SGX grants TEE International 60-day extension to hold AGM

TEE International announced on Thursday that it has received a 60-day extension from the Singapore Exchange (SGX) to conduct its Annual General Meeting (AGM) by Nov 29 and release its Q1 results for the financial year 2020 by Dec 13.

This comes as the company revealed on Sept 8 that it is looking into unauthorised transactions of S$6.55 million made by subsidiaries, allegedly under the instruction of chief executive Phua Chian Kin. On Sept 13, it appointed PricewaterhouseCoopers Risk Services as an external investigator. 

The external investigator has since advised that it requires six to eight weeks to report its findings, potentially delaying the company's preparation of its financial results, TEE International said in its filing. 

Moving forward, the company will also request for an extension from the Accounting and Corporate Regulatory Authority to hold its AGM. 

TEE International shares closed at S$0.047 on Thursday, up S$0.001 or 2.17 per cent.