwhile, external auditors from Nexia TS need more time to perform and complete the audit, so the annual report would not be ready for distribution in time for an Oct 31 meeting, said the board.
The board added that Ryobi Kiso will seek the Accounting and Corporate Regulatory Authority's approval for the deadline extension for its annual general meeting and audited financial statements.