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SGX grants China Sports judicial managers extension to submit resumption proposal, hold AGMs

THE judicial managers of China Sports International have been granted an extension by the Singapore Exchange until April 30 to submit a proposal to resume share trading, they said in a regulatory update on Monday.

To present a meaningful resumption proposal, the judicial managers said they require time to assess whether the conditions precedent for an implementation agreement are capable or likely to be fulfilled.

The implementation agreement, entered into on Nov 15, is for the proposed transfer of China Sport’s listing status to construction company Mahabuild.

Other extensions granted include having until Aug 10 to announce the sportswear maker’s financial statements for the first, second and third quarters of fiscal 2018 and 2019, for the two full fiscal years, as well as the first and second quarters of fiscal 2020.

The judicial managers also have until Sept 10 to convene annual general meetings (AGMs) for fiscal 2017, 2018 and 2019. The respective annual report for each financial year is also to be issued at least 14 days before each AGM date.

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The judicial managers added that they are presently unable to obtain clarity on China Sport’s financial condition due to limited or no immediately available resources for the financial results to be drawn up and announced. 

They added that it is a "practical impossibility" for the financial results to be drawn up. Hence, it is not meaningful to convene AGMs due to the lack of financial results.

China Sports shares have been suspended since Dec 4, 2017.

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