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SGX extends deadline for KOP to hold AGM, release Q1 results

CATALIST-LISTED property developer KOP Limited has obtained the Singapore Exchange’s (SGX) approval to hold its fiscal 2019 annual general meeting (AGM) by Aug 30, and to release by Sept 30 its financial results for the first quarter ended June 30.

KOP had applied for the extension of time for the AGM and Q1 2020 results earlier this month.

In a filing on Tuesday, KOP said the extension was necessary as the company and its auditors spent “more time than expected” to justify and assess the impact, as well as to prepare the relevant disclosures in the financial statements resulting from its first year of adopting new accounting standards.

KOP and the auditors also needed more time to obtain certain documents to support the assumptions made in the financial statements, and to obtain a confirmation letter from one of the material debtors.

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In a July 12 filing, KOP said the annual report for FY2019 would not be ready in time to be issued to shareholders at least 14 days prior to July 31, which was the original deadline for the AGM. Accordingly, the Q1 2020 results would also not be ready in time to be released not later than 45 days after the quarter-end, according to listing rules.

For its fourth quarter ended March 31, the company had posted a net loss of S$418,000 - a drastic improvement from the S$9 million loss a year earlier, thanks to higher revenue from its Indonesian resorts.

It said on Tuesday that it will provide further updates upon obtaining the approval from the Accounting and Corporate Regulatory Authority for the extension.

KOP confirmed that the extension does not contravene any laws and regulations governing the company and its constitution.

Its shares were flat at 4.8 Singapore cents as at 3.03pm on Tuesday.